Jakarta, Oct. 29 -- The government is preparing implementing regulations for the establishment of the upcoming Indonesian International Financial Center (PFII), a strategic initiative designed to establish the country as a major global economic hub.

Coordinating Minister for Economic Affairs Airlangga Hartarto said on Wednesday (Oct 28) that implementing regulations are being drafted.

The multi-phase project will debut in Jakarta before expanding to Bali, adhering to a directive issued by President Prabowo Subianto.

"The regulations are currently being prepared," Airlangga said in Jakarta.

According to the minister, the PFII is being modeled directly after the Dubai International Financial Center (DIFC).

Jakarta was selected as the i...