Can Nusantara become Prominence Fintech Center in Asia?

By Editorial Team 07/03/2023
Summary

President Joko Widodo continues to attract investors to invest in the Nusantara Capital City (IKN), North Penajam Paser, East Kalimantan, by creating a premier fintech center in Asia that can draw international financial corporations.

"We will build a financial center, unlike in Singapore or Hong Kong. There will be a fintech center, and we'll provide highly attractive incentives," Jokowi said in an interview with Nikkei.

The government would provide numerous incentives to entice fintech companies to the capital city, including a corporate income tax (PPh) exemption for banks and sharia insurance businesses, a workers' income tax exemption until 2032, and a 50 percent tax reduction after that.

The government additionally provides tax deductions on dividend and interest income. Also, the government is considering simplifying the registration process for businesses and guaranteeing data privacy.

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