Indonesia's Ambitious Bid to Challenge Singapore's Dominance Indonesia's plan to create a financial center rivaling Singapore, Hong Kong, and Dubai has been in the works for some time.
Recent developments suggest that the country is making headway, but analysts caution that persuading global investors remains a significant challenge.
The Indonesian government proposes building a new financial center in Batam, a Special Economic Zone located near Singapore, as part of its effort to reduce dependence on Southeast Asian neighbors.