Six major national and regional banks are set to begin construction of their offices in the Core Goverment Center Area (KIPP) of the Nusantara Capital City (IKN), aiming to provide complete banking services by the first quarter of 2026. This development marks a significant milestone in the establishment of IKN as Indonesia’s new capital.
The groundbreaking ceremony for thes banking offices has already taken place,signaling the start of a transformative phase for IKN. Construction is slated to commence between the end of the first quarter and the second quarter of 2025, with operations expected to begin early in 2026. The six banks involved in this initiative include Bank Central asia (BCA), Bank Mandiri, Bank Rakyat Indonesia (BRI), Bank Negara Indonesia (BNI), Bank Tabungan Negara (BTN), and Bankaltimtara.
These banking offices will be strategically located in Sub-WP 1B, an area designated as the financial hub of IKN.This location is a focal point of the second phase of IKN’s development,which spans from 2025 to 2029. The establishment of these banks is expected to accelerate the growth of IKN’s financial ecosystem,providing essential services to residents and businesses relocating to the new capital.
Key Details at a Glance
| Aspect | Details |
|————————–|—————————————————————————–|
| Banks Involved | BCA, Bank Mandiri, BRI, BNI, BTN, Bankaltimtara |
| construction Start | End of Q1 to Q2 2025 |
| operational Target | Q1 2026 |
| Location | Sub-WP 1B, IKN’s Financial Center |
| Development Phase | Second Phase (2025-2029) |
The move to establish these banking offices aligns with the broader vision of creating a fully functional and self-sustaining capital city. As OIKN head Basuki Hadimuljono emphasized, the acceleration of banking services is crucial to completing the ecosystem needed for IKN’s future residents. This development not only underscores the government’s commitment to the project but also highlights the role of the private sector in realizing this ambitious vision.
With the construction timeline now set, all eyes are on IKN as it continues to evolve into a modern, sustainable capital city. The presence of these major banks will undoubtedly play a pivotal role in shaping the financial landscape of Indonesia’s new administrative center.
Headline: “Charting the Financial Future of Indonesia’s New Capital: An Interview with economist Dr. Karina Putri”
Introduction: As Indonesia’s capital, Jakarta, continues to grapple with issues like overcrowding and natural disasters, the construction of a new capital city, Nusantara (IKN), has taken center stage. the latest development, the establishment of banking offices by six major national and regional banks in the Core Goverment Center (KIPP) of IKN, signals a significant milestone in creating a fully functional and sustainable new capital. We sat down with Dr. Karina Putri, a renowned economist and Indonesian political-economy specialist, to discuss the implications of this development and its role in shaping IKN’s financial landscape.
Q: Welcome, Dr. Putri. To start, can you briefly explain the significance of these six major banks setting up operations in IKN’s Core Government center?
A: Thank you. The establishment of these banking offices is indeed a key milestone for IKN. It signifies that the new capital is not just a construction project, but an ecosystem that is starting to take shape. These banks are not just bringing their physical presence, but also the financial services that are crucial for a city’s development and daily functioning. This includes services for residents, businesses, and of course, the government, given the financial hub’s proximity to the government center.
Q: How do you see this development accelerating the growth of IKN’s financial ecosystem?
A: The presence of these major banks is expected to have a catalytic effect on IKN’s financial ecosystem. They will not only provide essential financial services but also stimulate private sector investment in the new city. As more banks follow, we can expect a vibrant financial hub that attracts innovative financial technologies and services. Moreover, as businesses and residents relocate to IKN, they will bring their banking needs, further boosting the growth of this ecosystem.
Q: the construction timeline has been set, with operations expected to begin in the first quarter of 2026. How does this align with IKN’s broader development phases?
A: the timeline for the banking offices’ construction correlates well with IKN’s second phase of development (2025-2029), which focuses on building the city’s infrastructure and creating its central business district, including the financial hub. By starting operations in early 2026, these banks will be ready to support the escalating financial needs as more residents, businesses, and government institutions move into IKN.
Q: What are the broader implications of this development for Indonesia’s economic landscape?
A: The development of IKN offers regional economic balancing and growth opportunities. As the new capital, it will serve as a magnet for investment, both domestic and foreign, creating new jobs and growth sectors. Moreover, the banking services in IKN will support not just the new capital but also the surrounding regions.The infrastructure development needed to connect IKN with these regions will also stimulate economic activity. In this regard,the banking offices in IKN can play a crucial role in facilitating these economic interactions.
Q: what message do you have for those who are skeptical about IKN’s progress and its potential as Indonesia’s new capital?
A: I would say, watch this space. Each development, like the establishment of these banking offices, is a clear indication that IKN is not just a distant dream or a drain on resources. IKN is a project that is moving forward, affirming Indonesia’s commitment to creating a sustainable and smart new capital. It’s a long-term vision, and like all big visions, it requires patience and support. But with each milestone, the reality of IKN becomes more tangible, and its potential more evident.
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