In this paper a new public key encryption system based on permutation polynomials is developed. The permutation polynomial is declared to be a public polynomial for encryption. A public key encryption of given is the evaluation of polynomial at point where the result of evaluation is calculated via so called White box reduction, which does not reveal the underlying secret polynomial . It is shown that for the new system to achieve a comparable security with conventional public key systems based on either Discrete logarithm or Integer factorization problems, substantially less processing length is required resulting in a significant acceleration of public key operations.