97 Online Lenders Fined Rp755 Billion for Interest Rate Cartel Practices: Here Are the Details
Jakarta, CNBC Indonesia - 97 business actors in the fintech peer-to-peer lending or online loan (pindar) sector have been found to violate Article 5 of Law No. 5 of 1999 regarding price fixing in Case No. 05/KPPU-I/2025.
In the verdict read out on Thursday (26/3/2025), the Business Competition Supervisory Commission (KPPU) decided to impose varied fines totalling Rp755 billion.
This verdict marks the end of one of the largest business competition cases ever handled by the KPPU, both in terms of the number of respondents and the scope of the industry that directly impacts the wider public.
Chronologically, this case began with the Preliminary Examination on 14 August 2025 with the agenda of presenting the Alleged Violation Report, after which, based on the overall responses from the respondents firmly rejecting the entire contents of the Alleged Violation Report submitted by the Investigator.
Based on those responses, the Commission Panel decided to proceed with the case to the Further Examination stage for the proofing process.
Based on the examination of evidence and facts revealed in the trial, the Commission Panel concluded that there was an agreement to set interest rates and/or economic benefits carried out by the respondents. The setting of an upper limit on interest rates that was far above the market equilibrium level was not only non-binding and ineffective in protecting consumers, but also potentially functioned as a mechanism to facilitate coordination of price setting among business actors.
In such conditions, the existence of the upper limit directed the expectations and pricing strategies of business actors, thereby encouraging the formation of aligned behaviour in setting interest rates. As a result, the policy reduced the intensity of price competition and hindered competitive dynamics in the online loan market.
In the trial, the Commission Panel also assessed that there were no formal violations in the case at hand. The handling of the case at hand has been carried out in accordance with applicable statutory regulations and based on the principles of justice, so various formal objections from the respondents could not be accepted.
Previously, the respondents raised various formal objections, such as issues of KPPU authority, procedural defects in proofing or procedural law, absence of key witnesses, examination clustering, and so on.
The Commission Panel also stated that the actions of the respondents did not meet the exceptions to Article 5 paragraph (2) and Article 50 of Law No. 5 of 1999 as submitted by the respondents, because there is no statutory regulation governing the granting of authority to certain business actors and/or certain groups of business actors under any name or designation to regulate the amount of interest rates in fintech peer-to-peer lending services.
On that basis, the Commission Panel declared all respondents proven legally and convincingly to have violated Article 5 of Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unhealthy Business Competition.
Here is the list of 97 companies fined for loan interest monopoly:
PT Abadi Sejahtera Finansindo
PT Adiwisista Finansial Teknologi
PT Akseleran Keuangan Inklusif Indonesia
PT Aktivaku Investama Teknologi
PT Alami Fintek Sharia
PT Aman Cermat Cepat
PT Amartha Mikro Fintek
PT Ammana Fintek Syariah
PT Anugerah Digital Indonesia
PT Artha Dana Teknologi
PT Artha Permata Makmur
PT Astra Welab Digital Arta
PT Berdayakan Usaha Indonesia
PT Bursa Akselerasi
PT Cerita Teknologi Indonesia
PT Cicil Solusi Mitra Teknologi
PT Creative Mobile Adventure
PT Crowde Membangun Bangsa
PT Dana Bagus Indonesia
PT Dana Kini Indonesia
PT Dana Pinjaman Inklusif
PT Dana Syariah Indonesia
PT Digital Micro Indonesia
PT Doeku Peduli Indonesia
PT Duha Madani Syariah
PT Esta Kapital Fintek
PT Ethis Fintek Indonesia
PT Fidac Inovasi Teknologi
PT Finansia Aira Teknologi
PT Finansial Integrasi Teknologi
PT Fintech Bina Bangsa
PT Fintegra Homido Indonesia
PT Fintek Digital Indonesia
PT Gradana Teknoruci Indonesia
PT Grha Dana Bersama
PT Harapan Fintech Indonesia
PT Idana Solusi Sejahtera
PT Iki Karunia Indonesia
PT Inclusive Finance Group
PT Indo Fin Tek
PT Indonesia Fintopia Technology
PT Indonusa Bara Sejahtera
PT Indosaku Digital Teknologi
PT Info Tekno Siaga
PT Inovasi Terdepan Nusantara
PT Intekno Raya
PT Julo Teknologi Finansial
PT Kawan Cicil Teknologi Utama
PT Klikcair Magga Jaya
PT Komunal Finansial Indonesia
PT Kreasi Anak Indonesia
PT Kredifazz Digital Indonesia
PT Kredit Pintar Indonesia
PT Kredit Plus Teknologi
PT Kredit Utama Fintech Indonesia
PT Kreditku Teknologi Indonesia
PT Kuaikuai Tech Indonesia
PT Lampung Berkah Finansial Teknologi
PT Pindar Berbagi Bersama
PT Lentera Dana Nusantara
PT Linkaja Modalin Nusantara
PT Lumbung Dana Indonesia
PT Lunaria Annua Teknologi
PT Mapan Global Reksa
PT Mediator Komunitas Indonesia
PT Mekar Investama Teknologi
PT Mitrausaha Indonesia Grup
PT Modal Rakyat Indonesia
PT Mulia Inovasi Digital
PT Oriente Mas Sejahtera
PT Pasar Dana Pinjaman
PT Pembiayaan Digital Indonesia
PT Pendanaan Teknologi Nusa
PT Pinduit Teknologi Indonesia
PT Pinjaman Kemakmuran Rakyat
PT Pintar Inovasi Digital
PT Piranti Alphabet Perkasa
PT Plus Ultra Abadi
PT Pohon Dana Indonesia
PT Progo Puncak Group
PT Qazwa Mitra Hasanah
PT Rezeki Bersama Teknologi
PT Ringan Teknologi Indonesia
PT Sahabat Mikro Fintek
PT Satustop Finansial Solusi
PT Sejahtera Sama Kita
PT Simplefi Teknologi Indonesia
PT Smartec Teknologi Indonesia
PT Sol Mitra Fintec
PT Solid Fintek Indonesia
PT Solusi Teknologi Finansial
PT Stanford Teknologi Indonesia
PT Teknologi Merlin Sejahtera
PT Toko Modal Mitra Usaha