97 Online Lenders in Indonesia Involved in Cartel, OJK's Response
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) has spoken out regarding the decision of the Business Competition Supervisory Commission (KPPU), which states that 97 providers of online loans (Pinjol) are involved in cartel practices concerning interest rates.
The OJK states that it takes note of and respects the issuance by the KPPU Chief Justice in Case Number 05/KPPU-I/2025, which was read out in the trial regarding the alleged violation of Article 5 of Law Number 5 of 1999 related to online money lending or peer-to-peer funding services based on information technology.
In that decision, the KPPU Panel states that all Respondents have been legally and convincingly proven to violate Article 5 of Law Number 5 of 1999 on the Prohibition of Monopolistic Practices and Unhealthy Business Competition.
“The OJK will continue to encourage the P2P lending industry to strengthen governance, risk management, and consumer protection to create a healthy and integrity-driven industry,” OJK wrote, quoted from an official statement, Friday (27/4/2026).
Additionally, the regulator also asks online loan providers to continue playing a role in supporting the government’s strategic programmes, particularly in increasing financial inclusion for MSME actors and national economic equity.
To strengthen the regulatory side, OJK has issued OJK Circular Letter Number 19 of 2023, which regulates the provision of peer-to-peer funding services based on information technology (LPBBTI). This regulation covers limits on the amount of economic benefits or interest that can be charged to fund recipients.
Not only that, OJK has also prepared a roadmap for the development of the LPBBTI industry for the period 2023-2028 to improve the effectiveness of supervision, enhance industry governance, and strengthen consumer protection.
Going forward, OJK also ensures that it will continue to monitor developments in the online lending industry and ensure that all business actors carry out activities in accordance with applicable provisions. This step is taken to maintain the stability of the financial services sector while increasing public confidence in digital financial services.
Previously, 97 online lending or fintech P2P lending companies were imposed with fine sanctions by the Business Competition Supervisory Commission (KPPU). The perpetrators were found to have provenly entered into agreements to set interest rates.
“For the said violation, the online lending business actors were imposed with various fine sanctions totaling Rp 755 billion,” the KPPU statement reads.
Based on the examination of evidence and facts revealed in the trial, the Commission Panel concluded that an agreement to set interest rates and/or economic benefits had occurred among the Respondents. The Panel decided that the Respondents violated Article 5 of Law Number 5 of 1999 on the Prohibition of Monopolistic Practices and Unhealthy Business Competition.