Fintech Growth Accelerates, OJK Supervision of P2P Lending Industry Needs Strengthening

Problems at several peer-to-peer (P2P) lending operators, including Akseleran and Julo, have become a test of the effectiveness of supervision by the Financial Services Authority (OJK) amid the rapid growth of the technology-based financial industry (fintech).

Director of the Evident Institute, Algooth Putranto, said that handling troubled companies is not enough through the imposition of sanctions alone. The OJK also needs to ensure that problems can be detected earlier, and that the interests of lenders and consumers remain protected.

“The Akseleran case is one of concern because the company’s problems are not only related to business continuity, but also involve the interests of lenders,” said Algooth in his statement, Friday, 28 August 2026.

He assessed that the OJK’s steps in handling the Akseleran problem need to be seen from the extent to which the regulator is able to ensure the settlement of obligations to lenders, while preventing the problem from spreading further.

“The OJK has indeed taken steps, but in cases like Akseleran, the measure of supervisory success is not only when sanctions are imposed. What is more important is how quickly problems are detected and how protection for lenders is implemented,” he said.

According to him, the Akseleran case is also a momentum for the OJK to strengthen the early warning system for P2P lending, which is beginning to show financial and governance problems.

“If problems only become visible after the impact is felt by lenders, then the early detection system needs to be evaluated. The regulator must be able to read signs of trouble before they develop into bigger problems,” said Algooth.

Meanwhile, Julo has also come under scrutiny after being fined Rp 12 billion related to loan interest practices. The case has again raised questions about the effectiveness of supervision of fee-setting and interest practices in the P2P lending industry.

He also assessed that the imposition of sanctions is an important part of supervision, but its effectiveness also depends on follow-up after sanctions are imposed.

“Fines are important as a form of rule enforcement, but sanctions should not only appear after consumers have experienced the impact. Ideal supervision is to prevent violations from occurring or detect them as early as possible,” said Algooth.

The Julo case also shows the importance of transparency and compliance by operators in setting loan fees so that consumers understand their obligations from the outset.