Here's How Sultan Hamengkubuwono X Fights Loan Sharks and Illegal Online Lenders

Jakarta, CNBC Indonesia – The Governor of the Special Region of Yogyakarta (DIY), Sri Sultan Hamengkubuwono X, spoke frankly about his efforts to push the people of Yogyakarta to be more civilised in the technology era. The reason is not without justification, given that people are often said to forget everything when it comes to money. This is particularly true with the proliferation of online lending (pinjol) and easy access to finance amid rapid technological development.

“The more fundamental question is whether such access makes people more empowered? Or does it make them more easily steered by consumption impulses, algorithms and debt that comes with convenience,” he said at the Jogja Financial Festival 2026 on Friday (22 May 2026).

Therefore, His Majesty said we need to be mindful of the meaning of prosperity itself. Money and the financial system are certainly important, but money must not ascend to the throne as the ultimate aim of all our endeavours.

For Yogyakarta itself, he continued, financial policy should not merely be aimed at widening economic access but to reaffirm a culture of community empowerment as the main subject of development.

Through the regional acceleration team, village/kelurahan reforms are being pushed to combat loan sharks, illegal online lending, predators, and schools are encouraged to cultivate a culture of saving and entrepreneurship. Moreover he ensures that financial inclusion is truly anchored in the roots of community life.

“What we are building is not just transactions; empowerment is not just the market but the lifeblood of the people. We hope Yogya’s generation grows not only intelligent but also dignified in every economic decision they make. For that reason, I invite us all to look at financial literacy within a broader horizon,” he concluded.