Indonesian Fintech Association Sanctions Pindar Indosaku

The Indonesian Joint Funding Fintech Association (AFPI) has imposed ethical sanctions on PT Indosaku Digital Teknologi (Indosaku) after the company was found to have violated the Code of Conduct applicable to association members. The decision was made after the AFPI Ethics Council completed an examination and trial process into the alleged violations by Indosaku, carried out through the code of ethics enforcement mechanism applicable to all AFPI members. In its statement, AFPI conveyed that the Ethics Council had conducted the examination and trial independently in accordance with applicable provisions before reaching a verdict. “Based on this process, the Ethics Council has issued a Verdict through Decree Number 005/ME/INT/AFPI/VI/2026 which was read on 9 June 2026,” AFPI stated. Through the verdict, the Ethics Council imposed two sanctions on Indosaku. In addition to imposing ethical sanctions that will be publicised to regulators and the public, the company is also required to implement corrective measures previously submitted to the Financial Services Authority (OJK). “The AFPI Ethics Council decided to impose sanctions on PT Indosaku Digital Teknologi for violating the Code of Conduct in the form of publishing the member’s name and the provisions violated to the Financial Services Authority and the public,” AFPI wrote. “The Ethics Council also ordered PT Indosaku Digital Teknologi to implement the commitments in the action plan that have been submitted to the Financial Services Authority,” the second ruling stated. AFPI emphasised that the Ethics Council is an independent organ within the organisation that has the authority to conduct examinations and impose sanctions on members proven to have violated the Code of Conduct. The association also reminded all online lending organisers (Pindar) who are its members to comply with these provisions as part of industry governance. “The AFPI Code of Conduct is a provision that must be complied with by all members. The status of the AFPI Code of Conduct as an instrument binding on members is also affirmed in Article 84 paragraph (4) of POJK Number 40 of 2024,” AFPI said. AFPI considers the delivery of this verdict as part of an effort to maintain the credibility of the online lending industry. According to the association, transparency in code of conduct enforcement is necessary to strengthen governance and increase the accountability of all industry players. “The delivery of this verdict is part of AFPI’s commitment to maintaining governance, accountability, and standards of conduct for a healthy and integral Pindar industry,” AFPI stated.