KPPU Convicts 97 Online Loan Platforms of Competition Violations, OJK Prepares for Strict Oversight

JAKARTA, KOMPAS.com - The Financial Services Authority (OJK) respects the decision of the Business Competition Supervisory Commission (KPPU) which declares 97 online loan platforms (Pinjol) guilty. Head of the Department of Financial Literacy, Inclusion, and Communication of OJK, M. Ismail Riyadi, stated that the KPPU has determined that the Pinjol cartel was proven to have colluded in violating business competition provisions. “The Financial Services Authority (OJK) notes and respects the decision issued by the Chairman of the KPPU Panel in Case No. 05/KPPU-I/2025,” said Ismail in his official statement on Friday (27/3/2026). In further response to the decision, OJK stated that it will continue to encourage Pinjol companies to comply with applicable regulations. To realise a healthy lending industry, Pinjol companies must implement governance, risk management, and consumer protection, operate with integrity, and provide benefits to society. OJK encourages Pinjol business actors to continue contributing to the government’s strategic programmes. According to him, OJK has issued Circular Letter No. 19 of 2025 on the Implementation of Technology Information-Based Collective Funding Services (LPBBTI). The circular regulates the limitation of benefits reaped by Pinjol companies from debtor transactions. The regulation was established to ensure that Pinjol practices operate healthily, transparently, and protect consumers. Beyond that, OJK has also issued regulations determining the governance, risk management, health level of Pinjol companies, and compiled a 2023-2028 roadmap for strengthening LPBBTI. These provisions were issued to strengthen supervision, encourage improvements in Pinjol, and protect consumers. “OJK will continue to monitor the development of the industry,” Ismail emphasised firmly.