KPPU Finds Alleged Online Loan Interest Rate Cartel, OJK Responds
The Financial Services Authority (OJK) respects the decision of the Business Competition Supervisory Commission (KPPU) regarding the alleged violation of an online loan interest rate cartel. The ruling was issued by the KPPU Panel Chairman in Case No. 05/KPPU-I/2025, read out during the hearing on the alleged violation of Article 5 of Law No. 5 of 1999 concerning the Prohibition of Monopolistic Practices and Unhealthy Business Competition related to information technology-based joint lending or financing services.
Head of the Department of Financial Literacy, Inclusion, and Communication M. Ismail Riyadi stated that in the ruling, the KPPU Panel declared all respondents proven to have legally and convincingly violated Article 5 of Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unhealthy Business Competition.
“OJK will continue to encourage the Pindar (Online Loan/Pinjol) industry to strengthen the implementation of governance, risk management, and consumer protection to realise a healthy, integrity-driven Pindar industry that benefits society,” he said in a written statement on Saturday (28/3/2026).
This aligns with the mandate of Law No. 21 of 2011 on OJK and Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law).
In addition, OJK also encourages online lending providers to continue contributing to the government’s strategic programmes, particularly in increasing financial inclusion for the MSME sector and realising equitable national economic development.
To strengthen the Pindar industry, OJK has issued Financial Services Authority Circular (SEOJK) No. 19 of 2025 on the Implementation of Information Technology-Based Joint Financing Services (LPBBTI).
These provisions, among others, regulate the limits on economic benefits that can be imposed by online lending providers on fund recipients, as an effort to ensure healthy, transparent business practices oriented towards consumer protection.
Furthermore, OJK has issued provisions regulating governance, risk management, the health level of Pindar Providers, and prepared a Roadmap for the Development and Strengthening of LPBBTI for 2023-2028, aimed at increasing the effectiveness and efficiency of supervision, encouraging better industry governance, and strengthening consumer and public protection.
“OJK will continue to monitor industry developments and ensure that every LPBBTI Provider conducts its business activities in accordance with applicable provisions, to maintain financial sector stability and increase public trust in digital financial services,” he concluded.