KPPU Fines 97 Online Lenders Rp 755 Billion for Fixing Interest Rates
JAKARTA - The Business Competition Supervisory Commission (KPPU) has stated that 97 peer-to-peer lending fintech business actors have violated business competition regulations. The violation pertains to price fixing in Case Number 05/KPPU-I/2025.
The ruling was read out during a Commission Panel hearing in Jakarta on Thursday (26/3/2026). The case handling process has been ongoing since 2023 up to the final examination stage.
Head of Public Relations and Cooperation Bureau of KPPU, Deswin Nur, mentioned that the total fine amounts to Rp 755 billion.
“For this violation, the online lending business actors have been imposed various fines totalling Rp 755 billion,” he said in a written statement on Friday (27/3/2026).
“Both in terms of the number of respondents and the scope of the industry that directly impacts the wider public,” he added.
The hearing process began with a preliminary examination on 14 August 2025. The initial agenda involved presenting the report of alleged violations.
The respondents rejected the entire content of the report in the initial stage. The Panel then proceeded with the case to the advanced examination.
“Based on those responses, the Commission Panel decided to proceed with the case to the advanced examination stage to prove the evidence submitted by the parties,” he explained.
The examination results showed evidence of an agreement on interest rate setting. This practice was deemed to lead to price coordination among business actors.
The upper limit on interest rates was said to be ineffective in protecting consumers. This policy instead formed aligned behaviour in price determination.
Such conditions reduced price competition. The dynamics of competition in the online lending market were also hindered.
Objections raised included KPPU’s authority, proof procedures, and witness attendance.
The Panel stated that the respondents’ actions did not fall under exceptions to the rules. There is no legal basis granting business actors authority to regulate online lending interest rates.
The ruling states that all respondents were proven to violate Article 5 of Law Number 5 of 1999 on the prohibition of monopolistic practices and unhealthy business competition.
Fines were imposed at varying amounts. As many as 52 respondents were subjected to a minimum fine of Rp 1 billion.
KPPU also provided recommendations to the Financial Services Authority. Supervision of the online lending industry is requested to be strengthened.
“So that there is no regulatory gap in the fintech industry, and to limit associations in setting behavioural guidelines that include anti-competitive provisions,” he concluded.