INDONESIA: Regulatory Crackdowns against Loan Apps

Indonesia's Financial Services Authority (OJK) has taken an aggressive stance against collusion in the online lending sector, working in coordination with the Business Competition Supervisory Commission (KPPU) .

Key Actions Taken

Landmark Cartel Finding

The KPPU found 97 online lending platforms guilty of price-fixing, having coordinated interest rates far above market equilibrium and effectively stifled price competition .

Collective Fines

The commission imposed collective fines totaling Rp 755 billion (approximately $47 million USD), with 52 firms receiving the minimum penalty of Rp 1 billion each .

OJK Response

OJK Head of Literacy and Communication, M. Ismail Riyadi, stated, "OJK will continue to monitor industry developments and ensure every digital lender operates according to regulations to maintain sector stability and public trust" .

SEOJK No. 19 of 2025

The OJK has implemented Circular Letter No. 19 of 2025 to strictly cap economic benefits and enhance consumer protection in the fintech lending sector .

Future Commitments

The OJK remains committed to strengthening risk management and governance within the fintech sector, aligning with the 2023-2028 Roadmap to ensure a healthier, more transparent digital finance landscape for Indonesian consumers and SMEs .