JAKARTA, March 26, 2026 — Indonesia’s antitrust watchdog has fined 97 fintech lending companies a total of 755 billion rupiah (about $47 million) for colluding to set interest rates in the online lending market.
The Komisi Pengawas Persaingan Usaha found the companies guilty of violating Law No. 5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition by agreeing on loan interest rates in the peer-to-peer lending sector.
In its decision in Case No. 05/KPPU-I/2025, the commission concluded that the companies coordinated around a maximum interest rate that was set significantly above market equilibrium levels. According to the regulator, the cap effectively facilitated price coordination by aligning firms’ expectations and reducing incentives to compete on rates.
The ruling follows an investigation that began in 2023 and hearings that started in August 2025. It is one of the largest competition cases handled by the authority, both in terms of the number of companies involved and the sector’s impact on consumers.
Most of the companies received the minimum administrative fine of 1 billion rupiah each, although the penalties varied depending on aggravating and mitigating factors considered by the commission.
In addition to the fines, the authority recommended that the Otoritas Jasa Keuangan strengthen oversight of the peer-to-peer lending sector to ensure compliance with competition principles.
