Jakarta Central District Court cancels Rp755 billion fine for 97 fintech firms

The Central Jakarta District Court has overturned a decision by the Business Competition Supervisory Commission (KPPU) that imposed a total fine of Rp755 billion on 97 peer-to-peer (P2P) lending fintech companies. The KPPU had previously sanctioned the entities for alleged interest rate cartel practices, citing violations of Law Number 5 of 1999.

Presiding Judge Anton Rizal Setiawan ruled that the interest rate ceilings implemented by the companies did not constitute illegal price fixing. The court noted that a price ceiling is a mechanism to protect consumers from arbitrary rates and is legally distinct from price fixing. The court also considered guidance from the Financial Services Authority (OJK) and found insufficient evidence of agreements between the business actors to form a cartel.

Separately, data from the Financial Services Authority (OJK) indicates that the comprehensive profit of the P2P lending industry contracted by 2.99% year-on-year to Rp1.58 trillion as of August 2026. This follows a period of growth in previous months. While financing grew by 22.07% year-on-year, the aggregate non-performing loan rate (TWP90) increased to 4.73%, suggesting rising credit risks and operational pressures within the sector.