Loan Company Reports 97 Business Actors for Alleged Cartel, KPPU Holds Akbar Session

KABARJAWA – The new history was created in the Courtroom of the Jakarta Business Competition Supervisory Commission (KPPU) on Wednesday, August 14, 2025.

For the first time, all KPPU members sat in full in the commission assembly seat, facing a giant case that dragged 97 fintech peer-to-peer (P2P) lending businesses. This number has become the most in the history of business competition law enforcement in Indonesia.

The Head of the KPPU Public Relations and Cooperation Bureau, Deswin Nur, explained that the decision to present all KPPU members as a commission assembly was not without reason. The amount of reported number makes them decide to involve all members.

“This is a step that has never happened before,” he said.

This preliminary examination session appointed case number 05/KPPU-I/2025 which highlighted alleged violations of Article 5 of Law Number 5 of 1999.

This article clearly prohibits businesses from making agreements with competitors to set the price of goods or services paid by consumers in the relevant market.

Reported List and Impact on the Loan Industry

One by one the name of the fintech company was read by an investigator. The courtroom felt like endless. From PT Abadi Sejahtera Finansindo (Singa) to PT Uangme Finek Indonesia (Uangme), all of them are included in the reported list.

They are members of the Indonesian Funding Fintech Association (AFPI) in the investigation period October 4, 2023 to March 11, 2025.

Not only the public, the journalists who packed the courtroom seemed stunned to witness almost all the “big players” of the loan industry sitting in the prison chair.

This inaugural trial was scheduled to read the Alleged Violation Report (LDP) by the KPPU investigator. In front of the assembly, the investigators revealed the alleged price agreement that binds all members of the association, thus harming consumers throughout Indonesia.

KPPU emphasized that this step will not stop at today’s trial. On August 26, 2025, the trial will be held again to read the LDP for the four reported reports and examine the evidence which is the basis of alleged violations.

If the alleged cartel is proven, the impact will shake the national fintech industry. With 97 companies involved, the potential reshuffle of the total online loan business model can occur. Investors, business partners, and millions of fintech service users will face a wave of major changes.

“This is not just a matter of violation of the law, but a matter of public trust. KPPU will oversee this process thoroughly,” said Deswin Nur.

Article 5 of Law Number 5 of 1999 is the main weapon of the KPPU. This regulation strictly prohibits an inter-village price agreement, except for a joint venture or agreement regulated by the law. If it is proven, heavy sanctions await: billions of rupiah to revocation of business licenses.