A KPPU ruling that 97 Indonesian peer-to-peer lending platforms operated an interest-rate cartel has been overturned by the Commercial Court at the Central Jakarta District Court, which accepted the lenders’ objections to KPPU Decision No. 05/KPPU-I/2025 of March 26, 2026, in a decision read on October 22. The judges found that the interest ceilings in the lending association AFPI’s code of conduct were set under direction from the Financial Services Authority (OJK), that a price ceiling differs from price fixing, and that sharia and conventional online loans are separate markets.
Why it matters: The court placed responsibility for the old caps with OJK, which steered the industry before formal rules existed and later set limits itself through Circular Letter 19/SEOJK.06/2023, in force since January 1, 2024. If the decision stands, it lifts the cartel finding from 97 lenders and makes it harder for the competition authority to treat regulator-directed pricing rules in Indonesian finance as collusion.
Source: Kompas.com, October 23, 2026; CNBC Indonesia (in Indonesian), October 23, 2026
Image: Firzafp, CC BY-SA 4.0, via Wikimedia Commons
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