Indonesia's Fintech Lending Landscape: Challenges and Opportunities

Regulatory Environment

The Indonesian fintech lending sector continues to evolve with 97 registered P2P lending platforms as of mid-2025, according to OJK data ¹

. This number represents a significant portion of the industry that operates within the legal framework, offering services such as quick disbursement loans. Popular platforms include Kredivo, Akulaku, JULO, DanaBijak, Kredit Pintar, and Rupiah Cepat, which are known for their digital processes and competitive interest rates.

Challenges from Illegal Lending Practices

Despite the growth of legal fintech lending, the presence of illegal lending practices remains a significant challenge. As of May 23, 2025, OJK received 4,344 complaints related to illegal online lending, highlighting the ongoing risks to consumers ²

. The total number of complaints regarding illegal financial entities reached 5,287 since the beginning of 2025.

Regulatory Tightening and Industry Response

The OJK has been tightening regulations, including requirements for minimum equity capital of Rp7.5 billion for P2P lending platforms. Experts warn that while the intention is to protect consumers, overly stringent rules could threaten the viability of legal platforms. Nailul Huda, Director of Celios Digital Economy Research, suggests that maintaining a 0.3% daily interest rate cap with transparent fees could balance industry sustainability and consumer protection ²

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Industry-Led Initiatives and Consumer Education

The Indonesian Fintech Lending Association (AFPI) emphasizes the importance of consumer education to prevent the public from falling victim to illegal lending. Collaborative efforts between regulators, industry players, and consumer protection agencies are seen as crucial in creating a safer fintech ecosystem. As of May 2025, the Task Force on Illegal Financial Activities (Satgas PASTI) has successfully halted 1,123 illegal lending entities and blocked 2,422 debt collector contacts ²

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