Executive Summary

Key insights and market outlook

The Financial Services Authority (OJK) has approved PT Astra Welab Digital Arta (Maucash)'s voluntary license surrender, effective December 17, 2025 ¹

². This decision is part of the ongoing industry consolidation aimed at strengthening governance, risk management, and consumer protection in the peer-to-peer lending sector. OJK continues to monitor compliance with existing regulations and emphasizes the importance of proper winding-down procedures for exiting platforms.

Full Analysis

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Deep Dive Analysis

OJK Approves Maucash's License Surrender, Continues Industry Consolidation

Regulatory Decision and Industry Context

The Financial Services Authority (OJK) has officially approved the voluntary surrender of PT Astra Welab Digital Arta's (Maucash) operating license, as stated in Letter Number S-40/D.06/2025 dated December 17, 2025 ¹

². This regulatory decision follows Maucash's submission of a voluntary application to cease operations. The OJK's Head of Executive Supervision for Financing Institutions, Agusman, emphasized that Maucash must fulfill all obligations to lenders and stakeholders while halting all business activities ¹.

Industry Consolidation Efforts

This development is part of the ongoing consolidation in Indonesia's fintech lending industry. OJK views the exit of certain players as a natural process aimed at strengthening the overall industry through better governance and risk management ²

. The authority continues to maintain a moratorium on new licenses while focusing on enhancing the quality and sustainability of existing operators. Three fintech lending platforms have exited the industry between January and December 2025, with Maucash being the latest ².

Regulatory Oversight and Compliance

OJK remains committed to monitoring the winding-down process of exiting platforms to ensure compliance with regulatory requirements. The authority emphasizes the importance of proper consumer protection measures during this transition. Agusman stated that OJK will continue to oversee Maucash's fulfillment of its obligations to all parties involved, including lenders ¹

².

Market Implications

The exit of Maucash, backed by PT Astra International Tbk. (ASII), marks a significant development in the Indonesian fintech lending landscape. While this consolidation phase may lead to short-term market adjustments, it is expected to result in a more robust and sustainable fintech ecosystem in the long run. The industry is currently operating under heightened regulatory scrutiny, with a focus on improving operational standards and risk management practices.

References