Indonesia: Business Competition Supervisory Commission announced investigation into Modalku, KrediFazz, EasyCash, AdaKami, KreditPintar and Asetku over alleged cartel pertaining to daily interest rate ceilings in online cash loan sector

On 25 April 2025, the Indonesian Business Competition Supervisory Commission (KPPU) announced an investigation into 97 lending providers, including KreditPintar, Asetku, Modalku, KrediFazz, EasyCash, and AdaKami, which together are the dominant players in the market. It was highlighted that as of mid-2023, the sector served 125.51 million borrower accounts and disbursed IDR 829.18 trillion in loans. KPPU suspects these firms jointly set daily interest rate ceilings, initially at 0.8%, later revised to 0.4%, between 2020 and 2023 through internal agreements facilitated by the Indonesian Joint Funding Fintech Association (AFPI), potentially breaching Article 5 of Law No. 5 of 1999 on anti-competitive conduct. If found guilty, businesses could face fines of up to 50% of illicit profits or 10% of sales during the violation period.