In September 2023, the social media users were shocked by the testimony of an anonymous account which revealed that their relative had committed suicide because they were unable to pay the loan bill on the P2P lending platform, PT Pembiayaan Digital Indonesia (AdaKami). The public forced the parties involved to explain themselves although we are not surprised. For a long time, P2P lending platforms have been operating by exploiting loopholes in regulations made by the Financial Services Authority (OJK). In the end, users must be burdened with maximum loan interest and once again without supervision from the OJK. Years later, we have to wait for a casualty to see the KPPU enter the picture. KPPU mentioned indications of cartel-like practices in the first week of October 2023 and recently announced that they had escalated the process to the stage of investigation and named 44 reported parties, all members of the Indonesian Joint Funding Fintech Association (AFPI).
To subscribe please click here