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Indonesian regulator questioned for granting authority to online lenders over rate cap

By Roffie Kuniawan ( November 4, 2025, 08:34 GMT | Insight) -- Indonesia’s financial services regulator, or OJK, faced questions from the country's antitrust commissioners over why it allowed the fintech association AFPI to set lending-rate caps that is now the focus of a massive cartel probe involving 97 online lenders. A senior OJK official told a hearing on Monday that the arrangement reflected a “light touch” approach to regulating the then-nascent industry, which once saw borrowers charged up to 2 percent daily interest.Some online lenders in Indonesia were charging daily interest rates as high as 1 to 2 percent back in 2018, prompting the Financial Services Authority, or OJK, to push a newly formed industry association to adopt a code of conduct with a maximum rate to protect borrowers....

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