Expert asks OJK to tighten supervision of the pindar industry

JAKARTA - Financial Consultant and Planner Elvi Diana CFP asked the Financial Services Authority (OJK), especially the Financial Technology (Fintech) Supervision Department, to tighten supervision of the online lending industry (pindar).

In his statement in Jakarta, Sunday, Elvi emphasized the importance of improving the sector's governance to protect the public as debtors or consumers.

This statement was made in response to the decision of the Competition Commission (KPPU) in Case Number 05/KPPU-I/2025 regarding alleged online loan interest rate cartel practices.

"This decision of the KPPU must be a momentum for OJK to improve the supervision of the pindar industry seriously and sustainably," said Elvi as quoted by Antara.

In the ruling, the KPPU Board stated that all the respondents were proven to have legally and convincingly violated Article 5 of Law Number 5 of 1999 concerning Prohibition of Monopoly Practices and Unhealthy Business Competition.

According to Elvi, the main problem in the practice of pindar so far lies in the high interest rates charged to debtors, as well as the relatively short tenor or installment period.

This condition is considered burdensome for the community, especially vulnerable economic groups who are users of pindar services.

In addition, Elvi also highlighted the billing practices that are still often carried out unethically and tend to be intimidating.

He asked the OJK to ensure that all pindar business actors comply with humane billing standards and in accordance with regulations.

"OJK should have understood this problem a long time ago. Unfortunately, until now, attention to improving the governance of the pindar industry is still not optimal," he added.

In the future, Elvi urges the OJK to ensure that all pindar industry actors make significant improvements, ranging from the determination of reasonable interest rates, tenors that do not harm consumers, to the application of ethical billing methods.

He also reminded that until now there are still pindar business actors who have not operated according to the principles of good governance, so that they have the potential to harm the wider community.

"Strong and consistent supervision from the OJK is the key to ensuring that the pindar industry can grow healthy while providing maximum protection for consumers," concluded Elvi.