Indonesia‘s anti-trust agency said on Friday that it has found 97 peer-to-peer lending companies guilty of collusion in setting lending rates.
All the companies had agreed to set upper limits for interest rates that were much higher than the market equilibrium, the agency said in a statement.
The practice “reduced competition and harmed consumers,” the agency said.
All 97 companies are registered at Indonesia‘s Financial Service Authority, also known as OJK, and are members of the Indonesian Peer-to-Peer Lending Fintech Association.
The agency fined them up to 755 billion rupiah ($44.52 million), with each company fined up to 1 billion rupiah, the agency said.
The agency also urged OJK to improve the supervision of peer-to-peer lending companies to ensure they obey fair competition principles.
Reuters
