PT Astra Welab Digital Arta, the operator behind online lending platform Maucash, has announced the cessation of all business activities after Indonesia’s financial regulator approved the voluntary return of its operating licence.
OJK granted approval for Maucash’s licence surrender request through a letter dated December 17, 2025, following which all lending activities conducted through Maucash’s electronic system have been formally halted.
Maucash marketing director Indra Suryawan said the decision was part of an internal strategic review in response to evolving market dynamics and business challenges, as quoted from local media.
Suryawan added that Maucash has been operating in the non-collateral financing segment. However, the same segment is now also being explored by business entities within the Astra ecosystem. He believes that, strategically, it would be more effective to focus market penetration in this segment on a single Astra business line to ensure continued growth.
Founded in April 2018, Maucash is a joint venture between PT Sedaya Multi Investama, a subsidiary of PT Astra International Tbk; and WeLab, one of the largest fintech companies in Hong Kong and China. Maucash was granted an operational licence from OJK a year later.
The development follows other recent exits from Indonesia’s peer-to-peer lending sector. In May 2025, OJK approved received a licence return request from PT Ringan Teknologi Indonesia.
Agusman, OJK’s head of capital market and cooperative supervision, said the decision was taken after internal evaluations with shareholders, taking into account projected losses that were expected to continue if operations were maintained.
Separately, OJK revoked the licence of troubled P2P lender CROWDE on November 6, 2025, following a series of supervisory actions earlier in the year. The regulator also ordered the dissolution of the legal entity and the establishment of a liquidation team to settle remaining obligations.
As of August 2025, OJK data showed there were 96 licensed P2P lending platforms operating in Indonesia, comprising 89 conventional platforms and seven sharia-based operators.
