Indonesia Competition Commission Investigates 4 Fintech Lending in Student Credit

FINTECH - JAKARTA. The Indonesia Competition Commission (KPPU) states that the current process of summoning four fintech peer-to-peer lending companies that provide student loans (student loans) is underway. 

The Head of Public Relations and Cooperation Bureau of KPPU, Deswin Nur, explained that KPPU is processing the summons to four fintech peer-to-peer lending companies that provide student loans (student loans). He said this process has been ongoing since last week.

"The fintech mentioned yesterday will be presented to ask for their explanation, the summons has been made since last week and this week," Daswin explained to Kontan, on Monday (26/2). 

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Daswin also revealed that KPPU is still asking for information to obtain data or information to clarify the issue. According to him, the status of the four fintech peer-to-peer lending companies has not yet entered into the violation element in Law No. 5 of 1999. 

"We are still in the research stage, so we are requesting information from various parties such as business actors, the government, and others," Daswin revealed. 

Previously, the Indonesia Competition Commission (KPPU) revealed that it will soon summon four companies or fintech lending that have provided online student loans. 

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The Chairman of KPPU, Fanshurullah Asa, said the summons was to handle the issue of online student loans.

Fanshurullah explained the four companies, namely PT Dana Bagus Indonesia (DANABAGUS), PT Cicil Solusi Mitra Teknologi (CICIL), PT Fintech Bina Bangsa (EDUFUND), and PT Inclusive Finance Group (DANACITA). 

Until now, KPPU is still in the process of following up the summons to the four fintech companies.

Daswin said that of the four fintech companies, some have already responded to the summons and some are still being rescheduled. He also said that regarding this issue, KPPU has also invited the Financial Services Authority (OJK).

"So at this time we are still hearing statements from various parties, it has not yet entered into the alleged violation," he said.