Number of Domestic Fintech Lending Companies to Decrease by Early 2025

According to data from the Financial Services Authority (OJK), the number of online lending companies (pinjol) or fintech lending in Indonesia has decreased in recent years.

In December 2019, there were 164 registered pinjol companies in the country. This number gradually decreased to 97 companies by February 2025.

Cumulatively, from December 2019 to February 2025, the number of domestic pinjol providers decreased by 67 companies, or 41%.

The number has decreased further following the OJK's revocation of the business license of P2P lending company PT Ringan Teknologi Indonesia (Ringan) on May 6, 2025.

This action was taken because PT Ringan Teknologi Indonesia had returned its business license as a provider of Technology-Based Joint Funding Services (LPBBTI).

"With the revocation of the said business license, the company is prohibited from conducting business in the field of Technology-Based Joint Funding Services and is obliged to settle its rights and obligations in accordance with applicable laws and regulations," the OJK stated in a press release on Tuesday, May 6, 2025.

The OJK requires Ringan to clearly inform debtors, creditors, and other interested parties about the mechanism for settling rights and obligations.

They are also required to hold a General Meeting of Shareholders (RUPS) to decide on dissolution and form a liquidation team.