OJK revokes finance company licence of PT Credit Saison Indonesia Finance after failed rehabilitation

Implications

Facts

Decision: OJK announced on 30 September that it had revoked the licence of PT Credit Saison Indonesia Finance (formerly PT Saison Modern Finance) by a Board member decision dated 24 September 2026. The company was classified as unable to be rehabilitated under POJK 49/2024 (as amended by POJK 25/2025) on finance-company supervision, after failing to resolve the causes of its special-supervision status by the deadline. ¹

Obligations: the company must cease financing business, hold a shareholders meeting within 30 working days to decide on dissolution and form a liquidation team, designate a task force and service centre for debtors and report it to OJK within 5 working days, ² and settle its rights and obligations with debtors and creditors. The release gives no figures on the company's receivables or number of customers.

Analysis

Sector context: the revocation comes as OJK tightens supervision of weaker finance companies. In July, 42 finance companies had gross NPF above 5% ³ and 9 of 144 were below the minimum equity requirement. ⁴ Sector-wide gross NPF was 3.04% in August ⁵ while receivables grew only 1.68%. ⁶

Pattern: with low sector growth and a long tail of under-capitalised firms, exits and consolidation among smaller multifinance companies are likely to continue; OJK's process (special supervision, then revocation and self-liquidation) gives borrowers a service channel but leaves repayment collection to the liquidation team.

Counterpoints and uncertainties

OJK did not disclose the size of CSIF's book, so its weight in the sector is unclear, and one revocation does not by itself indicate a wave. Some finance companies under special supervision may still recover through recapitalisation or mergers.