Startup Digital Signature, PrivyID, Gained Series a Funding from Telkomsel Mitra Inovasi
Telkomsel Mitra Inovasi (ITM) through MDI Ventures announced the extension of Series A funding for PrivyID, a regulatory technology startup in Indonesia. This startup was established in 2016 and currently provides digital solutions for facilitating verification of potential customers or customer on-boarding journey.
PrivyID is certified by the Ministry of Communication and Information to receive registration, verify, issue electronic certificates, and provide electronic signatures to the public. This startup is also an active member of the Indonesian Reg-tech and Legal Tech Association (IRLA).
Until now, PrivyID is registered with Bank Indonesia, the country central bank, to provide digital signatures for online credit card applications. Besides, it is also registered with the Financial Services Authority as an e-KYC provider. It is also a recognized private company to issue electronic certificates for public use.
PrivyID also has a cooperation agreement with the Directorate General of Population and Civil Registration which allows it to do the e-KYC process. The e-KYC itself stands for Electronic Know Your Customer. This is often used to register new financial services, including electronic wallets and digital bank accounts.
PrivyID Claimed to Prioritize User Privacy
This startup claimed to prioritize user privacy in providing digital identity services. It even has ISO 27001:2013 certification which is the highest standard when it comes to information security management. At present, it has facilitated several leading financial institutions for the digital-based consumer acquisition process.
Furthermore, PrivyID also employs various types of the latest technology, such as AI-based document checking, liveness detection, facial recognition, encryption infrastructure, and smart authentication gateway. With the higher penetration of mobile users than banking, TMI funding for this startup is to build a platform.
In this case, it aims to create a platform which is capable to change the market of identity verification service. It is supposed to be more effective and integrated for the sake of the customers. The service will identify users through a credit rate algorithm combined with other methods.
This method is claimed to be able to process users in a matter of a minute. The results of this product integration open up opportunities to accelerate financial inclusion in Indonesia. The services now grow significantly to be able to reach this goal.
The Collaboration Was Expected to Produce Interesting Innovations
“PrivyID’s application program interface (API) and workflow products can present an effective as well as efficient operational process for its users,” the TMI CEO, Andi Kristianto, explained. Furthermore, its collaboration with Telkomsel was expected to bring many interesting innovations in the next few years.
According to PrivyID’s CEO, Marshall Pribadi, PrivyID is now used by more than 4.5 million people and more than 200 institutions, including Telkom Group, BRI, Mandiri, Investree, BCA Finance, and Adira Finance. Marshall mentioned that Telkomsel also has an important role since the early development of PrivyID.
Aside from gaining an essential knowledge base, PrivyID also obtained Telkom Group’s networks which are needed to jump higher in the industry. Now, PrivyID has become a very practical platform for numerous digital applications to provide easy and secure registration through digital signature.