Jakarta, September 26, 2019 – Telkomsel’ venture arm, Telkomsel Mitra Inovasi (TMI) today announced that it had backed PrivyID, Indonesia’s leading regulatory technology focusing on digital consumer onboarding solution, in an extension of Series A round through MDI Ventures. Established in 2016, PrivyID is certified by The Ministry of Communication and Informatics to accept registration, verify and issue the digital certificate and digital signature for public use.
As a user-centric digital identity startup, PrivyID places user’s privacy as the utmost importance; it is certified for ISO 27001:2013, a golden standard in information security management. Over time, PrivyID has evolved to facilitate some of the most prominent financial institutions with end to end digital consumer application process. PrivyID works with suits of nascent technologies, including AI-driven document checker, liveness detection, facial recognition, public key infrastructure, and smart authentication gateway.
The fact that mobile penetration is way ahead of banking penetration in Indonesia, TMI’s investment to PrivyID is a stepping stone to build a common platform that is aiming to disrupt identity-verification-as-a-service market by offering customers an integrated, simple tool. It securely identifies users by using credit-scoring algorithms combined with more traditional measures such as digital signatures and verified government IDs to secure their user base within minutes — which has opened more opportunity to drive financial inclusion in Indonesia.
CEO of TMI, Andi Kristianto, explained, “PrivyID’s application program interface (API) and the workflow product has brought more seamless yet efficient operations to its customers and in a position to grow exponentially which also catalyzing financial inclusion. Combined with products, assets, and resources owned by Telkomsel, I expect a lot of interesting developments in this field over the next few years with them.”
Meanwhile, Marshall Pribadi, the CEO of PrivyID who is listed on Forbes Asia 30 under 30 says it has more than 4.5 million customer base, and 200++ institutional clients including Telkom Group, BRI, Mandiri, Investree, BCA Finance, and Adira Finance.
He explains further, “Telkom Group have been instrumental to PrivyID’s growth since the beginning of our journey. They provided us with the essential know-how and valuable network connections that we need to gain our foothold in the industry. We strongly believe that the joint lead business project between PrivyID and Telkomsel will further our mission to grow Indonesia’s financial inclusion and unlock its digital economy potential.”