PrivyID is now officially registered under Indonesia’s Financial Services Authority (OJK) as a digital financial services innovation provider. This makes PrivyID Indonesia’s first and only e-KYC service provider to be included in OJK’s regulatory sandbox. (Jakarta, 16/7)
Implementing e-KYC technology has always been a part of PrivyID’s commitment in building the foundation of Indonesia’s digital economy. With around 171.6 million or 66% of its population remain unbanked, PrivyID believes that Indonesia will benefit greatly from innovations that could help financial services to onboard new customers more efficiently. PrivyID’s internet-based customer due diligence technology and legally-binding digital signature service enable customers and financial service providers to connect with each other more instantly than ever.
PrivyID’s CEO Marshall Pribadi said, “PrivyID has been trusted by over 171 companies in Indonesia, including the nation’s largest banks and financial institutions,” he continued, “Our clients reported that they have been enjoying accelerated registration process, greater accuracy, and higher efficiency in acquiring new customers.”
Customers who have used their PrivyID to register to a financial service provided by one of PrivyID’s clients can simply use their PrivyID again to register to PrivyID’s other clients’ services. For example, a customer who has previously opened a Mandiri Sekuritas account using their PrivyID could also apply for Bank BRI’s microloan by signing the agreement remotely with their PrivyID. This feature frees customers from the hassle of having to repetitively fill and sign registration form, or physically attend financial service provider’s branch office.
OJK’s official acknowledgement is the latest government’s approval that PrivyID has acquired. Prior to OJK, PrivyID has also been officially acknowledged by Ministry of Communication and IT (KEMENKOMINFO) and Bank Indonesia.
“We hope that the latest support that we get from OJK will help us improve the adoption of eKYC and digital signature technology among a wider audience,” Marshall concluded.