Privy budgeted AUD5 million to set up an office and start operations in Australia with support of market entry strategy from Katalis.
Heaptalk, Jakarta — A digital trust provider startup from Indonesia, Privy, has announced plans to expand its business to Australia through a partnership with Katalis.
Australia is seen as a valuable market in the company’s global strategy. Privy values the country’s appropriateness as a testing ground for Privy to explore the application of digital identity technology and digital signatures in developed countries.
Privy allocated AUD5 million to set up an office and start operations in Australia. Meanwhile, Katalis will provide support in the form of a market entry strategy.
CEO of Privy Marshall Pribadi welcomed the support of Katalis who will provide valuable insight into the Australian market and network. “We are certainly optimistic that Privy’s technology is suitable for Australian businesses looking to significantly reduce transaction times and costs while increasing privacy and security for consumers,” Marshall said.
Through the contribution, Katalis can achieve larger market integration between the two countries for a new, inclusive economic partnership, as mandated by the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA).
Meanwhile, according to Catalyst Director Paul Bartlett, Privy’s expansion into the Australian market could bring mutual benefits to both countries. He said, “On the Australian side, the introduction of digital identity and signature services will improve the efficiency and security of online transaction and document management systems.”
Further, Paul is optimistic that this startup expansion bodes well not only for the company’s development but also to increase confidence in the existence of partnership opportunities, protection, and market access as stipulated in the IA-CEPA.
Serving more than 30 million verified users
Based in Jakarta and supported by the Governments of Indonesia and Australia, Katalis, also known as the Indonesia-Australia CEPA Economic Cooperation Program, is mandated to unlock the enormous potential of economic partnership between the two countries. The program complements the Australian Government’s existing development programs with a commercially oriented, bilateral approach.
Established in 2016, Privy offers a wide range of products, spanning digital identity, digital signature, digital verification, and document management products. Currently, Privy serves more than 30 million verified users and 2,800 enterprise consumers and annually processes more than 40 million signatures.
This Jakarta-based company is the first non-governmental institution to receive a permit as an electronic certification provider (PSrE) from the Indonesian Ministry of Communication and Information Technology and has been registered with the Financial Services Authority (OJK).
