Through Regulatory Technology, Privy Aims for Positive Contribution in Accelerating Economic Recovery

Economic recovery is an important agenda after the uncertainty caused by the Covid-19 pandemic. Various kinds of industrial sectors are not spared from economic pressures. Fortunately, the digital industry is actually getting stronger, because digital transformation with all its adaptations has even become essential when its ability to accelerate business in the community. As a result, digitalization is considered to hold the key to economic recovery efforts after the pandemic. As is the case for Privy, startups Regulatory Technology (Regtech) which carries the mission of bringing the use of digital identity technology to encourage the economic recovery of the country's multi-sector industry. Overview of digital identity. In a time that should not be far away, this technology is believed to have an important role to accelerate economic recovery in general. This is because digital identity technology has a tendency to significantly reduce the verification and identification process. The hope is that verification needs can be made easier, because there is no need to include physical identities such as ID cards, vaccine cards, and so on.

The premise is carried by Privy. As the largest digital signature and digital identity provider company in Indonesia, Privy has just inaugurated a digital identity product wrapped in a soft launching event some time ago in Bali. In the official statement we received, Privy introduced the experience of using a comprehensive digital identity, starting from verifying the validity of the user's identity, such as ID cards (for Indonesian citizens) and passports (for foreigners), telephone numbers, email addresses, to photos of faces that are officially connected to the database. data from the Directorate General of Dukcapil, Ministry of Home Affairs, Republic of Indonesia. This feature is included in the PrivyPass service which can be used as validation of the identity of the PrivyID holder in cyberspace.

In the event, Privy gave an example of its implementation in the tourism industry sector. Privy users are said to be able to enjoy the convenience of the check-in process at airports and hotels simply by scanning the QR Code. This feature allows users to no longer need to show a physical ID card and other personal data. The data needed by hotels, airlines, and tourist attraction managers can be directly shared online and in real time with user consent from users, such as personal identity, photo ID cards, cellphone numbers, emails, to vaccination status. Marshall Pribadi, CEO of Privy, said that Privy's services were developed not only for the customer, but also for business managers. “Our activities in traveling cannot be separated from showing identity documents and signing forms, for example when checking in at a hotel. The Privy app digitizes the process which makes it easier for both visitors and business managers.” he said.

On the other hand, Henky Hotma Parlindungan Manurung, Deputy for Industry and Investment, Kemenparekraf is optimistic that Privy's digital identity technology specifically is able to make a positive contribution to economic recovery, especially for the tourism industry.

“We appreciate Privy's steps in accelerating digital transformation in Indonesia. The use of technology is very helpful for the tourism industry and the creative economy to be able to carry out various activities and be a solution during the pandemic and recovery period. We support the steps taken by Privy to expand the use of digital identity in tourist attractions, which is expected to increase the number of tourist visits and be able to contribute to the national economic recovery.” said Henky.

The adoption of digital identity technology should be able to develop more rapidly in the future. In the midst of the growth of the digital economy in the country which is predicted to reach US$ 70 billion, it is not impossible for Regtech to have bright prospects in the years to come. Currently, Privy alone has served 23,5 million verified users and 1.500 companies from various businesses and sizes.

This advertorial is powered by Privy.