The Regtech and Legaltech Startup Associations Continue to Improve, After Nearly Two Years of Suspended

The Indonesian Regtech and Legaltech Association (IRLA) is a forum for technology-based companies engaged in law. However, two years since its establishment, this association has not yet reaped a significant impact. Moving on from there, IRLA intends to make improvements to accelerate the pace of industry in the related sector.

To DailySocial, Vice President of IRLA Ivan Lalamentik admits, for almost two years the association has tended to be passive. The activities they have carried out so far are still limited to socializing their existence to government institutions. According to him, one of the reasons is that the members are still busy with their respective businesses.

"So when asked about existing programs and impactit, I can say it's not [a lot]," said Ivan when met at his office.

Looking back at its vision and mission, IRLA prioritizes the use of technology for its members for legal and regulatory matters in order to increase public awareness of legal compliance. The role of these members becomes important in the development of innovation in this field. The more actors, the greater the possibility of innovation in the field of regtech and legaltech.

However, numbers are not a major concern in this business climate. Ivan who is also the Founder & CEO of a startup legaltechLexar assessing, the number of players who are involved in this field has not produced enough diverse innovations to solve a number of problems in the legal field faced by the community. He gave an example in the United States there are legaltech who can help the public with ticketing or handling consumer protection cases.

"Innovations like that are actually a lot of people's needs but have not been accommodated by existing players," added Ivan.

Currently, there are 10 startups under the IRLA umbrella. They are Privy.id, Indexa, Dentons HPRP, eCLIS.id, legalonline.com, Legal Go, Justika, Legal Contracts, Lexar, and PopLegal. Research from ASEAN LegalTech shows that there are 21 Indonesian startups in the legal sector. Broadly speaking they move in the corridor legaltech and regtech with a focus on digital signatures, marketplace legal consulting, drafting legal contracts, and more.

New management

In order to encourage a more mature climate for technology startups in the legal field, IRLA began to improve. They formed a new management with a new, more progressive plan.

In addition to continuing socialization to a number of parties, Ivan said that IRLA has various other activities. One of them is holding hackathon which will be held from the end of this month to mid-December.

Ivan hopes that the impact that IRLA can have will be significant in the industry. He views the Indonesian Fintech Association as a good example as a benchmark for future IRLA growth. With legal issues still rife and various technological innovation spaces, Ivan is confident in the future of business legaltech and regtech in Indonesia is still bright.

"If possible, increase the number of members because of the importance of the association in early stage this is not only government relations but also nurturing people who want to enter this industry let me know business opportunities what can be developed," concluded Ivan.