First introduced to the market in the '80s, the electronic signature (e-signature) technology is not a novelty. Although the level of sophistication and security has increased over the years, offering convenience and more efficiency in business, the market acceptance of the technology was slow. Many people still prefer the conventional paperwork and wet signature in sealing a deal.
That is until the COVID-19 pandemic broke. Reports have mentioned that the electronic signature is one of the most widely adopted technologies since the pandemic started as people found new ways to deal with remote working and doing business.
PrivyID also enjoyed increased adoption of the technology. PrivyID is an e-signature platform provider certified by Indonesia's Communication and Information Ministry, which gives them the upper hand in Indonesian courts as it is legally binding. In addition, the company has developed electronic identity verification technology that works on multiple platforms and caters to both corporate and individual clients who are primarily freelancers. Last year, PrivyID recorded a 61% jump of new verified users to 12.5 million as the pandemic hit.
The total of signed documents through PrivyID's service also increased by 69% to 22 million documents last year compared to 2019. Currently, PrivyID is used by more than 15 million users and 1,000 companies in Indonesia. Moreover, PrivyID has also been widely used by established companies such as Telkom, Bank Mandiri, BRI, Indosat, Unilever Indonesia, Gramedia, and tech companies such as Akulaku and Kredivo.
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