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Privy and Okta join hands to provide a safer future amid digitalization
Privy, one of Indonesia’s market leaders in digital trust, formally announced a partnership with Okta Ventures. The latter recently participated in the US$48 million Series C funding round of Privy, led by global investment firm KKR.
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Privy announces its engagement with strategic partner Okta Ventures on Monday. The strategic engagement seeks to strengthen Privy and Okta's international market expansion.
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rivy, one of Indonesia’s market leaders in digital trust, formally announced a partnership with Okta Ventures. The latter recently participated in the US$48 million Series C funding round of Privy, led by global investment firm KKR. The investment and strategic engagement will strengthen Privy and Okta's international market expansion.
The strategic partnership also marks Privy’s collaboration with Auth0, in order to realize the vision of a world where anyone can safely use any technology by providing secure access for everyone. Okta is an identity company that enables its users to gain secure access, authentication and automation. Meanwhile Auth0 is its subsidiary.
“Privy’s certified digital identity and digital signature with Okta and Auth0’s solution in managing secured yet seamless digital identity authentication will be a powerful tool in providing trust for parties who conduct their business digitally,” said Marshall Pribadi, CEO and co-founder of Privy.
Providing trust and a secure digital infrastructure is essential for a rapidly growing digital economy. The anonymous and borderless nature of digital transactions need trusted digital infrastructures, such as a secure cloud database, data privacy, verified digital identity and certified digital signature in order to gain the trust of its users.
While the digital world poses new challenges, independent verification of digital identity by a reputable third party is necessary to minimize risks. Privy is not blind to the risk and is willing to rise to the occasion to service a smoother transition to the future, with the rapid increase of digitalization.
“Okta Ventures is excited to support Privy’s vision to ensure all electronic business and personal transactions are safe and legally valid. We could not be more excited to support the Privy team as they continue to innovate in customer identity and leverage Okta’s expanding Asia presence,” said Austin Arensberg, senior director of Okta Ventures, signaling its commitment to the partnership to create a safer digital future.
Privy has a vision to expand to countries other than Indonesia. Based on data from the Communications and Information Ministry, Privy issued approximately 70 percent of the Indonesian Certificate Authorities' digital certificates in 2020. So far, the company has amassed verified users of more than 37 million in Indonesia as of December 2022 and has their eyes set on expanding to Australia. The growing number of users in the world’s fourth-largest populous country will position Privy as the key strategic partner in Indonesia.
