KUALA LUMPUR: Securemetric Bhd today entered into the conditional shares subscription agreement with PT Privy Identitas Digital (PrivyID) for the subscription of a five per cent stake in PrivyID for 20.25 billion rupiah (RM6.03 mil) in cash.
PrivyID is Indonesia’s first non-government institution certified certificate authority (CA), a swell as the first private company in Indonesia that was granted access to the national identification database.
Securemetric chief executive officer Edward Law Seeh Key said the deal would advance the company’s strategic objective of becoming one of Southeast Asia’s leading digital security players.
“I foresee a lot of synergies and cross-selling opportunities that we can leverage on PrivyID, mainly due to their database of over 4.5 million individual users and 215 large enterprises including Indonesia’s largest banks and telecommunication companies, prominent financial technology startups, as well as several small and medium enterprises,” Law said in a statement.
He said digitalisation is imperative and unstoppable, even for the used-to-be long process of credit card and bank loan applications.
“Everyone is moving towards digitalisation, given the enhanced efficiency and the ability to enjoy greater cost savings.
“One of the many cross-selling opportunities for Securemetric is the offering of our Centagate Solutions that can be integrated into PrivyID’s offerings,” he added. – Jan 16, 2020, Bernama
