Many businesses in real estate, banking, insurance and healthcare still use paper-based workflow, which is vulnerable to error, delays while authorisation is obtained, physical storage constraints and in the worst-case scenario, theft or fraud. For consumers, requirements to provide multiple sources of identification when first dealing with a business increases the risk of identity theft.

Privy, an Indonesian company developing verified digital identity, personal data protection and enterprise document handling solutions, is attempting to bridge this gap and wants to launch its application in a developed market that does not have access to a national ID database as part of its expansion strategy. It has chosen Australia as this developed market – its first international market.

Katalis is investing in a market entry report that will facilitate and de-risk Privy’s penetration into the Australian market, where the company will contribute to digitizing paper-heavy transactions, increasing digital security, and preventing fraudulent transactions. Privy will improve privacy and security outcomes for businesses and consumers by reducing transaction time, cutting costs and eliminating paper-based verification processes.