SINGAPORE, April 13, 2022 /PRNewswire/ — Dedoco, a decentralized document management and digital workflow platform, today announced that it has partnered with finance companies, South East Asia largest SME digital finance platformmto enable Micro, Small and Medium Enterprise (MSME) customers Singapore sign loan contracts through the country’s digital signature service, Sign with Singpass. Signing with Singpass allows users to digitally sign documents using their signing certificate contained in their Singpass. The digital signature generated using the signing certificate is cryptographically linked to the signer, providing businesses with greater assurance of the authenticity and integrity of signed documents. This rollout further simplifies finance companies’ current digital know-your-customer (KYC) process and enables it to serve more underserved MSMEs in the same time frame.
In its drive to provide MSMEs with financial services beyond loans, the finance companies have partnered with Dedoco, one of ten Digital Signature Application Providers (DSAPs) of the Sign with Singpass service, to digitize its document flow quickly and securely. Dedoco’s blockchain-enabled platform enables businesses to streamline their document workflow and leverage the platform’s unified, interoperable, and tamper-proof infrastructure for robust levels of document security and data management without storage. The ability to digitally sign with Singpass also means that business owners applying for business financing from finance companies can now only sign loan agreements once, versus digitally signing multiple document pages. in the past. The partnership will benefit the majority of MSMEs in Singapore as finished 80% of them are beginning to embrace digital transformation.
Finance companies’ use of this secure digital signature also facilitates faster and more convenient application processes for small business owners on its raise product. raise is the FinTech platform’s free* line of credit, which comes with an opt-in virtual card powered by Matchmove. The product was launched earlier this year and allows qualified MSMEs to benefit from interest-free credit for a period of up to 55 days.
“As more and more MSMEs go digital, we need to ensure we provide a faster and more secure loan application experience without compromising the authenticity and integrity of signed documents. Signing with Singpass integrates digital signing across the entire document, which also removes the hurdle of having multiple electronic signatures on various contracts and increases convenience for our business owners,” said Chua Cheng Zhanresponsible for the operations of finance companies.
“Our partnership with finance companies provides a decentralized document solution that enhances the security of the signing process while maintaining a high level of confidentiality in their digital finance platform’s workflow,” said Kevin LamSales Manager, SME Asia at Dedoco.
Finance companies are aiming to roll out Sign with Singpass to more documents beyond loan agreements in the coming months.
*Offered by finance companies under FS Capital Pte. ltd.
Dedoco is a decentralized digital document management and workflow platform that provides clients across various industries with trusted, auditable, and connected documents that can integrate with existing platforms. As an industry-leading solution that is ISO 27001 certified and accredited by the Infocomm Media Development Authority (IMDA), Dedoco improves efficiency and compliance while providing the user with a tamper-proof, storeless solution. By maintaining the highest transaction integrity, Dedoco seeks to transform the way organizations manage document workflows.
For more information, visit https://www.dedoco.com/
About finance companies
Finance companies | Modalku is the largest digital SME finance platform in South East Asia, by becoming a leading neobank for SMEs. It is licensed and registered in Singapore, Indonesia, Thailand, Malaysiaand operating in Vietnam. It is backed by SoftBank Vision Fund, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, Samsung Ventures, BRI Ventures, Endeavour, SGInnovate, Qualgro, and Golden Gate Ventures, among others. The FinTech company provides financing to small and medium-sized enterprises (SMEs), annualizing 1 billion US dollars disbursement in 2021. He received MAS FinTech Award in 2016, Global SME Excellence Award at United Nations ITU Telecom World in 2017, KPMG Fintech100 in 2018, Brands for Good in 2019 and ASEAN Startup of the Year by Global Startup Awards in 2020. In 2021, he was honorably named Responsible Digital Innovator of the Year by the World Bank’s IFC SME Finance Forum and won the MAS Fintech award for the second time.