Finance companies allow MSMEs applying for loans to ‘sign with Singpass’
Southeast Asian SME digital finance platform, Funding Societies, announced that it has partnered with Dedoco, a decentralized digital document management and workflow platform, to enable micro, small and medium-sized enterprises (MSMEs) in Singapore to 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 application.
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.
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.
This roll-out further simplifies finance companies’ current digital know-your-customer (KYC) process and enables it to serve more underserved MSMEs in the same time frame.
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.
Finance companies’ use of this secure digital signature also facilitates faster and more convenient application processes for small business owners on its Elevate product.
Elevate 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.
Finance companies aim to roll out Sign with Singpass to more documents beyond loan agreements in the coming months.
“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.
Sign with Singpass integrates digital signing across the entire document, which also removes the hurdle of having multiple e-signatures on various contracts and increases convenience for our business owners,”
said Chua Cheng Zhan, operations manager at Funding Societies.
“Our partnership with finance companies provides a decentralized document solution that improves the security of the signing process while maintaining a high level of confidentiality in their digital finance platform’s workflow”,
said Kevin Lam, Sales Manager, SMB Asia at Dedoco.