Sign 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 assurance of the authenticity and integrity of the signed documents. This rollout augments Funding Societies' current digital Know-Your-Customer (KYC) process and enables it to serve more underserved MSMEs within the same timeframe.
In its drive to provide MSMEs financial services beyond lending, Funding Societies partnered with Dedoco, one of ten Digital Signing Application Providers (DSAPs) of the Sign with Singpass service, to digitalise its document workflow. Dedoco's blockchain-enabled platform allows businesses to streamline their document workflow and tap on the platform's unified, interoperable, and tamper-proof infrastructure for security management and no-store data of documents.
The ability to digitally sign with Singpass also means that business owners who request for business financing with Funding Societies can now sign the loan agreements only once, as compared to digitally signing on multiple document pages in the past. The partnership will benefit the majority of MSMEs in Singapore as over 80% of them start embracing digital transformation, according to the press release.
Funding Societies' use of this digital signing also facilitates application processes for small business owners on its Elevate product. Elevate is the fintech platform's free-to-apply credit line, that comes with an opt-in virtual card powered by Matchmove. The product was launched earlier in 2022 and entitles qualified MSMEs to interest-free credit for a period of up to 55 days.
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