Funding Societies Enables MSMEs Applying for Loans to “Sign With Singpass”by Fintech News Singapore April 13, 2022
Southeast Asian SME digital financing platform Funding Societies announced that it has partnered Dedoco, a decentralised digital document and workflow management platform, to enable micro, small and medium enterprises (MSMEs) in Singapore to sign loan contracts via the country’s digital signing service, Sign with Singpass.
Sign with Singpass allows users to digitally sign documents using their signing certificate contained in their Singpass app.
The digital signature generated using the signing certificate is cryptographically linked to the signer, providing businesses with higher assurance of the authenticity and integrity of the signed 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.
This rollout further simplifies Funding Societies’ current digital Know-Your-Customer (KYC) process and enables it to serve more underserved MSMEs within the same timeframe.
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 robust levels of security management and no-store data of documents.
Funding Societies’ use of this secure digital signing also facilitates more quick and convenient 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 this year and entitles qualified MSMEs to interest free credit for a period of up to 55 days.
Funding Societies aims to roll out Sign with Singpass across more documents beyond loan contracts in the coming months.
“As more MSMEs go digital, we must ensure that we provide a quicker and more secure loan application experience without compromising on the authenticity and the integrity of the signed documents.
Sign with Singpass embeds the digital signature onto the entire document which also removes the hurdle of having multiple electronic signatures across various contracts and increases the convenience for our business owners,”
said Chua Cheng Zhan, Head of Operations at Funding Societies.
“Our partnership with Funding Societies provides a decentralised, document solution which enhances the security in the signing process while maintaining a high level of privacy of their digital financing platform workflow,”
said Kevin Lam, Head of Sales, SMB Asia at Dedoco.