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How Blockchain Technology Reshapes Digital Documents

According to a McKinsey Global Survey of Executives, companies have accelerated digitisation by three to four years during the pandemic, while the share of digitally enabled products accelerated by seven years. This leap is even greater in Asia Pacific, where the change has accelerated by 10 years.

The dispersion of people away from the office accelerated this digital transformation, which made simple tasks such as signing documents suddenly more challenging. As such, many organisations have turned to digital document signing solutions, but it is important to have a solution that not only enables document signing but does so in a safe and secure way — blockchain-enabled solutions are key to this.

The blockchain market is one of the burgeoning technologies with the global market expected to hit US$15.88 billion by 2023. The adoption of blockchain has emerged to provide solutions to threats of fraud and digital counterfeiting placed on businesses as they adapt to a new technology-centric workplace.

The question is, how does blockchain play a role in digital document signing? And what are the myths IT leaders should be aware of in the industry?

Five myths of digital document signing

Myth 1: Digital document signing solutions only focus on digitising signatures.

In contrast, a true digital document solution would allow multiple signatures and permit automated workflows.

Myth 2: All digital document signing solutions are the same. Many people believe that all solutions digitise signatures (ie, do the same thing), which is simply untrue. It is common for many documents to be produced and changed during negotiations, which can create challenges when it’s time to sign off on a final version.

Using a blockchain-enabled solution in this case is particularly effective since it ensures version control as every party is required to acknowledge and accept changes to the document. This increases overall transparency in the negotiation process.

Myth 3: Paper documents provide more security. Paper documents provide multiple gateways to be compromised, tampered with and copied. Digital documents stored on blockchain solutions are decentralised, inherently making them more secure as they allow users to maintain control of the information.

In addition, digital documents don’t require physical file storage space, and by moving to digital, it’s possible to save up to 90% in printing and ink costs.

Myth 4: Implementing digital document signing workflows is time-consuming. The idea of having to change your entire document management infrastructure sounds time-consuming, but it is much quicker than perceived. Paper-based processes are less efficient as they require the need to print, scan, file and duplicate — not to mention the time it takes, and logistical challenges involved with getting everyone to sign a document.

Myth 5: Digital document solutions are a needless cost. Digitising documents saves both time and money, while also supporting compliance obligations. As a short- and long-term investment, businesses see significant ROI when it comes to savings and productivity.

Digital documents are also boundary-less in nature. Despite COVID restrictions continuing to ease, travel is still limited in some parts of the world. Courier costs continue to rise, and supply chains continue to face disruptions. Creating, reviewing, signing, verifying and finalising digital documents can be done in a matter of minutes.

When blockchain is incorporated into digital documents, it produces compelling results. Businesses can save time and money by integrating these emerging digital document solutions into their workflows. This new era of signing and collaborating with documents has a plethora of benefits that vastly outweigh legacy paper-based processes, including productivity, security and transparency.

Original article: https://www.technologydecisions.com.au/content/cloud-and-virtualisation/article/how-blockchain-is-reshaping-digital-documents-341347652

The adoption of blockchain has emerged to provide solutions for fraud and digital counterfeiting placed on businesses. Read more about blockchain here.

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Dedoco partners Funding Societies to offer Sign with Singpass, further simplifying KYC process for the FinTech’s MSMEs

Singapore, 13 April 2022 - Dedoco, a decentralised digital document and workflow management platform today announced that it has partnered Funding Societies, Southeast Asia’s largest SME digital financing platform to enable micro, small and medium enterprises (MSME) customers 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. The digital signature generated using the signing certificate is cryptographically linked to the signer, providing businesses with a higher assurance of the authenticity and integrity of the signed documents. 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.

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 digitalize its document workflow quickly and securely. 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. 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.

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.

“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.

Funding Societies aims to roll out Sign with Singpass across more documents beyond loan contracts in the coming months.

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  1. https://thepaypers.com/digital-identity-security-online-fraud/dedoco-partners-with-funding-societies-to-augment-kyc-for-msmes--1255820
  2. https://qualgro.com/dedoco-partners-funding-societies-to-offer-sign-with-singpass-further-simplifying-kyc-process-for-the-fintechs-msmes/
  3. https://digitalcfoasia.com/2022/04/13/dedoco-partners-funding-societies-to-offer-sign-with-singpass-further-simplifying-kyc-process-for-the-fintechs-msmes/
  4. https://www.hubbis.com/news/dedoco-partners-funding-societies-to-offer-sign-with-singpass-further-simplifying-kyc-process-for-the-fintech-s-msmes
  5. https://fintechnews.sg/60460/lending/funding-societies-enables-msmes-applying-for-loans-to-sign-with-singpass/

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About Dedoco

Dedoco is a decentralised digital document and workflow management platform that provides customers across a range of sectors with trusted, verifiable, and connected documents that can integrate with existing platforms. As an industry-leading solution that is ISO 27001 certified and Infocomm Media Development Authority (IMDA) accredited, Dedoco improves efficiency and compliance while empowering the user with a no-store, tamper-proof solution. In maintaining the highest transaction integrity, Dedoco seeks to transform the way organisations manage document workflows.

For more information, visit https://www.dedoco.com/

Media Contact

Stephanie Yeo

Marketing & Communications

Dedoco

media@dedoco.com

+65 9859 0920

About Funding Societies

Funding Societies | Modalku is the largest SME digital financing platform in Southeast Asia, expanding into a leading SME neobank. It is licensed and registered in Singapore, Indonesia, Thailand, Malaysia, and 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, Endeavor, SGInnovate, Qualgro, and Golden Gate Ventures amongst others. The FinTech company provides business financing to small and medium-sized enterprises (SMEs), annualising US$1 billion disbursement in 2021. It was given the MAS FinTech Award in 2016, the Global SME Excellence Award at the 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, it was honourably mentioned as Responsible Digital Innovator of the Year by World Bank IFC SME Finance Forum and won the MAS Fintech award for the second time.

https://fundingsocieties.com/

Media Contact

Glennice Yong

Assistant Manager, Brand & Communications

Funding Societies

glennice.yong@fundingsocieties.com

+65 9155 4662

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Beyond crypto: how small businesses can benefit from blockchain

Thanks to digital coins, the word ‘blockchain’ has been typically associated with cryptocurrency and NFTs in recent times. However, there are more benefits of blockchain technology to businesses than first meets the eye.

“Think of blockchain as a digital ledger of transactions that’s duplicated and shared across an entire network,” explained Daphne Ng, CEO at Dedoco. “Each block in the chain contains a number of transactions, and when a new transaction occurs, a record is added to every participant’s ledger.”

Companies in a network can obtain up-to-the-second copies of the blockchain, with no need for a central authority, as cryptography enables participants to add to the ledger themselves.

This kind of decentralised, digitally distributed ledger of information is beginning to change the way businesses approach data security, transparency, and traceability. It can be applied across industries to almost any transaction that involves a value.

Said Ms. Ng, “The immutable properties of the blockchain allow it to provide tamper-proofness and security when applied to document management and workflows. It enables greater trust and transparency between parties.”

In fact, according to the National Blockchain Roadmap, outlined by the Australian Government in 2020, Australia can contribute an estimated US$175 billion in global annual business value in the next three years through blockchain technology.

Already, sectors of the economy like higher education, finance, and wine production can be seen using this technology for operations like signing documents or money transfers. Globally, publicly traded companies like Walmart, Oracle, and IBM are already using blockchain to streamline logistics and enhance their cybersecurity.

“Under the Australia Digital SMEs 2030 plan, it is said that all new businesses will be born digital, and 95 per cent of all SMBs will have a digital presence or are using digital processes,” Ms. Ng added. “But ultimately, SMBs want digital solutions that are efficient, easy-to-use, and result in higher productivity and cost-savings in the long run.”

At Dedoco, a two-year-old business, she notes that blockchain is used for digital document management as a service. Any changes to documents must be verified with all parties accessing this digital ledger, and only intended receivers can access it. It’s also a sustainable solution that reduces paper usage and streamlines the document signing process.

Still, blockchain is not without its sceptics. The Australian Government Digital Transformation Agency notes that blockchain should be applied pragmatically as it is an emerging technology. It also advocates focusing on the problem to be solved through blockchain rather than starting from a specific technology solution.

Original article: https://dynamicbusiness.com/topics/small-business-resources/beyond-crypto-small-businesses-blockchain-technology.html

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Global cyber-security specialists push into Australia

The recent rise in cyber-security risks has driven a major push from various specialist providers into Australia.

Trustifi, the software-as-a-service email encryption security company, is recently expanding its global footprint throughout New Zealand and Australia, signing MSP and security specialists Secure Right, located in Hawke’s Bay, New Zealand.

“We’re thrilled to enhance our presence in the global marketplace by working with Secure Right, one of New Zealand’s most formidable, up-and-coming cyber security providers,” said Rom Hendler, chief executive and co-founder of Trustifi.

“We look forward to helping them proliferate easy-to-use, effective, and powerful encryption to their growing base of customers, to increase adoption of email security and improve compliance to regulations across the world.”

The company has also developed “Once Click Compliance” capabilities that cater to a range of security regulations across the world, including PDPO for Hong Kong, POPI for South Africa, GDPR for Europe, and LGPD for Brazil.

Trustifi’s solutions employ advanced AI filters and optical character recognition to combat the most sophisticated threats from malicious actors who are leveraging AI and similar techniques to conduct devastating imposter attacks on C-level executives.

These incidents are not easily detected by traditional SEG-based solutions, since SEGs function solely by screening already-blacklisted IP addresses. Trustifi’s tools can interpret context and flag keywords like “wire transfer” and “bank account”, alerting users to these more sophisticated threats before they can do damage.

“In a global environment where one breached password could cause major disruption even in the most prominent of companies, it’s crucial to offer a comprehensive and layered approach to security services,” said SecureRight’s CEO Thomas Hartley.

“Top-notch email security is crucial to that strategy.

“We look forward to seeing this powerful solution implemented among our business end-users, creating more thoroughly secure environments across-the-board.”

Meanwhile, Blockchain specialist Dedoco has also recently expanded its operations into the Australia and New Zealand markets.

In the two years since its inception, the organisation has evolved exponentially to go from a little-known start-up to a challenger brand working with more than 150 companies across government, banks, FIs, professional services, real estate and tech platforms.

Co-founded by CEO Daphne Ng and CTO Dr Ernie Teo, Dedoco is a first-of-its-kind blockchain-based digital document management solution that offers unprecedented security, trust, and transparency to its users.

Expansion into the Australian and New Zealand markets evolved as a natural next step for the team, with Dedoco already working on a proof of concept for FinTech Australia, the peak advocacy group for fintech in Australia.

Dedoco was launched during the early stages of the pandemic in response to the growing need for increased security and trust in document collaboration.

As the coronavirus swept across the globe and work-from-home orders were implemented, signing documents became more complex than it had traditionally been.

Despite the presence of existing solutions prior to Dedoco’s inception, they did not address common challenges in the industry such as the risk of fraud, unauthorised signatures, and/or non-compliance.

“Dedoco was established to directly address a gap in the market and our success to date is evidence of that,” said Ms Ng, CEO at Dedoco.

“Our adoption has been incredible in a short span of time, but to achieve this during a pandemic is almost unheard of. It’s a testament to the people driving the brand forward every single day.”

Dedoco has set itself the ambitious target of quadrupling its headcount in Australia and New Zealand by 2024.

“Improving business processes, transparency and security is critical in today’s digital landscape, so it’s great to play a part in cementing blockchain’s place in the Australian market,” said Raj Anand, director and country manager of Dedoco.

“I’m excited to be part of this growth stage as we expand on Australian shores.”

Original article: https://www.accountantsdaily.com.au/technology/16794-global-cyber-security-specialists-push-into-australia

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How to Establish a Truly Inclusive Work Culture

Raj Anand, Director & Country Manager of Dedoco

“Inclusivity is not just about creating a workspace where people feel accepted, but also encouraging a culture of diversity, thus, enabling cross-pollination of ideas. Particularly when the business world is advancing tremendously due to technology,  it’s important to cultivate a people-based environment of creativity and innovation through open communication across your team.

“You need to be able to capture and understand a range of voices to avoid bias and a siloed way of thinking. Not only will this mitigate the risk of resistance, but it will attract and retain staff because we’ve proven that people’s experiences and ideas will be acknowledged and valued.

‘It can be easy for leaders to seem all talk and no walk when it comes to diversity and inclusion, so it is motivating to have Daphne Ng as our CEO and co-founder embody our values. Especially when women in STEM still make up a small portion of the industries, having launched the Girls-in-Tech (GIT) Hub this year at Dedoco empowers our female employees to make their mark in the tech industry.”

Full article here: https://dynamicbusiness.com/leadership-2/lets-talk-business/lets-talk-how-to-create-a-truly-inclusive-culture-2.html

Inclusivity is not just about creating a workspace where people feel accepted, but also encouraging a culture of diversity. Read the full article here.

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Dedoco Celebrates 2nd Anniversary

Launched at the start of the pandemic (15 March 2020), Dedoco is today celebrating its 2nd anniversary. In the two years since its inception, the organisation has evolved exponentially to go from a little-known start-up to a challenger brand working with more than 150 companies across government, banks. FIs, professional services, real estate and tech platforms.

Co-founded by CEO Daphne Ng and CTO Dr Ernie Teo, Dedoco is a first-of-its-kind blockchain-based digital document management solution that offers unprecedented security, trust, and transparency to its users. Expansion into the Australian and New Zealand markets evolved as a natural next step for the team, with Dedoco already working on a proof of concept for FinTech Australia, the peak advocacy group for FinTech in Australia...more

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Busting 5 Myths About the Digital Document Industry

The pandemic has accelerated digital transformation, increasing the adoption of electronic signing solutions. But many of these solutions are rooted in old technology. Blockchain adoption provides a next-gen path for digital documents.

We’re all tired of hearing about the pandemic, but one positive which has come out of it is the widespread adoption of digital technologies for everything from work from home to supply chains, and the way companies handle the myriad of documents they need to deal with every week.

According to a McKinsey Global Survey of Executives, companies have accelerated digitisation by three to four years during the pandemic, while the share of digitally enabled products has accelerated by seven years. The leap ahead is even greater in APAC, moving forward by ten years...more

One positive outcome of the pandemic is the widespread adoption of digital technologies for everything from work from home to supply chains. Read more.

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