Left to right: Chua Cheng Zhan, Head of Operations, Funding Societies; Kevin Lam, Head of Sales, SMB Asia, Dedoco
Singapore, 13 April 2022 - Funding Societies, Southeast Asia’s largest SME digital financing platform, today announces that it has partnered Dedoco, a decentralised digital document and workflow management platform, to become one of the first FinTech platforms to enable micro, small and medium enterprise (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 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. 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 digitalise 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.
*Offered by Funding Societies under FS Capital Pte. Ltd.
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.
Assistant Manager, Brand & Communications
Dedoco is a decentralized 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 organizations manage document workflows.
For more information, visit https://www.dedoco.com/
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Funding Societies is Southeast Asia's leading SME digital financing platform. We specialise in all forms of short-term financing for SMEs, funded by individual and institutional investors. We pride ourselves in speed and flexibility, offering the widest range of term loan, trade finance and micro loan products. Backed by SoftBank Ventures Asia Corp and Sequoia India, amongst many others, Funding Societies has helped to finance over S$2 billion in business loans regionally. We are dedicated to the vision of enabling SMEs through equitable financial access, ultimately making a positive impact for our societies in Southeast Asia.
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