Creden issues free software for paper trail
Thai tech startup Creden has launched a free electronic document and signature system for enterprises to ensure the effectiveness and security of operations management, reducing the need for routine physical documents.
The move is to capitalise on booming electronic transactions among corporations, in line with the government’s digital transformation policy.
Creden provides online verification of the identity of clients and assesses potential risks from bad actors. It also provides free electronic know-your-customer (e-KYC) verification and e-signatures for an introductory period.
The company plans to launch a credit scoring system early next year based on statistical analysis of individuals’ credit files.
Pawoot Pongvitayapanu, founder and chief executive of Creden Asia, said the company is a subsidiary of Tarad.com and aims to get rid of the pain points in the identification and verification processes.
Founded last year, Creden Asia has collaborated with the Electronic Transactions Development Agency (ETDA), the Digital Economy Promotion Agency and the Federation of Thai Industries to develop an online service for document signing and identity verification that is quick and easy to use.
Mr Pawoot said businesses in the past required users to reveal their personal information and go through the customer due diligence process when doing online transactions to protect them against fraud.
Creden allows online documents to be created for electronic signing within one minute. These online documents can be signed electronically through any device, from anywhere and at any time.
This service is compatible with the online identity verification system of any organisation as well as electronic timestamping services (e-timestamps) from the ETDA, making identity verification much less complicated than before and helping cut operating costs immediately.
The company is ready to provide the service for free to build up a group of target users from finance-related entrepreneurs, small businesses, startups, online entrepreneurs, B2B operators, securities firms, lawyer councils, law firms and construction companies.
The e-KYC service makes it easier to process online transactions by facilitating authentication using face-matching technology (together with ID cards) and blockchain.
After authentication is verified, the system will create an online PDF document that is accompanied by a login dashboard, document management and e-signature functions.
This lets users create their signature, upload photos and compose blogs while the e-document is traceable and can be signed by multiple users.
The service complies with the 2001 Electronic Transactions Act that considers e-signatures to be legally binding. This means that the service will enable online transactions which need electronic time stamps to be completed faster, making it possible to track changes and verify the completeness of e-documents.
Online credit scoring is based on analyses of data from multiple sources, including government agencies such as the National Credit Bureau, as well as social media, to facilitate financial loans and transactions, both online and offline, by providing accurate results for individual customers or corporations.
Soranun Jiwasurat, deputy executive director of the ETDA, said the introduction of the electronic document and signing solution will provide a practical alternative to paper documents and signing in both the public and private sectors.
The ETDA is supporting the service from Creden with e-timestamps to further improve credibility.