The innovative solution was in compliance with the Digital Signature Act 1997 and it is publicly available and targets the mass market.
Securemetric said SigningCloud provides the most secure, efficient and legal way of signing electronic documents online.
Securemetric founder and chief executive officer Edward Law Seeh Key said SigningCloud is Malaysia’s first universal and legally binding application that allows users to sign and authorise documents anywhere, anytime, on any device.
He said the coronavirus (Covid-19) pandemic has accelerated digital adoption among businesses.
“COVID-19 has forced many aspects of day-to-day life to go remote, and this includes the signing of physical documents.
“There is no question that the usage of digital signature will become widespread.
“The day will come when using digital signature becomes the usual practice,” Law said at Signing Cloud Virtual launch on Tuesday.
Quoting independent market research firm Technavio, Edward said the global digital signature market was forecast to grow US$2.77bil from 2020 to 2024, progressing at a compounded annual growth rate of over 27% during the period.
He explained that there are major differences between electronic signatures and digital signatures.
“Electronic signs require users to capture the image of a handwritten signature and paste it onto the soft copy of a document.
“On the other hand, a digital signature has a higher level of security as the signer is required to have a digital ID that is issued by a licensed Certificate Authority (CA) in compliance with local laws, which in Malaysia’s case is the Digital Signature Act (DSA),” Law said.
As an extra layer of security, SigningCloud users’ accounts are protected with more than just passwords via a two-factor authentication method.
SigningCloud enables the users to start small and grow with the use case, at a cost of starting from RM5 per DSA document for free account users.
“Our intention is here to help businesses adapt to the new norm post-COVID-19. This pay-per-use business model will also create another sustainable recurring income stream for the group.
“For a start, we have an internal target to get 20,000 users before the end of 2020. Once we get them on board, we can also offer them other digital security solutions by Securemetric such as CENTAGE and authentication hardware devices for instance,” Law said.