VIDA Electronic Signature Now Integrated with DocuSign
VIDA announced a partnership with global electronic signature service provider DocuSign. This partnership provides an option for DocuSign e-signature users in Indonesia to sign documents with secure and legally enforceable online identity verification.
In a press conference held today (17/2), VIDA Co-founder and CEO Sati Rasuanto explained that the electronic certificate issued by VIDA guarantees the protection of data and privacy of its users, thereby increasing the legal proof power of the use of DocuSign electronic signatures in Indonesia.
“The DocuSign and VIDA partnership increases efficiency and productivity, and also ensures document integrity with biometric verification. We apply best practices and world-class technology in our various services,” said Sati.
As a global electronic signature pioneer, DocuSign has helped many businesses in automating, preparing, signing, following up, and managing various agreement documents. However, legal certainty is a very important basic element.
Benefits that Users will Get
With the integration of DocuSign and VIDA products, DocuSign eSignature users in Indonesia will benefit directly because DocuSign electronic signatures will be accompanied by electronic certificates for identity authentication.
This process is in line with industry standards that use global standards in data processing and storage. Also, strengthening the legal certainty of electronic signatures for DocuSign users in Indonesia. This is because a signed document will have the same value as a wet signature in the eyes of Indonesian law.
“VIDA implements end-to-end encryption for all data transmission, user data confidentiality can be maintained and only used according to user needs. To prevent identity abuse, our online identity verification is complemented by biometric verification with liveness detection that refers to an official national identity database.”
The partnership also opens the possibility for VIDA to step into the global arena, considering that VIDA itself is already globally accredited from the globally recognized WebTrust. However, Indonesia is still the main focus of the company at this time given the huge potential to be worked on.
“Technically at DocuSign, when choosing a digital identity, there will be options. Because VIDA is already under WebTrust, it can be raised. This allows VIDA to appear in other countries, it’s up to the user whether to show that option or not. But now our market focus is on Indonesia,” added VIDA Head of Product Ahmad Taufik.
Group Vice President and General Manager of DocuSign Asia-Pacific Dan Bognar said, “We are very pleased to announce our new partnership in Indonesia with VIDA. This partnership will support our vision of providing end-to-end solutions throughout the agreement process, and continue to be a trusted partner in e-signatures.”
DocuSign is one of the pioneers in providing global electronic signature services. The number of users globally has reached 1.1 million users. The total addressable market (TAM) of this electronic signature is still widely open and is estimated to reach $25 trillion.
The company posted revenue of $545.5 million in Q3 2021, an increase of 42% yoy. In DocuSign’s findings, electronic signatures are able to provide efficiency in cost aspects, for example when you have to print documents.
On average, businesses don’t have to spend $36 on each completed deal document. In Indonesia, this trend can be seen by the increasing number of electronic signature service providers entering the industry.
Along with that, the presence of regulations issued by the government provides legal certainty in the use of electronic signatures.
The electronic signatures have been legalized by the Electronic Information and Transaction Law in Indonesia, followed by the Government Regulation no. 71 of 2019.
he Ministry of Communication and Information of the Republic of Indonesia noted that more than 2.58 million electronic certificates had been issued to guarantee certified electronic signatures in the 2018-2020 period.