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True Global Ventures Invests US$3 Million into Dedoco - A Document Infrastructure Platform for Enterprise Web3

Dedoco enables organizations to better manage digital workflows, increasing overall security, trust, and transparency through blockchain technology

 

Singapore — May 26, 2022 — Dedoco secures US$3 million funding from True Global Ventures 4 Plus (TGV4 Plus) Fund to fuel its global expansion. TGV is an early investor of prominent projects such as blockchain unicorns Animoca Brands and Sandbox, as well as the recently listed marketplace trading platform, Forge Global in the US.

Dedoco is a next-generation digital DMaaS (Document Management as-a-Service) that is built on blockchain technology, providing increased data privacy and document security to users. Founded in 2020 by Daphne Ng and Dr Ernie Teo, the latest investment brings Dedoco’s total capital raised to US$7.5 million. Dedoco’s seed round was led by Vertex Ventures SEA & India (VVSEAI) who continued to support the company and extended a US$2 million follow-on funding for its ambitious geographical expansion as part of this financing round.

In the last 12 months, the company embarked on its international expansion and now has presence in Australia, Singapore, Malaysia, Thailand and with its sights set on new markets this year, including the US. Its current clients and partners span over 150 across government, banks, financial institutions, real estate, professional services, and technology platforms. They range from organizations such as ERA Realty Network, GovTech Singapore, Nexia TS.

While Dedoco entered a seemingly crowded market, existing solutions failed to address common challenges such as the risk of fraud, unauthorized signatures, and non-compliance. The current solutions typically rely on centralized trust and take custody of digital documents, creating security concerns for organizations dealing with highly sensitive and confidential information such as fintechs, financial institutions, banks and governments. Conversely, Dedoco’s decentralized approach allows users to continue managing their documents “on-premise”, thus supporting organizations in adhering to document security, data residency and sovereignty obligations, especially those in highly-regulated industries.

By utilizing blockchain, every Dedoco-issued document is trusted, verifiable, and interoperable across multiple systems. Thus supporting companies in their transition to web3, by providing essential, practical applications that solve universal pain points not addressed by other providers.

In addition to Dedoco’s decentralized workflow and signing apps,

  1. Dedoco Verify tracks the chain of custody of a digital document and tamper-proofs the evidential audit trail, providing trusted records for both internal and external audits.
  2. Dedoco Document Check feature helps Signers verify the document version before signing or approving the document, solving a US$42 billion global pain point for agreements and legal contracts, and safeguarding business interests.
  3. Dedoco vCerts enables organizations to issue blockchain-verifiable certificates that are ERC721 standard and OpenCerts compatible. This ensures that credentials, such as academic and skills certificates, licenses, and memberships, have not been tampered with, protecting both the issuer and recipient.
  4. Dedoco Form-as-a-service is a customizable workflow solution that integrates easily with any repository to create digital forms and link them to workflows for digital collaboration.
  5. Dedoco VideoSign serves as a virtual meet-and-sign solution, allowing for a holistic experience to achieve greater efficiency and caters to documents that require identification and witnessing of signing parties. Aside from tamper-proofing the recording process, the full evidence capture is tied to the digital document and verifiable on the blockchain.

“The world is already moving away from heavy, complex centralized systems, where many were designed to be closed-loop and system-centric. Dedoco, on the other hand, takes a decentralized approach to document management, while ensuring privacy protection and document security for companies. I believe that the future of technology is about giving our users full control over their documents and getting more out of their technology purchase. We are excited to partner with TGV - who has an impressive track record backing world-class blockchain companies from early on - in supporting our global Web3 vision,” said Daphne Ng, co-founder and CEO of Dedoco, who was recognized as a Top 15 Women Leaders in Asia’s Fintech Industry in 2021 and Top 100 Women in Fintech 2022 globally.

“As a pioneer equity investor in the web3 space since 2017, Dedoco is one of the very few blockchain companies globally that has successfully secured mass enterprise adoption through providing practical applications that businesses understand and need. In addition, we are seeing a phenomenon in the recent few quarters where big techs and enterprises, especially banks, FIs and fintechs are fast adopting new technologies to help them solve complex challenges relating to compliance and security. As long as Dedoco continues to solve these critical challenges and stay focused on their enterprise SaaS strategy, they will continue their strong acceleration of adoption globally”, added Kelly Choo, Founding Partner of TGV4 Plus.

With the recognition of innovative blockchain in enterprises, TGV4 Plus continues to invest in talented serial entrepreneurs leading globally ambitious blockchain start-ups. The fund is dedicated to blockchain companies, primarily in late-stage Series B and C across four verticals: Entertainment, infrastructure, financial services, data analytics, and Artificial Intelligence (AI). Founded by an international group of “super angels”, TGV’s partners are entrepreneurs, business angels, family offices, and institutional investors, many with co-investment rights in future equity rounds.

Start-ups can reach out via LinkedIn or through the Fund’s Contact page:

https://www.tgv4plus.com/contact.html

Original article: https://finance.yahoo.com/news/true-global-ventures-invests-us-000000211.html

https://www.techinasia.com/tgv4-backs-web3-decentralized-document-management-service

https://e27.co/dedoco-raises-us3m-from-true-global-ventures-to-support-global-expansion-plan-20220527/

https://www.tgv4plus.com/tgv-invest-in-first-asian-female-entrepreneur-26-may-2022.html

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About Dedoco

Dedoco is a digital DMaaS (document management as-a-service) platform that focuses on data privacy, document security and provides customers across a range of sectors with trusted, verifiable and connected documents. As an industry-leading solution that is ISO/IEC 27001:2013 certified and Infocomm Media Development Authority (IMDA) accredited, Dedoco improves efficiency and compliance whilst ensuring 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/  

Media contact: media@dedoco.com

About True Global Ventures

True Global Ventures (TGV) is a global Venture Capital firm built by a group of serial entrepreneurs with a solid track record of investing their own money together with Limited Partners into ventures run by serial entrepreneurs. Portfolio companies leverage web3 technologies, incorporating blockchain as competitive advantages to drive change with proven products. TGV is a distributed fund with a presence in 20 cities, including Singapore, Hong Kong, Taipei, Dubai, Abu Dhabi, Moscow, Stockholm, Paris, Luxemburg, Madrid, Warsaw, New York, San Francisco, and Vancouver. Visit us at www.tgv4plus.com, and follow us on LinkedIn and Twitter.

Media contact: info@trueglobalventures.com

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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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