E-Material and E-Stamp, TekenAja Innovation Supports the Application of Electronic Signatures

In this era of digitization, digital signatures are increasingly loved because they are considered to save time and costs because the signing process can be done from anywhere and anytime. SignAja being one of the digital signature players in Indonesia continues to innovate to develop solutions beyond digital signatures.

In a joint interview DailySocial.id, CEO of TekenAja Alwin J. Kiemas explained, after more than a year of operation, the platform has now developed E-Stamp integrated with the API and E-Stamps to complete the needs in conducting business transactions. Both complement the existing legal digital signature solutions.

E-Stamp and E-Stamps

Actually, this need arose because of the Covid-19, which made the government follow the digital transformation phenomenon by producing e-stamp. Stamp is often used for documents because it can give legal force and is considered an important document.

Meanwhile, stamps are usually used to complete the signature affix on the cover of official documents or files. The use of a stamp to identify a business entity or non-profit institution plays an important role in validating a particular document or file. Stamps evolve over time in terms of shape and features.

Both, have a valid legal basis. For example, for e-stamp, it is stated in Article 1 Paragraph (2) of the Stamp Duty Law which states, a document is something written or written, in handwritten, printed, or electronic form, which can be used as evidence or information.

Supported by Law no. 11 of 2008 (UU ITE) in Article 5 paragraph (1) which states that electronic documents are legal evidence. Thus, the position of electronic documents is equated with paper documents. This makes it necessary equal treatment between paper and electronic documents.

The documents referred to include a letter of agreement; statement letter; Notarial Deed; securities; securities transaction documents; tender documents; a document stating the amount of money with a nominal value of more than Rp. 5 million; and documents used as evidence in court.

“We are the first and only E-Material provider that is integrated with the API. We have also been officially registered as Digital Financial Innovation Operators at OJK in the cluster Regtech E-Sign. TekenAja provides a solution that replaces conventional stamps as a complement to digital signatures," said Alwin.

He continued, both the E-Material and the E-Stamp published by TekenAja were the first products issued by the PSrE (Electronic Certification Provider) with a "parent" in Indonesia that had legal force. “Our service allows users to sign a document after it has been signed by another PSrE.”

Overall, the company has 12 other features that make the transaction process more practical. Some of them, Bulk Signing which allows users to sign 10 documents at once; Self Registration which allows users to obtain and share links with other signers and register themselves.

Next, Role Management to determine and regulate access to digital documents according to the role of the signing, and finally, Foreigner Registration which allows the TekenAja solution not only to be used by Indonesian citizens (Indonesian citizens), but also foreigners (Foreign Citizens). Thus, multi-national companies can still implement digital signatures from TekenAja.

“So that it makes the process easier, our services are not limited to a person's nationality and have a valid legal umbrella. Of course, equipped with a clear security module with services on-premise on the digital signature."

Unfortunately, Alwin was reluctant to go into further detail about the company's partners who have taken advantage of his company's solutions. He only said that his party had established partnerships with various business lines, such as financial services companies and other sectors. Some time ago, the company inaugurated a collaboration with AFPI (Indonesian Joint Funding Fintech Association) to assist AFPI members in providing a healthy and safe infrastructure and ecosystem for fintech industry users.

"Progress Our business development is very fast. This pandemic situation is also an advantage for us as it encourages digitization in many aspects of the business. Electronic signatures make business processes more efficient, cost-effective and more secure. This really helps the business process so that it can be done from anywhere and anytime.”

Follow global standard

Alwin continued, that all solutions from TekenAja will provide security benefits for the transaction process of Fintech actors with their consumers, especially in loan agreements.

The level of authentication used by TekenAja is recognized globally as level 4 authentication - the benchmark for the highest level of trust that uses 2 FA (Factor Authentications). Namely, what do you have, namely demographic data from the national ID database (e-KTP database); and what are you?, which is verified using technology biometric facial recognition.

Currently, TekenAja has developed technology that utilizes DUKCAPIL population data for biometric authentication and demographic data verification that is accurate, useful and added value in various business sectors, both private and government.

Standardizing its platform to be on par with global standards has not gone unnoticed by TekenAja in order to meet various requirements to meet international standardization. This step certainly needs to be in line with education in the market, so that you are more familiar with digital signatures because they have security, validity, and legal force.

"We also ensure that all of our services are in accordance with and follow the rules of PP No. 71 of 2019 so that they are legally valid. Compliance with good e-KYC is also an important factor to meet these requirements.”

Alwin admitted that so far the company has not needed fresh fundraising in order to pursue a dominant position in the market. It is quite confident that it can grow through organic growth. "For now raising funding not really needed. We manage cash flow himself for all the developments we need,” he concluded.