Malaysia’s e-signature market projected to grow

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With the advancement of technology, Malaysia is increasingly becoming a digital economy. Malaysia is a developing Asian economy that aspires to expand in a technology-driven and high-tech production-based pattern.

A press release by Signitory, an e-signature provider who leverages blockchain, noted that with in-person interactions on the wane since the COVID-19 pandemic began, e-signature systems will have an advantage in a wide environment of digital services.

Introducing e-signature to businesses

The pandemic has hastened the use of e-signature and process automation solutions by many organisations in order to continue to connect with their customers during lockdowns. Electronic and digital signatures are a clever approach to optimise your company operations, especially when face-to-face meetings are not practicable or viable.

While organisations consider and use e-signature providers as part of their operations, digital transformation is also taking place in the background. With them helping organisations’ signing procedures, it not only helps to maintain their companies operating smoothly, but it also enhances them in the long run.

 E-signature provides contract validity and enforceability.

In Malaysia, the Electronic Commerce Act 2006 (ECA) presumes that contracts concluded with e-signatures are as legitimate as those signed in ink (except for specific exclusions). To begin, it should be noted that a contract does not have to be in writing in order to be lawful and enforceable under Malaysian contract law.

In conclusion, the COVID-19 pandemic has significantly impacted the way the world thinks and operates. The transition to electronic contracting was always going to happen, but the pandemic just hastened it.