Fosys, a company specializing in electronic documents and electronic contracts, announced on the 18th that it has completed the implementation of its cloud-based electronic contract service, 'eformsign,' for the Korea Housing Finance Corporation. The project is worth approximately 500 million won and is expected to serve as an opportunity to expand paperless work environments in public institutions and strengthen the scope of application for electronic contract technology.
The Korea Housing Finance Corporation provides financial services related to national housing stability, such as reverse mortgages, mortgage loans, and housing credit guarantees, and processes hundreds of thousands of contracts and applications annually. Under the existing paper-based process, significant time and costs were incurred for printing, scanning, and archiving originals. This digital transformation is expected to accelerate the processing of contracts and applications and improve the efficiency of internal document management.
With the new system, customers can electronically sign documents using tablet PCs when visiting branch offices, and internal documents can be processed directly on mobile devices via KakaoTalk, SMS, and email. This not only improves document processing speed but also achieves eco-friendly benefits, such as reduced storage space and carbon emissions.
Based on over 30 years of experience in the electronic document market, Fosys has accumulated diverse technological capabilities across the financial sector, public institutions, and private companies. In particular, 'eFormSign' enhances efficiency by being the first in the industry to incorporate an AI-based form creation function, reducing document creation time to one-tenth of the previous level. The AI function analyzes document files to automatically recognize the location and type of items requiring creation and signing, enabling the easy conversion of standard documents into electronic documents.
In terms of security and technical certifications, Fosys holds ISO 27001, ISO 27017, and ISO 27018 certifications and has met the requirements of public institutions and the financial sector, such as CSAP standard grades and selection as a government-designated innovative product.
Building on this project with the Korea Housing Finance Corporation, Fosys plans to expand its supply to similar public and financial institutions and pursue market share growth and technological leadership in the electronic contract market by utilizing its AI-based paperless solution. A Fosys official stated, "The completion of this implementation is an achievement that accelerates the digital transformation of public institutions," adding, "We will continue to support business innovation for both the private and public sectors through eFormSign, which combines our accumulated technology with AI capabilities."
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