Korean “Law-tech” startup Lawoafactory has launched a mobile version of its electronic contract service ModuSign.
The web-based service lets you digitally sign contracts, eliminating the need to meet in person. In Korea, legal and financial documents are still often signed with stamps and ink, rather than just a signature. ModuSign has brought the process online and creates digital stamps for users so that they can save time and money.
Signing contracts and documents through the service can be done in just five minutes, and because contracts are stored electronically, some would argue that it’s more secure and easier to find than paper. Once a document is signed, a trackable digital certificate is issued which includes a log of the signing process and IP addresses, providing a better legal standing than other services.
ModuSign is currently used by a variety of companies from public corporations to startups. First launched in February 2016, the service has seen growth of 250% in the first quarter of this year compared to last year, and over 556,000 documents have been signed using the platform.
Lawoafactory says that it developed ModuSign by meeting with companies and trialing an MVP (minimal viable product) in order to solve problems that many experienced when making contracts.
“Previously, we only supported a PC version aimed at desktops in an office environment, but we found that various companies wanted to sign documents in locations other than the office,” says CEO Lee Young-joon. “Starting with this update, we will add more user features to create a solution that lets contracts be made by anyone, anytime and anywhere.”