Standard Chartered Malaysia adopts Tricor’s digital signatures
By Digital News Asia March 18, 2021
- The bank will adopt documents with digital signatures in place of physical ones
- Tricor Malaysia signed collaborative agreement with MSC Trustgate
STANDARD Chartered Malaysia has collaborated with integrated business solutions provider Tricor Services Malaysia Sdn Bhd in a bid to adopt documents with digital signature in place of physical ones.
Tricor Malaysia, a member of Tricor Global, recently signed a collaborative agreement with MSC Trustgate.com Sdn Bhd (MSC Trustgate) to support the Tricor Digital Signature platform. MSC Trustgate is a licensed certification authority by Malaysian Communications and Multimedia Commission (MCMC).
This will enable the use of digital signature across its internal processes and for their clients, the company said in a statement.
“We are taking a big step today towards paperless workflows for our clients,” said Yeap Kok Leong, chief executive officer (CEO) and managing director, Tricor Malaysia.
“Documents such as board resolutions and minutes that have traditionally been printed out and signed manually can now be accepted digitally to ensure that businesses continue as normal.
“The collaboration between Standard Chartered Malaysia, MSC Trustgate and Tricor Malaysia has enabled an end-to-end solution, facilitating borderless execution with better speed and more efficient implementation.”
Digital signatures are built based on Public Key Infrastructure (PKI), which use mathematical algorithms to generate a unique 'digital fingerprint' that is embedded in a document.
It offers three key benefits in document signing, namely authenticity as it validates who signed the document; integrity, as it proves the document has not been tampered with; and non-repudiation, as it is legally binding and admissible in court.
MSC Trustgate is one of the only four holders of the Certification Authority and Certificate of Recognition for Date/Time Stamp Authority operating licences authorised by MCMC in Malaysia, the company said.
This allows the company to provide products and services related to PKI and expand its cyber security service offerings, it added.
A contract entered into via Tricor Digital Signature is tamper-proof with its secure and encrypted authentication process, which offers higher levels of security and assurance, Tricor said.
“Technology has always been at the heart of Standard Chartered’s strategy and we are proud to be the first bank in Malaysia to collaborate with Tricor in adopting digitally-signed documents,” said Abrar A. Anwar, managing director and CEO of Standard Chartered Malaysia.
“As the [Malaysian] government rolls out its MyDigital initiatives to accelerate Malaysia's progress as a digitally-enabled and technologically advanced economy, we are confident in our position to help drive and achieve the level of digital adoption and digital maturity outlined in the Malaysia Digital Economy Blueprint that will boost economic competitiveness.”
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