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E-signature market sets to grow

By Cheng YU | | Updated: 2022-09-22 20:18
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As China vows to drive digitalization, electronic signature is quickly penetrating various industries and promoting digital transformation, according to industry experts and company executives.

"Amid many economic uncertainties, e-signatures can help companies to quickly tap into the digital trend and find new growth drivers. It will be a promising field in the country's digital transformation," said Jin Hongzhou, founder and CEO of third-party e-signature platform eQianbao, or eSign, recently in a conference.

Last year, the number of e-contracts signed in the country hit 70 billion. The size of the domestic e-signature market arrived at 15.51 billion yuan($2.18 billion), an increase of 42.8 percent year-on-year.

Jin said that, for instance, the company has helped a Fortune Global 500 company to quickly start an e-signature service amid the COVID-19 pandemic.

"It helped the company to sign in-time its overseas trade contracts online and avoid huge costs in delayed goods," he said.

Hong Lyuhang, a technology head of automaker Geely, said that through the establishment of an efficient and unified seal management platform, the company can save an average of nearly 2 million yuan in operation and maintenance per year.

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