Bengaluru-based startup, IDSign, a new-age Verifiable Digital ID and Signing platform, announced the formal launch of its brand and its novel & India’s first-ever mobile- based application. Incepted in 2018 and backed by the team with strong experience and expertise, IDSign aims at revolutionizing the way identity management, digital verification and digital signing are done in India. It is the first company in India accredited as ‘Certifying Authority’ by the Government of India, with mobile first approach. The company is led by the serial entrepreneur Mr. Naveen Chava.
The platform is simple, efficient and offers built-in highest-grade security, adhered to Global PKI and would be upgraded to FIDO standards in future. Biggest USP of the platform is enabling users to on board themselves completely digitally without any contact. IDSign will be the first such company with an app based approach where users can onboard themselves, sign documents and verify their ID in a single application in a seamless fashion.
Currently, IDSign’s app is available for Windows, Android for beta users along with iOS planned for release within a month. It enables mobile users to- sign any document digitally or use mobile as a primary ID that can be verifiable by the platform and ability to sign all business related documents, agreements and filings with Tax & Government authorities at their fingertips. Uniquely, IDSign’s mobile-first approach elevates the process and experience of digital signing from desktops to a mobile platform.
Speaking about the launch, Mr. Naveen Chava, CEO, IDSign said, “Since our inception, we have invested a quality time in understanding industry gaps, developing suitable techniques, product testing, as well as securing necessary approvals from regulatory bodies for our novel app. Today, we are happy to go live. If you see, the global identity and digital signing market is poised to reach USD 100 bn by 2021. The India market is still at a nascent stage but holds a lot of promises with developments happening around digital Bharat and Make-in-India. The current pandemic has taught us to adapt to the ‘new normal’ life. The need for maintaining human distance and reducing touch based systems will invoke a myriad of changes in the identity verification and digital signing, steadily evading medium that requires physical and human touch points. Also, IDSign facilitates business and contractual obligations within the legal framework. In a present situation like a pandemic where users look ahead to complete their legal obligations remotely, the platform of IDSign allows individuals and businesses to verify identity, authenticate business transactions, seamlessly. By bringing digital signing to mobile and on-boarding completely paperless, IDSign is set to take lead into the sector covering areas like regulatory filings, business agreements, HR agreements, healthcare and so on.”
Mr. Chava added, “We have already chalked out a business plan to seize the opportunity in the digital signing market. We are in talks with individual directors and corporate signatories to move into device/HW/OS agnostic platform of IDSign and we see a lot of interests coming from them. In addition, we will also be targeting banks, credit card and NBFCs where we see a huge business growth. As we progress, we also aim to tap into healthcare, logistics, eCommerce, retail etc., which needs the same solution to help them take the user experience to the next level. With these actions, we aim to achieve a revenue target of USD 20mn in the next 2-3 years.”
The launch announcement was made at the Global Fintech Fest, India’s largest two-day digital event for the fintech fraternity, organised under the aegis of IAMAI, starting today. IDSign is one of the main participants at the event and Mr. Chava is part of the panel discussing ‘Digitising Financial Services for Inclusion’.