As the pandemic has gradually ended, it is also time for ThinkCloud Technology to bid farewell to 2022 which has been challenging. The year 2022 was marked by the launch of new products, such as E-hospital Cloud and SelfieSign Autograph NFT. We have also stepped foot in the overseas market, introducing the world to the infinite possibilities of SelfieSign. In this article, we will cover ThinkCloud Technology’s milestones in 2022, and what we look forward to in 2023, in the hope to be able to assist all of you further in your digitalization journey.
Cooperation with KGI Bank To Enhance Customer Experience in Banking
In March 2022, ThinkCloud Technology announced its cooperation with KGI Bank, a pioneer of innovative technology in Taiwan’s FinTech industry. KGI bank integrates the flagship electronic signature solution by ThinkCloud Technology, SelfieSign, into their current workflow to further enhance their business philosophy of being "customer-centric" and "embracing innovation". More detail about the cooperation will be disclosed in the near future.
In addition to the harmonious match of the innovative FinTech, the new paperless account opening process made possible by SelfieSign also aligns with the green financial policy of the Financial Regulatory Commission, which underscores KGI bank’s effort to fulfill its corporate social responsibility and practice the concept of ESG sustainable investment.
The Launching of Taiwan's E-hospital Cloud, The Answer To Complete the Paperless Medical Practice
With the zero carbon emission movement becoming a global trend, the government has launched the "2050 Net Zero Transformation" plan. The Ministry of Health and Welfare officially announced in July this year that “The Amendments to the Regulations Governing the Creation and Management of Electronic Medical Records by Medical Institutions" allows medical institutions to digitalize and electronically store documents that are originally hand-written, such as paper medical records and consent forms, in accordance with the provisions of the Electronic Signature Law. It also allows medical institutions to outsource the construction of electronic medical record systems and use public cloud services to manage electronic medical record data.
This digital reformation is urgently needed due to the fact that medical institutions have been suffering from the manpower, management, space, and other extra costs brought by the traditional paper consent form for medical treatment. Numerous medical disputes have also shown that the security of paper signatures is not enough to protect the rights and interests of both parties.
E-Hospital Cloud by ThinkCloud Technology integrates processes that were required to be done with an on-premise server such as management system, file encryption, remote signing function, and others with the Cloud API system that is cooperated by ThinkCloud Technology with Google. Medical institutions can directly connect the current existing HIS with the medical cloud API to use SelfieSign’s functionality and easily complete the signing process of the consent form. Patients do not need to install any apps on their phones, and they can directly sign the documents with a web browser on their mobile phones or tablets.
Since all the management and signing encryption work is carried out in the cloud, medical institutions no longer need to worry about building local servers, deployment of Wi-Fi systems in the hospital, and a big budget spent on devices to sign, such as tablets. With all these taken into consideration, huge construction costs can be avoided. With E-hospital Cloud, ThinkCloud Technology hopes to be able to assist Taiwan’s medical process to go completely paperless.
Remote Online Meeting and Signing Has Successfully Assisted TransGlobe Life Insurance To Digitalize Insurance Contracts Confirming and Signing
The application potential of SelfieSign's audio-visual signature is endless. In November this year, TransGlobe Life officially announced the launching of "Remote Insurance Service ", becoming one of the first life insurance companies to completely digitalize their insurance paperwork, allowing people to purchase their insurance remotely overseas, including minors under the age of 14 without National ID card. And all of these could happen because of the implementation of SelfieSign’s technology.
In the policy, TransGlobe Life included not only the video recording of the signing process but also the confirming policy process between the insurance agent and the customer. This conforms to the insurance purchase principle of face-to-face signing and ensuring security even when the policy is signed remotely.
5000 remote insurance applications were successfully processed by TransGlobe life during a 4-month trial, with overseas insurance applications spread across 4 continents, including China, the United States, Australia, Japan, Thailand, the Netherlands, Singapore, Romania, and other countries. With this step towards digitization, TransGlobe has gained huge benefits during the pandemic, as well as endless opportunities in the future.
SelfieSign also cooperates in FTS digital sandbox to collaborate with Taiwan Business Bank on developing an online loan application platform for a juridical person. This project is displayed during the FinTech Exhibition at the end of October this year. In this project, FaceOTP is used as the method to verify the identity of the juridical person. After passing the verification and digital tokens are issued, the person can use SelfieSign to sign the online loan application. The document will be sent to Taiwan Business Bank for review. This project will continue to be developed in the future and put into trial use in branches.
One of the key factors in the success of this project is FaceOTP's certification by the Financial Supervisory Commission as one of the "Multi-factor authentication tools". The feature of video recording the process of entering the OTP code has reformed the problem of traditional OTP security that requires another human-machine verification and the ability to trace the process of entering the OTP afterward effectively preventing hackers.
Stepping Foot in the International Market
Since its establishment, ThinkCloud Technology has been actively participating in international exhibitions and competitions, with the objective to promote Taiwan's developed SelfieSign technology to the world, but it has had to be postponed due to the pandemic in recent years. As the world recovers from the pandemic and the situation is improving, ThinkCloud technology has participated in two large-scale international exhibitions this year for the purpose of gaining more international exposure.
In October this year, we went to Malaysia to hold SelfieSign-Malaysia Financial Summit 2022 and joined the 2022 Smart Hospital Summit held by China Medical University Hospital. We were honored to meet many professionals in their fields, including key figures like Datuk Mohd Rashid bin Hasnon, Malaysia’s Deputy Speaker of Dewan Rakyat, and Datuk Dr. Tang Yong Chew, JP, President of Goldstone Holdings Berhad. In the future, we will continue to expand our business in Malaysia and Singapore.
We also went to Japan to participate in the 2022 CEATEC - Combined Exhibition of Advanced Technologies. In this exhibition, we had the chance to get in contact with organizations such as Industrial Technology Research Institute, and Japan External Trade Organization (JETRO). After the exhibition, JETRO also visited ThinkCloud Technology in Taiwan, discussing the future possible collaboration opportunity to support ThinkCloud Technology's market penetration in Taiwan. Our visit to Japan has also resulted in an MOU signing with Ohshima Fine Art, collaborating to enter the digital art market with our new product, SelfieSign Autograph NFT.
In November, ThinkCloud Technology launched SelfieSign Autograph NFT. A product that combines SelfieSign's patented technology of audio-visual electronic signature with the concept of an autograph collectible, making a unique and authentic NFT. With SelfieSign Autograph NFT, fans can get an autograph from their idol and make it a digital asset (NFT), making SelfieSign Autograph NFT the future of autograph collectible, joining the NFT market.
With What We Have Achieved in 2022, ThinkCloud Technology Is Ready To Thrive Stronger in the Digital World in 2023
As 2022 draws to a close, the world has experienced a 360' degree transformation. The pandemic, war, and inflation have been overwhelming, social distancing has made people feel isolated, and businesses' ability to adapt and survive has been severely tested. As a result, internet dependence has grown rapidly around the world. Unfortunately, the blockchain ecosystem has also encountered obstacles. The bankruptcy of FTX and the collapse of cryptocurrency have resulted in a significant loss of trust in blockchain products. The transformation from web2 to web3 is again questioned. Many people have lost faith in the virtual world, believing that it is speculative and that their identities and assets are vulnerable, leading them to desire to remain in the Web2 age.
In this transformation from 2022 to 2023, ThinkCloud Technology integrated SelfieSign's technology into the Web3 world. Our unique three elements: Transparent, visible, and traceable combined with the decentralized feature of Web3: Immutable, could be the bridge that allows people to regain trust in Web3, acting as the catalyst for web2 to web3 transformation.
ThinkCloud Technology invented SelfieSign to provide stability. The recording of the audio and video along with the signature provides security for both parties signing the document, proving not only identity but also willingness to sign. We believe that challenges will bring more opportunities, and even though we don’t know what’s ahead of us in 2023, ThinkCloud Technology is ready to face 2023 with this optimism.