Bitkub partners with DocuSign to accelerate its digital transformation
Since its inception in 2018, Bitkub Capital Group Holdings has continued to rapidly and efficiently expand its reach. Over the past year, Thailand’s leading digital asset exchange platform has also been on a journey to become an entirely digital business.
Offering advanced cryptocurrency exchange services to people who want to buy, sell, and store digital assets, Bitkub aims to become a leader in Southeast Asia’s blockchain ecosystem.
With several subsidiaries, plans to extend into the education sector, and expansion projects underway across the Asia Pacific, Bitkub is bridging the gap between blockchain and cryptocurrency services. It’s also working to become the most trusted and easy-to-use cryptocurrency exchange in Thailand.
Supakorn Chintanadilok, Head of Legal at Bitkub, says that investment in innovative technology, such as DocuSign, is behind Bitkub’s ability to develop and expand efficiently.
From day one, the business has focused on rapid growth and innovation. Over the past three years, Bitkub has grown from five to 500 employees and in 2020, it experienced a 600 percent increase in revenue and customers compared to January to July 2019. “We’re hiring rapidly, which means that we need streamlined processes and policies,” Supakorn explains.
Bitkub partnered with Fusion Solution, a software house with more than 16 years’ experience, to roll out DocuSign eSignature and streamline contract signing.
A partner in growth
With the support of DocuSign, Bitkub has managed to increase its workforce and customer base, despite the restrictions of COVID-19. Supakorn adds that COVID-19 has changed how the business operates, as many have remained to work from home.
“When the pandemic hit, we had to adopt DocuSign to use electronic signatures. This has changed how we work forever,” he says.
Integrating DocuSign into its processes, including email and Google, has reduced the turnaround time of agreements and confidential paperwork to two hours, compared to two days. Supakorn says that there are many times when Bitkub needs signatures immediately.
“There used to be a lot of hassle to get the physical signatures. We’d have to send them across the country, and if our CEO was away, that would slow down the whole process.”
The other challenge involved checking and ensuring that there was a signature on every single page of the agreement and that nothing got missed. Supakorn says that DocuSign’s system highlights the sections that need signing – making it much easier to keep track.
Bitkub’s efficiency levels have also increased by more than 80 per cent. The software has helped eliminate the time-consuming process of manual signatures, printing, scanning and posting. It has also removed the need to store paperwork. “DocuSign can help move us closer to becoming a 100 per cent digital company,” Supakorn confirms.
Bitcoin and other cryptocurrencies are said to be the future of money. And, as Bitkub enters a new fintech era – where digital currencies are thriving, and a new normal of work simply becomes ‘the normal’ – its journey will continue to be one of digital operations and borderless agreements.
Trust and credibility
Rolled out across all of Bitkub’s subsidiaries, the DocuSign’s software is used internally with partners and collaborators. It has effortlessly been integrated into the workforce, including its top management team, without the need for extra training or guidance.
“The main feedback we received was, ‘Is it done already?’ Everyone was surprised by how easy it was. Also, when we started using DocuSign, everyone would come into my office and say, ‘Hey, can we DocuSign that?’” Supakorn shares.
With the increasing spread of digitisation and electronic delivery of documents, the demand for electronic signatures in Thailand led to its legality in 2001.
Supakorn says that since Bitkub’s early days, its partners and the employees pushed to use electronic signature. But it was a matter of finding the right business with the right solutions.
“DocuSign can be trusted. We have many low-cost solutions in Thailand and a lot of startups offering similar services. But we have to care about governance,” he says. “Our documents contain a lot of confidential information. It’s crucial to use the most trusted electronic signature platform, which is why we chose DocuSign.”