John Formichella & Naytiwut Jamallsawat
The eCommerce market in Southeast Asia is one of the fastest growing and most promising, with its projection to grow to $11 billion in 2025. According to the Electronic Transactions Development Agency, in 2017, the total eCommerce market in Thailand was estimated at $2 billion. The total Thai eCommerce revenue is expected to reach $3.5 billion in 2018. The driving factors arise from increased Internet and mobile phone use as well as improved logistics and e-payment systems.
With the rapid growth of eCommerce transactions, closing transactions via the traditional exchange of signatures opens the door to various issues. For banks and payment service providers, there is always the problem of chargebacks. Of course, verification methods are increasing, but the starting point in closing a digital transaction is an e-signature.
Under Thai law, an “e-signature” is a letter, character, number, sound, or any other symbol created in electronic form which can be used in conjunction with electronic data for establishing the relationship between a person and such electronic data.”
The law clearly expresses that electronic data’s enforceable and binding effect cannot be denied or rejected because such data is produced electronically. An e-signature is automatically considered reliable/trustworthy if such e-signature:
- It is created and linked exclusively to its owner.
- It is made under the exclusive control of the signatory without other persons involved.
- Any change to such e-signature must be detectable and identifiable.
- Any amendment to an executed document using such e-signature can be detected and identified.
An e-signature using Public Key Infrastructure (PKI) technology is currently recognized under Thai law as secure and reliable. Thus, technologies using PKI for e-signatures are legally binding and enforceable.
For further inquiries, please contact John Formichella or Naytiwut Jamallsawat at firstname.lastname@example.org
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