PARIS, June 20, 2024 /PRNewswire/ — LuxTrust, a European specialist in trust services and digital identities, and Shanghai Genyan Network Technology, a leading provider of digital identity management, electronic signature and electronic seal solutions in China, announce their partnership and create a unique market offering. This new service – focused on data sovereignty – provides secure and compliant electronic signature solutions for businesses operating under the jurisdictions of the European Union and China. The result? Transcontinental contractual processes are facilitated, accelerated and secured.
Addressing international compliance challenges
LuxTrust, Shanghai Genyan Network Technology and Whale Cloud, the integrator of Qiyuesuo1, joined forces to simplify electronic signature processes in complex legal environments. This partnership enables companies to easily navigate between EU and Chinese regulations, ensuring compliant signatures despite stringent legal processes. The current lack of solutions makes electronic signatures between a Chinese and a European company overly complex, requiring costly travel and local regulations that are not always straightforward to understand and navigate. Unique in its regulatory coverage, this interface offers a seamless user experience, integrating electronic signature flows into existing business ecosystems. It also spares users the need to switch platforms, improving efficiency and reducing errors.
Legal sovereignty and reliability
Thanks to this collaboration, companies benefit from jurisdictional sovereignty. For each contract, companies sign within the appropriate jurisdiction: in China for Chinese contracts and in the EU for European contracts. Companies use their usual platform (COSI2 for the EU, Qiyuesuo for China) to sign, ensuring compliant and legal signatures regardless of location. This partnership is unique as it ensures reciprocal digital identities for each region – Chinese companies use a LuxTrust digital identity to sign in the EU via Qiyuesuo, while EU companies use a Qiyuesuo digital identity to sign in China via COSI. This approach ensures legal compliance, thereby enhancing the reliability and legality of international transactions.
For Fabrice Aresu, CEO of LuxTrust: “This partnership, in collaboration with Shanghai Genyan Network Technology and Whale Cloud, is a real asset for European and Chinese companies. It combines the experience and expertise of leading players in their respective fields, addressing a wide range of use cases from the military sector to banking, for small and large enterprises alike.”
“We look forward to leveraging the professional expertise of both LuxTrust and Whale Cloud through our collaboration to provide electronic seals and contracts that comply with EU and Chinese legal requirements for business interactions between Chinese and European companies. Together, we aim to offer legally valid electronic signature products and solutions to global clients.” said Tang Xingkun, CEO of Shanghai Genyan Network Technology.
Financial benefits for increased efficiency
In addition to operational and legal advantages, the alliance between LuxTrust and Shanghai Genyan Network Technology also offers significant financial benefits for businesses. By streamlining contractual processes, companies can reduce their administrative costs while maintaining a high level of efficiency and security. This profitability-focused approach allows companies to achieve substantial savings while improving their productivity and competitiveness in the international market.
“As an expert in digital transformation, Whale Cloud is delighted to drive the integration of Qiyuesuo and LuxTrust in the electronic signature sector, leveraging our technological expertise and industry experience. This collaboration aims to drive global technological innovation and foster seamless integration, setting new standards for digital trust services worldwide.” added Wu Pan, General Manager of Whale Cloud for the European region.
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SOURCE LuxTrust
