Do you know what an “ingam” is ? If you ever wanted to buy an house in Korea, you know the answer. But this Korean old fashioned tradition is about to jump in 21th century.

In Korean contracts, one’s legally recognized personal seal, the ingam, is considered more important than your signature. Introduced in 1914 by Japanese colonial government, you cannot contract loan, borrowing or property-related contract without your registered Ingam. These are made of wood or stone and have your name carved in one end. There is no general rules : Veyond Partner’s ingam is typed in Chinese and not in Korean, solely for esthetic purposes, as allowed by customs. I believe this is Japanese legacy too, since Japanese name use Kanjis.

However, ingam are about to change drastically. The hand-helded seal will disappear and all administrative paper-works along. A electronic certification system, an “E-seal”, will replace ingam system over the next five years. USD 365 millions of saving are expected annually, announced last week the Presidential Commission for National Competitiveness.

Korean government and companies are familiar with the technology. Being a top exporter and a platform for International trade, Korea operates already a virtual system for trade instruments such as bill of lading.

As far as I know, to enforce personal electronic signature system nationwide is a world first. Combined with extensive use of internet banking and mobile banking, applications are numerous.