'2 Trillion Electronic Document Market' First Step... Initech Signs Contract with KT M&S

KT Official Electronic Document Center Signs First Joint Product Contract
Expecting Increased Document Management Efficiency
"Committed to Advancing AI-Based OCR Technology"

According to the ‘2022 Electronic Document Industry Survey’ by the Korea Internet & Security Agency, the total sales of the electronic document production industry amounted to approximately 2 trillion KRW in 2021. Initech, a financial security specialist company under the KT Group, has taken its first step into the ‘2 trillion KRW electronic document market.’

Initek participating in Korea's largest IT exhibition WIS 2023 held last April, demonstrating 'DocuZero' (Photo by Initek)

On the 9th, Initech announced that it signed the first joint product contract for DOCUZERO, a service that converts paper documents into data, and KT’s Certified Electronic Document Center with kt M&S, a KT Group subsidiary responsible for selling wired and wireless communication products and services. This is a one-stop electronic document processing service covering everything from delivery, paper document digitization, storage, viewing, certification, to downloading. Notably, DOCUZERO was registered earlier this year under the ‘Electronic Document Management Regulations’ certified by the Korea Internet & Security Agency.

In the past, contract storage was handled only with paper and simple scanned copies. With the revision of the Electronic Document Act, electronic documents stored at the Certified Electronic Document Center have become legally valid, which led to the joint product contract between Initech and KT, according to kt M&S. It is expected to realize paperless innovation by ▲increasing document management efficiency ▲providing data utilization-linked services ▲reducing the risk of information leakage due to document damage or loss.

Jo Young-min, Head of Initech’s Financial Business Division, stated, “We plan to do our best in actively developing and advancing technologies such as AI-based OCR to support companies’ successful paperless transitions.” He added, “We are also in discussions with kt IS, KT Telecop, and plan to build various business references in large corporations and public institutions.”