GLEIF welcomes BOCOM as latest validation agent 14 November 2024China Reporter: Clelia Frondaroli
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The Global Legal Entity Identifier Foundation (GLEIF) has welcomed the approval of BOCOM Fintech, a Shanghai subsidiary of the Bank of Communications, as the latest validation agent in the Global LEI system.
The validation marks a significant milestone for LEI adoption in China and the APAC region. The firm will utilise the LEI to streamline cross-border identification and simplify Know Your Customer (KYC) processes.
Positioned in Shanghai, the company aims to advocate for the use of the LEI as an ‘international passport’ for legal entities and local businesses aiming to expand globally.
President of BOCOM Fintech, Tang Yi, states: "By becoming a Validation Agent in the Global LEI System, we are better positioned as a FinTech company and aim to contribute more effectively to China’s economic opening-up.”
Alexandre Kech, CEO of GLEIF, comments: "We welcome BOCOM Fintech as the latest Validation Agent. This step represents the strong participation and support to foster trust and transparency in the global economy.”
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