CFCA becomes first China-based Qualified vLEI Issuer
21 February 2025 Switzerland
Image: SeanPavonePhoto/stock.adobe.com
The Global Legal Entity Identifier Foundation (GLEIF) has confirmed the China Financial Certification Authority (CFCA) as the first China-based Qualified verifiable Legal Entity Identifier (vLEI) Issuer within the ecosystem.
Established in 1998, CFCA is an authoritative electronic certification body established by the People's Bank of China and approved by the National Information Security Administration.
The vLEI is a new form of digitised organisational identity introduced by GLEIF and standardised by the International Organization for Standardization (ISO).
It addresses the global need for digitised, automated authentication and verification of organisations and the individuals acting on their behalf.
As a Qualified vLEI Issuer (QVI), CFCA will utilise the vLEI to complement and interoperate with existing Chinese identity verification tools for enterprises and individuals.
vLEI role credentials will enable individuals affiliated with legal entities to be credibly disclosed and recognised, says GLEIF, helping businesses mitigate identity fraud risks and improve the efficiency of risk control and compliance identification in areas such as trade and payment transactions.
The foundation adds that including vLEI credentials in personal identity records will also help individuals mitigate fraud risks and enhance their identity credibility when conducting actions on behalf of an entity in a certain role.
Alexandre Kech, CEO of GLEIF, comments: “The digitalisation of businesses has given rise to many new identity-based risks, and confidence in digital authenticity is still in short supply.
“As businesses increasingly cooperate and transact remotely and across borders, the LEI and vLEI systems have been designed to ease global trade by ensuring verifiable organisational identity and building trust into every business relationship.”
Now qualified, CFCA said it will explore various vLEI-enabled digital identity scenarios, including real-time account registration verification, tamper-resistant digital signing, ESG-based credentialing, judicial data verification, and AI-driven customs oversight.
Already an early participant in the GLEIF Certification Authorities Stakeholder Group, CFCA was confirmed in 2021 as the first Certification Authority globally to become a Validation Agent in the Global LEI System and was the first to demonstrate a commercial model for embedding LEIs in digital certificates.
Gang Zhu, general manager of CFCA, adds: "As a Qualified vLEI Issuer, we will actively explore how this new form of digital identity can augment China's existing tools to advance the transparency and verifiability of Chinese business and trade data.
“There are many observable applications for the vLEI, and the potential benefits, both domestically and on the global stage, are manifold. We look forward to collaborating closely with GLEIF to advance this important field."
Established in 1998, CFCA is an authoritative electronic certification body established by the People's Bank of China and approved by the National Information Security Administration.
The vLEI is a new form of digitised organisational identity introduced by GLEIF and standardised by the International Organization for Standardization (ISO).
It addresses the global need for digitised, automated authentication and verification of organisations and the individuals acting on their behalf.
As a Qualified vLEI Issuer (QVI), CFCA will utilise the vLEI to complement and interoperate with existing Chinese identity verification tools for enterprises and individuals.
vLEI role credentials will enable individuals affiliated with legal entities to be credibly disclosed and recognised, says GLEIF, helping businesses mitigate identity fraud risks and improve the efficiency of risk control and compliance identification in areas such as trade and payment transactions.
The foundation adds that including vLEI credentials in personal identity records will also help individuals mitigate fraud risks and enhance their identity credibility when conducting actions on behalf of an entity in a certain role.
Alexandre Kech, CEO of GLEIF, comments: “The digitalisation of businesses has given rise to many new identity-based risks, and confidence in digital authenticity is still in short supply.
“As businesses increasingly cooperate and transact remotely and across borders, the LEI and vLEI systems have been designed to ease global trade by ensuring verifiable organisational identity and building trust into every business relationship.”
Now qualified, CFCA said it will explore various vLEI-enabled digital identity scenarios, including real-time account registration verification, tamper-resistant digital signing, ESG-based credentialing, judicial data verification, and AI-driven customs oversight.
Already an early participant in the GLEIF Certification Authorities Stakeholder Group, CFCA was confirmed in 2021 as the first Certification Authority globally to become a Validation Agent in the Global LEI System and was the first to demonstrate a commercial model for embedding LEIs in digital certificates.
Gang Zhu, general manager of CFCA, adds: "As a Qualified vLEI Issuer, we will actively explore how this new form of digital identity can augment China's existing tools to advance the transparency and verifiability of Chinese business and trade data.
“There are many observable applications for the vLEI, and the potential benefits, both domestically and on the global stage, are manifold. We look forward to collaborating closely with GLEIF to advance this important field."
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