GLEIF Welcomes BOCOM Fintech as Latest Validation Agent, Signaling Increasing LEI Adoption Across APAC

BOCOM Fintech will explore innovative LEI and vLEI applications in trade finance and e-commerce to enhance cross-border identification and authentication capabilities for Chinese enterprises

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The Global Legal Entity Identifier Foundation (GLEIF) announced that BOCOM Fintech, a Shanghai-based subsidiary of the Bank of Communications (BOCOM), has been approved as a Validation Agent in the Global LEI System, marking a significant milestone for LEI adoption in China and the Asia-Pacific region. BOCOM Fintech aims to leverage the Legal Entity Identifier (LEI) to streamline cross-border identification and KYC processes, reduce compliance risks, and enhance customer experience, while also exploring new applications of the LEI and its digital counterpart, the verifiable LEI (vLEI), to promote paperless trade and transparency in cross-border transactions.

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