Latest news with #GlobalLegalEntityIdentifierFoundation
Finextra
09-07-2025
- Business
- Finextra
TradeGo becomes fully qualified vLEI issuer
The Global Legal Entity Identifier Foundation (GLEIF) today announces that TradeGo Pte. Ltd., a Singapore-based digital platform for commodity trade, has been approved as a Qualified vLEI Issuer (QVI) within the verifiable Legal Entity Identifier (vLEI) ecosystem. 0 TradeGo is a Singapore-based digital platform for commodity trade jointly established by major industry players, financial institutions, shipping companies, and technology firms. This milestone strengthens efforts to build a transparent, efficient, and interoperable international trade environment by equipping TradeGo to issue cryptographically verifiable organizational identities. Users of the TradeGo platform span industry players across bulk commodities, shipping, and finance. By embedding vLEI credentials across its blockchain-based solutions - which include electronic bills of lading (eBL), e-contracts, digital payments, and electronic bunkering - TradeGo aims to simplify cross-border commodity trading, shipping, and payments. This reduces fraud risk, lowers compliance costs, and supports alignment with emerging regulatory frameworks promoting trade digitalization - including Singapore's Electronic Transactions Act and the UK's Electronic Trade Documents Act. TradeGo's integration of vLEI credentials builds on its platform's digitalization capabilities to deliver significant operational benefits. Data from TradeGo's pilot and pre-qualification scenarios showed that its solutions can cut digital payment compliance costs by up to 90 percent, reduce manual operations by 80 percent, and increase trade document processing efficiency by over 60 percent. These initial outcomes illustrate the transformative potential of combining blockchain-based trade solutions with globally verifiable digital identities as TradeGo begins full-scale vLEI credential issuance. Looking ahead, achieving QVI status forms part of TradeGo's broader ambition to create a trusted global digital ecosystem linking identity, business, and data - known as GIFTS (Global Inter-entity Financial and Trading Society). Alexandre Kech, CEO of GLEIF, said: 'TradeGo's approval as a QVI is a powerful endorsement of the role the vLEI can play in addressing the long-standing identity and compliance challenges that have constrained cross-border trade - creating significant fragmentation and inefficiencies. By integrating the vLEI as a globally standardized, cryptographically verifiable organizational identifier into blockchain-enabled solutions, TradeGo is overcoming these barriers and demonstrating what the future of trusted digital trade looks like.' Mr. Yu Yingjiao, CEO of TradeGo, commented: 'This milestone reinforces TradeGo's mission to build a seamless and trusted digital trade environment. By embedding vLEI credentials across our platform, we are creating a foundation for truly interoperable global trade, where one identity supports participation across ecosystems. We welcome partners to join us on this journey.' Xu Jun, Vice Chair of the ICC Banking Commission Steering Committee, added: 'The ability to verify cross-border entities instantly is essential for reducing KYC costs and eliminating fraud risks in trade finance. Integrating the vLEI across TradeGo's ecosystem offers a credible, forward-looking solution for the industry.' GLEIF encourages participants across the global trade and finance ecosystem to explore how the vLEI, combined with innovative platforms like TradeGo, can support more efficient, transparent, and secure global trade.
Finextra
21-05-2025
- Business
- Finextra
Gleif and Finternet Lab partner on digital ID and transaction infrastructure
The Global Legal Entity Identifier Foundation (GLEIF) and Finternet Lab, an initiative of the Networks for Humanity Foundation (NHF), have officially entered into a Memorandum of Understanding (MoU) to collaborate on the development and deployment of trusted, open, and interoperable digital infrastructure. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Addressing gaps in identity verification, data provenance, and interoperability across emerging digital ecosystems is an increasingly urgent priority for industry participants. The collaboration between GLEIF and Finternet Lab reflects a shared commitment to overcoming these challenges by enabling secure, verifiable identity and transaction systems – fostering greater trust and participation across the global digital economy, supporting sustainable and resilient economic growth. Under the MoU, the organizations will jointly explore pathways for integrating GLEIF's verifiable Legal Entity Identifier (vLEI) credentials with Finternet Lab's suite of open-source tools – including the Universal Information Tokenisation System (UNITS), decentralized identity frameworks (DeDi), and transaction infrastructure protocols. Pioneered by GLEIF as the secure digital counterpart of the Legal Entity Identifier (LEI), the vLEI represents a standardized form of digital organizational identity. By equipping organizations and their representatives with cryptographically verifiable identities, the vLEI offers a comprehensive solution for establishing a global digital trust ecosystem. The partnership will explore and demonstrate the real-world applications of vLEI credentials across various use-cases, including decentralized finance, environmental reporting, and supply chain traceability. Planned initiatives include pilot projects, hackathons, and developer trainings, alongside technical reviews of enabling protocols such as Key Event Receipt Infrastructure (KERI). The partnership also seeks to define common standards and governance models for trusted digital identity layers at scale. Ivan Mortimer-Schutts, Global Head of vLEI, GLEIF, comments: 'GLEIF is committed to partnering with organizations that share our mission of building a foundation of trust in the digital world. This latest collaboration represents a critical step toward realizing a globally interoperable identity layer that serves both legacy and emerging digital ecosystems. By aligning our vLEI credentials with Finternet's open-source tools, we are enabling secure, consent-based data sharing that supports innovation, regulatory integrity, and inclusive and sustainable economic growth.' Siddharth Shetty, Co-Creator, Finternet Lab, comments: "Our collaboration with GLEIF aligns closely with our vision of universal access to trusted, open digital infrastructures. Integrating vLEI credentials into our ecosystem marks an exciting step towards ensuring interoperable, secure identities across diverse digital environments. Together, we are committed to enabling greater economic participation and innovation through robust, verifiable digital frameworks."
