Worldwide Identity Badge Concept

Finbridge Global have partnered with the Global Legal Entity Identifier Foundation (GLEIF) to create an ecosystem which utilises the Legal Entity Identifier (LEI) to create the Worldwide Identity (LEI) Badge, streamlining the identity verification of fintechs globally.

This innovative solution leverages LEIs as the universal identifier, enabling seamless onboarding and enhanced compliance across diverse geographic regions. Additionally, LEI Worldwides platform RAMP is the engine providing the LEIs to the fintechs and through which Finbridge will manage its LEI portfolio. 

You can read more about the initiative here: https://financialit.net/news/digital-identity/gleif-and-finbridge-global-announce-collaboration-streamline-identity

• Finbridge Global, a platform that allows financial institutions and investors to search and assess fintech companies worldwide at the product level, will introduce the Legal Entity Identifier (LEI) system to verify the identities of fintechs listed on its platform. 
• Established by the Financial Stability Board in June 2014, the Global Legal Entity Identifier Foundation (GLEIF) is a not-for-profit organization created to support the implementation and use of the Legal Entity Identifier (LEI) and its digital counterpart the verifiable LEI (vLEI). GLEIF is headquartered in Basel, Switzerland.
• LEI Worldwide are an LEI Registration Agent providing LEI registration and management solutions to financial services firms globally since 2017. 

The Worldwide Identity Badge aims to eliminate geographical barriers, improve data accuracy, provide visibility for fintechs, and facilitate regulatory compliance, all while enhancing credibility and trust within the rapidly-scaling Finbridge ecosystem. Fintech providers on the platform will benefit from a globally recognized and trusted verified identity to demonstrate their commitment to transparency and enhance their credibility, enabling them to connect to the wider marketplace more quickly and efficiently. 

Alexandre Kech, CEO, GLEIF, comments: "While the dynamism of the global fintech sector is helping to transform the delivery of financial services, many potential partnerships are inhibited as financial institutions and investors lack the information needed to meet stringent due diligence requirements. Integrating the LEI into the Finbridge Global platform addresses this challenge by setting a new standard of trust that accelerates and enhances KYC and KYB processes—promoting faster onboarding and enabling financial institutions and investors to operate with confidence. This is a catalyst for broader fintech adoption worldwide, ensuring all organizations can seize new opportunities while safeguarding their reputations and credibility."

The LEI system promotes a greater level of trust and transparency in the digital global economy, and this is embodied through the Worldwide Identity Badge. This will foster a broader level of trust between Fintech and traditional Financial Institutions contributing to unlocking further partnerships and commerce in the sector. 

By integrating LEIs as the cornerstone to the Worldwide Identity badge, Finbridge are making it easier for fintechs to connect with investors and institutions globally. 

Use of the LEI will deliver benefits for all participants across the rapidly-scaling Finbridge Global ecosystem. Fintech providers benefit from a globally recognized and trusted verified identity to demonstrate their commitment to transparency and enhance their credibility, enabling them to connect to the wider marketplace more quickly and efficiently. 

Read the full press release here: https://www.gleif.org/en/newsroom/press-releases/gleif-and-finbridge-global-announce-collaboration-to-streamline-identity-verification-across-the-fintech-ecosystem

Download the PDF here.