LEI Worldwide Partners with The Open Working to streamline KYC/KYB in Global Trade

The Open Working Group is a specialized initiative focused on redefining global trade finance through the modernization of open account trade transactions. The aim is to solve $2.5 trillion finance gap and taps a $5 trillion market, making trade efficient, safe, and green via an open ecosystem.

By aiming to eliminate inefficiencies, reduce risks, and enhance accessibility for exporters, importers, financial institutions, and insurers by leveraging emerging technologies like Distributed Ledger Technology (DLT), Artificial Intelligence (AI), and Embedded ESG.

Led by Andrea Frosinini and Venu Borra, The OWG is a collective group of partners and industry leaders ranging across a variety of fields who have united with the shared vision of a Global Trade and Supply Chain system that is frictionless, standardised and and constantly driving towards what we have coined as “Cognitive Fluidity”.

Cognitive fluidity is about systems and stakeholders adapting dynamically — connecting scattered data, streamlining processes, and making smarter, faster decisions.

“We believe the future of trade depends on connecting the dots between regulators, technologists, financiers, and civil society. By working openly and thinking systemically, we can build a more resilient, digitally enabled, and sustainable global economy.” 

Andrea Frosinini, Co-Founder, OWG

The LEI and vLEI will play fundamental roles in standardising the identification of participating legal entities and their representatives. This will allow for faster onboarding, kyc, mitigate traditional complexities around identity verification, and ultimately bringing harmony to a traditionally siloed national corporate identity system. 

Darragh Hayes, founder and CEO at LEI Worldwide has joined the OWG Advisory Board, and LEI Worldwide will join this movement with a commitment to enabling the ecosystem and enhance fluidity by mitigating traditional sticking points surrounded the KYC and KYB verification element through the use of vLEI and LEI technologies. 

"Joining the Open Working Group is an exciting opportunity to contribute to the future of global digital identity. At LEI Worldwide, we believe in the power of open standards like the LEI and vLEI to create a more transparent and trustworthy financial ecosystem. This initiative is a crucial step toward ensuring interoperability, compliance, and innovation in how institutions identify and engage with one another globally."

— Darragh Hayes, CEO, LEI Worldwide