GLEIF enlists Finema as qualified vLEI issuer
02 April 2025 Thailand
Image: kardd/stock.adobe.com
The Global Legal Entity Identifier Foundation (GLEIF) has welcomed Finema, a Bangkok-based provider of digital identity solutions, as the first Southeast Asia-based qualified vLEI issuer (QVI) within the verifiable Legal Entity Identifier (vLEI) ecosystem.
The vLEI is a new form of digitised organisational identity pioneered by GLEIF and standardised by the International Organization for Standardization (ISO).
It addresses the need for digitised, automated authentication and verification of organisations and persons acting on their behalf.
In addition, vLEI aims to support sensitive business transactions and other official interactions across use cases where digital trust is paramount.
According to GLEIF, global financial institutions and trade partners often must attribute higher risk to small and medium-sized enterprises (SMEs) because these organisations are unable to demonstrate that they 鈥� and their official representatives 鈥� 鈥渁re who they say they are鈥�.
As a QVI, Finema will help to address this challenge by equipping organisations across Southeast Asia with a verifiable organisational digital identity that is designed to establish trusted relationships with financial institutions and supply chain partners.
Finema will also use the vLEI framework to create a solution that allows SMEs to electronically present financial histories in a secure and interoperable format across borders and jurisdictions, enabling more efficient cross-border trade document processing.
Commenting on the announcement, Finema CEO Pakorn Leesakul says: 鈥淲e are committed to revolutionising compliance and trust in the cross-border trade finance system.
鈥淲ith our vLEI solution, organisations are empowered with secure, verifiable digital credentials to streamline regulatory processes and foster transparency. This milestone reflects our dedication to advancing global trust through innovative identity solutions.鈥�
GLIEF CEO Alexandre Kech adds: 鈥淪weeping digitalisation across the global economy provides unprecedented opportunities and incentives to transform the underlying systems organisations use to trust and be trusted.
鈥淲elcoming Finema as the latest QVI marks another significant expansion of the vLEI ecosystem and a step towards our goal of enabling businesses to transact remotely and across borders with complete confidence. This will free international capital flows and unlock access to the unlimited opportunities of the global market.鈥�
The vLEI is a new form of digitised organisational identity pioneered by GLEIF and standardised by the International Organization for Standardization (ISO).
It addresses the need for digitised, automated authentication and verification of organisations and persons acting on their behalf.
In addition, vLEI aims to support sensitive business transactions and other official interactions across use cases where digital trust is paramount.
According to GLEIF, global financial institutions and trade partners often must attribute higher risk to small and medium-sized enterprises (SMEs) because these organisations are unable to demonstrate that they 鈥� and their official representatives 鈥� 鈥渁re who they say they are鈥�.
As a QVI, Finema will help to address this challenge by equipping organisations across Southeast Asia with a verifiable organisational digital identity that is designed to establish trusted relationships with financial institutions and supply chain partners.
Finema will also use the vLEI framework to create a solution that allows SMEs to electronically present financial histories in a secure and interoperable format across borders and jurisdictions, enabling more efficient cross-border trade document processing.
Commenting on the announcement, Finema CEO Pakorn Leesakul says: 鈥淲e are committed to revolutionising compliance and trust in the cross-border trade finance system.
鈥淲ith our vLEI solution, organisations are empowered with secure, verifiable digital credentials to streamline regulatory processes and foster transparency. This milestone reflects our dedication to advancing global trust through innovative identity solutions.鈥�
GLIEF CEO Alexandre Kech adds: 鈥淪weeping digitalisation across the global economy provides unprecedented opportunities and incentives to transform the underlying systems organisations use to trust and be trusted.
鈥淲elcoming Finema as the latest QVI marks another significant expansion of the vLEI ecosystem and a step towards our goal of enabling businesses to transact remotely and across borders with complete confidence. This will free international capital flows and unlock access to the unlimited opportunities of the global market.鈥�
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 兔子先生Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to 兔子先生Finance Times
