The Global Legal Entity Identifier Foundation (GLEIF) announced it’s opening a representative office in China within the Shanghai Lin-gang Special Area to support growing demand for the Legal Entity Identifier (LEI) and the verifiable LEI (vLEI) across the region.
China is a key jurisdiction within the Global LEI System, with increasing adoption and application of both the LEI and the vLEI reflecting its position as a leading hub in Asia for the development and deployment of digital organizational identity solutions.
In December 2020, the People’s Bank of China published a roadmap for LEI adoption to enhance global transparency and trust, which saw the integration of the LEI in payment systems and digital certificates. Moreover, companies operating within the Lin-gang economic zone will have cost subsidies for LEI issuance through the end of 2028.
Alexandre Kech, CEO of GLEIF, said in a statement: “China is at the forefront in demonstrating the important role that trusted, digital organizational identity can play in breaking down the trust and transparency barriers that inhibit global trade flows. This presents a powerful opportunity to leverage the scale and dynamism of the Chinese economy to accelerate LEI and vLEI uptake – opening up new markets and opportunities for all businesses of any size, wherever they are in the world.”
Yisong Lin, director of Division of Yangshan Special Free Trade & Transportation Zone, China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area Administration, said in a statement: “The Lin-gang Special Area is actively driving the digital transformation of shipping and trade. With GLEIF establishing a representative office in the Yangshan Free Trade Zone, we will work together to explore the use of verifiable identities and cross-border interoperability, providing strong support for the broader application of electronic bills of lading.”
The establishment of the new office, headed by Yanzhao Zhang as the appointed representative, will play a pivotal role in supporting the continued advancement and expansion of the LEI and vLEI issuance infrastructure across Greater China. This includes a local LEI issuer and several validation agents, with strong momentum for the vLEI reflected by a growing network of Qualified vLEI Issuers and an expanding client base in the region. The office will also foster increased engagement and collaboration with key financial authorities and market infrastructures while supporting broader ecosystem initiatives.
Opening an office in China further increases GLEIF’s presence across Asia-Pacific, following openings in Mumbai in 2024, Singapore in 2023, and the Chiyoda Ward of Tokyo in 2021. GLEIF is headquartered in Switzerland.