GLEIF on-site activities will support the local government’s efforts to promote cross-border trade and economic openness.
The Global Legal Entity Identifier Foundation (GLEIF), headquartered in Switzerland, today announces that it has officially established a representative office in China within the Shanghai Lin-gang Special Area. This strategic expansion aims 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.
This expansion builds on strong and sustained regulatory support. 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. There is now growing momentum for the LEI and the vLEI in China to promote economic inclusion and growth by streamlining cross-border finance and enabling the digitalization of global trade.
The new office’s strategic location within the Shanghai Lin-gang Special Area directly reflects dedicated initiatives to bolster the local application of the LEI. This follows the introduction of a comprehensive package of 50 measures encouraging companies in the Lin-gang Special Area to use the LEI for cross-border verification and key trade documents, such as electronic bills of lading, warehouse receipts, and invoices.
This strategic initiative is expected to further enhance the efficiency of entity identification and promote seamless compliance with international standards in cross-border trade.
Alexandre Kech, CEO, GLEIF, comments: “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, comments: “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 now has a network of seven offices worldwide to ensure strong local representation in key countries globally.