About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

GLEIF Names Rubix Data Sciences as First LEI Validation Agent in India

Subscribe to our newsletter

The Global Legal Entity Identifier Foundation (GLEIF) expects use of the LEI to expand in India following the appointment of Rubix Data Sciences as the first Indian-based validation agent within the Global LEI System. The validation agent will support increasing regulatory demand for organisations to obtain LEIs, as well as SMEs that find it difficult to prove their identity.

Rubix provides a B2B risk management and monitoring platform to the Indian market, and will work as a validation agent of Legal Entity Identifier India Ltd. (LEIL), a GLEIF accredited LEI issuer. As a validation agent, the company will use its KYC and AML onboarding processes – already used to support SME risk assessments for banks, insurance companies and large corporates – to help clients obtain LEIs.

“The Indian market is dominated by SMEs,” says Mohan Ramaswamy, cofounder and CEO of Rubix. “In addition to the challenges of compliance with new mandates, many of these firms find it difficult to break into international markets. Despite the opportunities from digitalisation to participate in global supply chains, it can be difficult for SMEs to prove their identity to the external world and they can’t easily establish credibility through KYC practices. Working alongside LEIL, we will help Indian SMEs obtain an LEI.”

Regulatory mandates for organisations to obtain LEIs come from the Reserve Bank of India, the Securities and Exchange Board of India, and the Insurance Regulatory and Development Authority of India. These regulators mandate the use of LEIs in use cases including over-the-counter derivatives, credit borrowing, large value payments, insurance and cross border transactions.

The Validation Agent framework was introduced by GLEIF in September 2020 to enable financial institutions, certification authorities and fintech organisations to use their KYC and AML onboarding procedures to help clients obtain an LEI. Six validation agents have since been established in markets including North America, Europe, Africa, China and India.

Stephan Wolf, CEO of GLEIF, comments: “We welcome Rubix into the Global LEI System and hope its early move will encourage other organisations across India and the world to see the value of participation.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to automate entity data management and due diligence to ensure efficiency, accuracy and compliance

Requesting, gathering, analysing and monitoring customer, vendor and partner entity data is time consuming, and often a tedious manual process. This can slow down customer relationships and expose financial institutions to risk from inaccurate, incomplete or outdated data – but there are solutions to these problems. This webinar will consider the challenges of sourcing and...

BLOG

Snowflake Reaches Agreement to Acquire TruEra AI Observability Platform

Snowflake has reached a definitive agreement to acquire Redwood City, California-based TruEra and its AI observability platform. The acquisition is expected to bring large language model (LLM) and machine learning (ML) observability to the company’s AI data cloud, helping users demonstrate that AI is both trustworthy and high performing. Snowflake has been investing in GenAI...

EVENT

TradingTech Summit London

Now in its 13th year the TradingTech Summit London brings together the European trading technology capital markets industry and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Regulatory Data Handbook 2021/2022 – Ninth Edition

Welcome to the ninth edition of A-Team Group’s Regulatory Data Handbook, a publication dedicated to helping you gain a full understanding of regulations related to your organisation from the details of requirements to best practice implementation. This edition of the handbook includes a focus on regulations being rolled out to bring order and standardisation to...