Finbridge Global, a platform that lets financial institutions assess FinTech companies at the product level, has adopted the The Global Legal Entity Identifier Foundation (GLEIF) framework.
The collaboration is hoped to enable clients to reduce the due diligence process when engaging with FinTech providers, a statement said. Finbridge will also manage the LEIs of FinTechs.
LEI data is also used to map corporate structures and relationships, highlighting the links between legal entities, helping clients to assess the risks posed by organisations operating internationally, according to a statement.
“While the dynamism of the global fintech sector is helping to transform the delivery of financial services, many potential partnerships are inhibited as financial institutions and investors lack the information needed to meet stringent due diligence requirements,” said GLEIF chief executive Alexandre Kech. “Integrating the LEI into the Finbridge Global platform addresses this challenge by setting a new standard of trust that accelerates and enhances KYC and KYB processes—promoting faster onboarding and enabling financial institutions and investors to operate with confidence. This is a catalyst for broader fintech adoption worldwide, ensuring all organisations can seize new opportunities while safeguarding their reputations and credibility.”
Subscribe to our newsletter
