GLEIF welcomes Rubix Data Sciences as first validation agent in India
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GLEIF welcomes Rubix Data Sciences as first validation agent in India 22 March 2022India Reporter: Carmella Haswell
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The Global Legal Entity Identifier Foundation (GLEIF) has announced Rubix Data Sciences as its first Indian-based validation agent.
Rubix, a provider of a B2B risk management and monitoring platform to the Indian market, will work as a validation agent of Legal Entity Identifier India (LEIL) — a GLEIF accredited LEI issuer and wholly-owned subsidiary of the Clearing Corporation of India.
Rubix will leverage its know-your-customer (KYC) and anti-money laundering (AML) onboarding procedures to help clients obtain LEIs, making the process quicker and easier, delivering time and cost efficiencies.
According to GLEIF, a growing number of mandates from Indian regulators require more Indian organisations than ever to obtain an LEI.
The Reserve Bank of India, the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority of India have all mandated LEI usage in various use cases including over-the-counter derivatives, credit borrowing, large value payments, insurance and cross border transactions.
Commenting on the announcement, Mohan Ramaswamy, co-founder and CEO of Rubix, explains: “The Indian market is dominated by SMEs. 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 as such they cannot easily establish credibility through KYC practices.
“Working alongside LEIL, it is our aim to support Indian SMEs to obtain an LEI. With much easier and guided access to a universal identifier, we hope to support more Indian SMEs by helping them to adhere to increasing LEI mandates within India and by facilitating their integration into the global market.”
Stephan Wolf, CEO of GLEIF, adds: “The partnership between Rubix and LEIL will facilitate LEI issuance within this key region at a critical time. Globally, the validation agent framework is gaining significant traction. We now have six validation agents spanning key markets including North America, Europe, Africa, China and India. It is encouraging to see increasing interest in participation from both financial and non-traditional financial institutions, as it reflects the growing support for the LEI as a universal identifier beyond traditionally regulated capital markets.”
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