KYB and LEI tools introduced by Trulioo, Fujitsu, GLEIF

Vancouver-based identity and business verification company Trulioo is marking the first anniversary of its Singapore office, as it looks to take up a position as a key player in the digitization of economies in the Asia-Pacific region. In a press release, the firm announced it achieved a 90 percent business verification rate across APAC, including in markets with minimal data availability and multiple languages. It says its 24/7 implementation support helps APAC brands expand into new markets and meet complex regulatory requirements in the KYC and KYB space.

Trulioo’s Singapore office serving the APAC region is run by Operations Director Ivan Yang. It specializes in helping businesses navigate complex regulatory obligations when doing business overseas, particularly in Europe and North America. “APAC is pivotal to Trulioo, and Ivan has been a force in driving unprecedented growth throughout the region,” says Steve Munford, Trulioo’s CEO. “In one year, he has assembled an exceptionally dedicated team adept at providing unparalleled support to customers while driving innovation and propelling our growth throughout the region.”

“Our 24/7 implementation support has been instrumental in helping our customers expand and meet regional compliance mandates,” Yang says. “The APAC market is dynamic, and we’re proud to be there around the clock with verification guidance that drives measurable growth.”

Fujitsu tool enables foreign participation in European Data Spaces

Fujitsu is also hoping to provide a springboard to the European auto market for Japanese companies, with a new technology that converts corporate digital identity credentials to enable participation in European Data Spaces, which provide a digital framework for secure cross-company data sharing across industries.

A release from the company outlines the approach it took in trying to overcome challenges in interoperability that have historically put up barriers for non-European companies. “As part of the new technology, Fujitsu created and verified a way to convert corporate credentials created using OpenID Connect (OIDC), a widely used authentication mechanism in Japan and around the world, into verifiable credentials (VC),” it says. This opens the door to firms from outside Europe to share and access valuable data.

Nord vLEI becomes first EU-based qualified vLEI issuer

In a press release, the Global Legal Entity Identifier Foundation (GLEIF) and Nord verified legal entity identifier (vLEI) say Nord vLEI has become the first European-based qualified vLEI issuer (QVI) within the vLEI ecosystem. Nord vLEI is a subsidiary of NordLEI, Scandinavia’s largest provider of LEI – a 20-character, alpha-numerical code based on ISO 17442 that links to reference information that identifies legal entities participating in financial transactions.

Per the release, the vLEI is a new form of digitized organizational identity that wraps new and existing LEIs in digital credentials that can be verified, to offer a version that can be used to verify the identities of legal entities and their authorized representatives across automated interactions. “​​By using secure credentials and open standards, the vLEI creates a verifiable link between an organization and its representatives.” Examples of use cases include approving business transactions and contracts, onboarding customers and digital identity.

“Achieving the status as a qualified vLEI Issuer affirms our vision of being at the forefront of the digital transformation in identification and authentication, something we have been striving for since the inception of NordLEI in 2014,” says Rickard Israelsson, Co-founder of NordLEI.  “The vLEI makes trustworthy and reliable digital transactions and interactions possible and efficient. It is an honor to be the first QVI in Europe.”

Emirates NBD trials proof of concept for digital ID management

A press release says Emirates NBD (ENBD), in partnership with DP World Trade Finance, Enigio and iBind, has successfully completed the first-ever Proof of Concept (PoC) on digitally native trade documents with the application of trusted digital identity.

The bank says corporate entities involved in the trade “should be verifiable through a trusted source of identity management.” The release notes that frameworks exist for identity management, but says options such as Legal Entity Identifier (LEI) are not widely accepted.

Vishnu Purohit, group head of trade product management for ENBD, says the company is “thrilled with the success of our PoC for trusted digital identities. This innovative solution has demonstrated its potential to revolutionize digital trade, offering enhanced security, efficiency and trust. It is a pivotal step towards a more seamless and secure trade ecosystem, and we are excited about the possibilities it holds for the future of international trade.”

Article Topics

digital identity  |  Fujitsu  |  GLEIF  |  identity verification  |  KYB  |  Legal Entity Identifier (LEI)  |  Trulioo