Accelerate trust on a global scale: 'Who is who’ in digital trade – the vision and application of the Legal Entity Identifier

Accelerate trust on a global scale: ‘Who is who’ in digital trade – the vision and application of the Legal Entity Identifier

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“Corporate digital identity (ID) has the potential to dramatically simplify the identification and verification of companies and to reduce the risks and costs of doing business. It forms a kind of admission ticket for a company to access financial and non-financial services while at the same time enhancing access to information about the company for counterparties, customers, regulators and financial services providers.”

In the context of digitalizing international trade and supply chains, a global, unique and widely recognized corporate ID is integral to establishing trust and transparency and ensuring interoperability.

In a recent paper by the Bank for International Settlements (BIS), the Legal Entity Identifier (LEI) is highlighted as showing particular promise, especially for small and medium-sized enterprises (SMEs). By answering the questions of ‘who is who’ and ‘who owns whom’, the LEI enables smarter, less costly and more reliable decisions about who to do business with. Furthermore the World Economic Forum and the World Trade Organization note in their recent report on trade digitization that the LEI can drive more transparency and underpin the promise of financial technology to deliver greater inclusion of small businesses in the global economy.

This webinar will provide an overview of how the Global LEI System is uniquely positioned to solve the problem of trust for legal entities on a global scale, as well as concrete examples of how adoption of LEIs helps MonetaGo, a financial technology solutions provider, further enhance its global solution to combat fraud in trade finance.

During this one-hour session, our expert speakers Hannah Nguyen, Director – Digital Ecosystems, ICC Digital Standards Initiative, Stephan Wolf, CEO, Global Legal Entity Identifier Foundation and Tat Yeen Yap, Managing Director, MonetaGo (Asia Pacific region) will talk us through:

What is Corporate digital identity and why is it important?
What is the vision behind the Legal Entity Identifier (LEI)?
How does the Global LEI System and the LEI solve the problem of trust on a global scale?
What are some examples of commercial and regulatory uses of the LEI?

Who should attend?

General practitioners working in corporates, financial institutions and fintechs with an interest in digital trade and supply chains, trade finance, due diligence, risks and compliance.

Date and Venue

Date: 27 July 2022
Time:08.00 (New York) I 14.00 (Paris) I 20.00 (Singapore)
Live Duration: 1 hour (followed by 15 minutes Q&A)
Location: ICC Academy’s Online Classroom (Zoom)

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*Singapore Time Zone

Accelerate Trust on a Global Scale: 'Who is who’ in digital trade – the vision and application of the Legal Entity Identifier
Session 1: Session opening, context and introduction of speakers
Session 2: One unique global identification behind every legal entity – An introduction to the LEI and GLEIF
Session 3: How the LEI solves the problem of trust and supports trade digitization through the whole transaction lifecycle?
Session 4: Commercial application of the LEI in trade finance deduplication
Session 5: Conclusion and call to action
Session 6: Q&A (15 minutes)

Hannah Nguyen, Director – Digital Ecosystems, ICC Digital Standards Initiative With over 14 years’ experience in global trade and supply chain, Hannah Nguyen is a passionate champion for digitalization, and connecting disparate parts of, its ecosystem. Her role as Director of Digital Ecosystems at ICC’s Digital Standards Initiative (DSI) is transforming the industry by uniting industry stakeholders, standards development organizations, solution providers, governments, and inter-government organizations in the common quest to promote policy coherence and harmonise digital trading standards for the benefit of businesses, governments, and people everywhere. A prominent industry advocate and thought leader, she has co-authored with the World Trade Organization (WTO) its first ever standards toolkit for cross-border paperless trade, helping companies and government agencies globally adopt readily available standards. Her prior experience includes leading business development for C. Steinweg Group that resulted in significant expansions for its commodity logistics business in Southeast Asia; promoting Singapore as the premier regional hub for the trading of commodities and derivatives through Enterprise Singapore; and conducting market intelligence to advise corporates interested in competing and growing their businesses in Asia Pacific.

Stephan Wolf, CEO, Global Legal Entity Identifier Foundation is the CEO of the Global Legal Entity Identifier Foundation (GLEIF). In 2021, he was appointed to an all-new Industry Advisory Board (IAB) as part of the International Chamber of Commerce’s (ICC) Digital Standards Initiative (DSI). In that capacity, he serves as co-chair of the workstream on ‚Trusted Technology Environment‘. Between January 2017 and June 2020, Mr. Wolf was Co-convener of the International Organization for Standardization Technical Committee 68 FinTech Technical Advisory Group (ISO TC 68 FinTech TAG). In January 2017, Mr. Wolf was named one of the Top 100 Leaders in Identity by One World Identity. He has extensive experience in establishing data operations and global implementation strategy. He has led the advancement of key business and product development strategies throughout his career. Mr. Wolf co-founded IS Innovative Software GmbH in 1989 and served first as its managing director. He was later named spokesman of the executive board of its successor IS.Teledata AG. This company ultimately became part of Interactive Data Corporation where Mr. Wolf held the role of CTO. Mr. Wolf holds a university degree in business administration from J. W. Goethe University, Frankfurt am Main.

Tat Yeen Yap, Managing Director, MonetaGo (Asia Pacific region) MonetaGo provides the first-ever global solution to duplicate financing fraud in Trade Finance and is the world’s foremost provider of such technology to prevent domestic and cross-border duplicate financing. MonetaGo will soon be launching a Trade Financing Validation Service with SWIFT. Tat Yeen Yap’s background of 20 years in Trade Finance spans three global banks, predominantly in sales and product management. Yap was a pioneer of supply chain finance and had a wealth of experience and expertise in the industry. Tat Yeen Yap also serves as a DOCDEX Expert for the ICC’s International Centre for ADR and is a CDCS holder. He has previously served as a drafting group member of the ICC’s eURC Version 1.0 and eUCP Version 2.0 and is currently a working group member of the Global Supply Chain Finance Forum. He is also a Co-Sherpa of the Digital Trade Finance Lab of the Asia Pacific Financial Forum.

Accelerate trust on a global scale: ‘Who is who’ in digital trade – the vision and application of the Legal Entity Identifier