- ADGM Registration Authority to act as a Registration Agent of RapidLEI in the UAE
- Businesses will now be able to make smarter, less costly and more reliable decisions about who to do business with
LONDON, UK AND ABU DHABI, UAE – 9 June 2020 – The Abu Dhabi Global Market Registration Authority (ADGM RA) and RapidLEI, the world’s foremost Legal Entity Identifier (LEI) issuer, have partnered to enhance the availability of legal supervisory services in the UAE.
Through the partnership, ADGM RA will be able to act as the primary interface for legal entities wishing to obtain an LEI. ADGM RA, as a Global Legal Entity Identifier (GLEIF) approved Official Registration Agent of RapidLEI, will utilise the RapidLEI platform to add issuing Legal Identity Identifiers to its portfolio of business services. This agreement is in keeping with ADGM RA’s robust commitment to provide its business community with a holistic, trusted ecosystem and reinforce Abu Dhabi and the UAE’s position as a leading destination for business and investment.
GLEIF is a supranational, non-profit organisation headquartered in Basel, Switzerland, which makes available the Global LEI Index. The Global LEI Index is the only global online source that provides open, standardised and high-quality legal entity reference data. Its main objective is to enable people and businesses to make smarter, less costly, and more reliable decisions about who to do business with.
Through the new partnership with ADGM RA, RapidLEI will also integrate ADGM’s business registry data to its automated LEI issuance and renewal workflow.
RapidLEI and Ubisecure’s Senior Vice President, Identity Services, Steve Roylance, said: “Business registries and RapidLEI are a perfect match. We already interface with many business registries directly, extracting registry data through application programming interface (API) for enhanced efficiency and accuracy. This has led to RapidLEI becoming the number one LEI issuer for data quality. The reciprocal use of API connections maximises the value proposition for both companies, keeps costs low and is mutually beneficial for all parties, most importantly the Legal Entity requiring the LEI and stakeholders around the world that rely upon it.”
An LEI is a unique, 20-digit code associated with a single legal entity in accordance with the ISO 17442 standard. The LEI is a reference data tool to standardise how a counterparty is identified in financial transactions. Its goal is to help improve the measuring and monitoring of systemic risk and support more cost-effective compliance with regulatory reporting requirements.
It is worth noting that LEIs are issued for ADGM registered entities and institutions across the UAE, including registered entities and subsidiaries, funds government bodies and branch offices. LEI is a requirement when complying with European and international regulations, and has thus become an integral part of reporting in many areas of the financial sphere.
ADGM, as an award-winning International Financial Centre and a forward-thinking regulator, thanks to its state-of-the-art digital infrastructure and innovative solutions, including utilising APIs to enable automated requests for registry data, has reinforced its position as a leading business platform and a trustworthy source of Legal Entity Reference Data within the LEI ecosystem.
RapidLEI is a Ubisecure service, operating as a GLEIF-accredited Local Operating Unit since 2018. Within two years of operation, RapidLEI now issues more new LEIs than any other LOU – including incumbents Bloomberg and DTCC. Its success is attributed to its pioneering automated LEI issuance technology, its global network of local partners and its unique API which enables strategic LEI use cases.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global trade and business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths panning over private banking, wealth management, asset management, derivatives and commodities trading, financial innovation, sustainability and more. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs the entire 114 hectares (1.14sqkm) of Al Maryah Island which is a designated financial free zone.
It enables registered financial and non-financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on common law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for four consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
* Source: The Global Investor Middle East and North Africa (MENA) Awards
About Ubisecure and RapidLEI
Ubisecure is accredited by the Global Legal Entity Identifier Foundation (GLEIF) to issue Legal Entity Identifiers (LEI). RapidLEI is a Ubisecure service that automates the LEI lifecycle to deliver LEIs quickly and easily. As well as pioneering LEI automation, the company is a technology innovator and provides identity management software and cloud identity services that enable enterprises and governments to enhance customer experience, security and privacy through support for strong identities and management of customer identity data. Ubisecure also provides solutions to companies maintaining their own strong customer identities (such as banks and mobile network operators) to become Identity Providers (IdP) for strong authentication and federation services.
For more information please visit www.rapidlei.com or www.ubisecure.com
Ubisecure LEI: 529900T8BM49AURSDO55
About The Author: Francesca Hobson
As Senior Marketing Manager, Francesca aims to provide valuable insights on digital identity through our Let's Talk About Digital Identity podcast, blogs, industry events and content library.
More posts by Francesca Hobson