Parul
Data is the new gold today, and the massive volumes of data generated across the globe each minute call for large-scale transparency, especially in the financial sector. The LEI (Legal Entity Identifier), created in accordance with the need for security and transparency, offers a host of benefits for businesses – benefits that are now being recognized and understood, driving greater LEI adoption across the country.
Against this backdrop, LEI Register, the world’s largest and India’s swiftest LEI service provider, has observed an upswing in registrations in 2021 as compared to the previous year.
The platform noted that as of December 2020, the total LEI adoption stood at 47,683. However, by December 2021, the numbers soared beyond 77,000, with LEI Register’s growth crossing 15,000. Overall, in 2022, LEI Register plans on increasing this to at least 29,000, if not more, by the end of the year.
Speaking on the growth, Rahul Jha, CEO of LEI Register, said, “LEI adoption has begun to show significant growth only in recent times in India. Especially since the onset of the pandemic, there has been a surge in businesses across jurisdictions availing LEIs as they understand the numerous benefits it offers, including enhanced efficiency, minimized risk, informed decision making, cost-efficiency, and better customer experience, among others. In fact, LEIs have now been made mandatory in several places such as North America, Europe, Australia, and parts of Asia,”
“We are pleased to announce that LEI Register has seen sizeable growth in numbers over the past year. As we commence 2022, we aim to drive this momentum further ahead and reach our target by December.”
