The Federation of Indian Export Organisations (FIEO) has signed a Memorandum of Understanding (MoU) with Rubix Data Sciences Pvt. Ltd (Rubix) to facilitate Legal Entity Identifier (LEI) issuance to Indian exporters and entities. Rubix Data Sciences is a business intelligence company offering technology and analytics based B2B Risk Management and Monitoring platform. In April 2022, the Global Legal Entity Identifier Foundation (GLEIF) and the Legal Entity Identifier India Ltd. (LEIL) appointed Rubix as India’s first LEI Validation Agent to help clients obtain LEIs.
As part of the MoU with FIEO, Rubix will handhold Indian exporters through the documentation process and facilitate speedy and cost-effective LEI issuance. Rubix will also work with exporters to ensure the timely renewal of LEIs to keep their LEIs active.
During the signing of the MoU, Dr Ajay Sahai, Director General & CEO, FIEO said that “obtaining the LEI through Rubix will help FIEO members build trust with counterparties, financial institutions, and other stakeholder organisations, regardless of the sector, because it serves as an essential identifier in both cross-border and domestic transactions and helps filter out fraudulent and fake entities that may try and register as suppliers, customers, distributors or dealers.”
“Rubix recognizes the critical role of exporters in driving India’s socio-economic growth. Given that the LEI is a global identifier, it is especially important for Indian SME exporters to obtain the LEI to stand out and be recognised in the global marketplace. It is a privilege for Rubix to assist Indian exporters in the LEI application and validation process via this partnership with FIEO, “said Mohan Ramaswamy, Co-Founder and CEO of Rubix Data Sciences.
As part of the MoU signing ceremony, FIEO in association with Rubix organised an Online Awareness Session on RBI Guidelines on LEI Registration in India which was attended by more than 70 exporters.