In a strategic move to meet the increasing Legal Entity Identifier (LEI) requirements in India, LEI Worldwide has opened a new office in Pune.
This expansion aligns with the Reserve Bank of India’s (RBI) efforts to make LEI adoption mandatory for significant financial transactions, marking India as the fastest-growing jurisdiction for LEI adoption globally.
The decision to establish a presence in Pune follows a series of successful high-level meetings in Mumbai and Pune, involving the executive team from LEI Worldwide. These discussions with existing partners, clients, and local banks underscore the growing demand for efficient LEI management within India’s expanding financial ecosystem.
In partnership with OneNexus Outsourcing Partners LLP, LEI Worldwide aims to enhance its local support and expertise. OneNexus, known for its comprehensive client support and back-office services, will collaborate with LEI Worldwide to cater to the burgeoning demand for LEI management solutions in the region.
This collaboration is poised to bolster the local infrastructure and streamline the LEI management process using innovative RAMP technology.
With a significant rise in LEI adoption across India—9.9% growth in 2024 alone, resulting in a total of 219,000 LEIs—the Pune office will focus on enhancing customer engagement and shortening turnaround times for LEI issuance and management.
Darragh Hayes, CEO of LEI Worldwide, highlighted the importance of this expansion, stating, “By establishing a local presence, we aim to offer quicker turnaround times, improve customer engagement, and simplify the LEI management process. We are delighted to have partnered with Chetan and his team at OneNexus to deliver world-class support and back-office infrastructure.”
Chetan Agarwal, CEO and Founder of OneNexus, also expressed enthusiasm about the partnership: “We are thrilled to partner with LEI as their India representative. This partnership allows us to combine our strengths and drive impactful change in the India market. I look forward to collaborating with Darragh & Team to achieve our common goals.”
This strategic expansion not only supports the RBI’s mandate requiring an LEI for transactions exceeding ₹50 crore but also aligns with global movements towards universal financial identifiers, as seen in the EU and UK.
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