The Global Legal Entity Identifier Foundation (GLEIF) today announces that TradeGo Pte. Ltd., a Singapore-based digital platform for commodity trade, has been approved as a Qualified vLEI Issuer (QVI) within the verifiable Legal Entity Identifier (vLEI) ecosystem. TradeGo is a Singapore-based digital platform for commodity trade jointly established by major industry players, financial institutions, shipping companies, and technology firms. This milestone strengthens efforts to build a transparent, efficient, and interoperable international trade environment by equipping TradeGo to issue cryptographically verifiable organizational identities.
Users of the TradeGo platform span industry players across bulk commodities, shipping, and finance. By embedding vLEI credentials across its blockchain-based solutions – which include electronic bills of lading (eBL), e-contracts, digital payments, and electronic bunkering – TradeGo aims to simplify cross-border commodity trading, shipping, and payments. This reduces fraud risk, lowers compliance costs, and supports alignment with emerging regulatory frameworks promoting trade digitalization – including Singapore’s Electronic Transactions Act and the UK’s Electronic Trade Documents Act.
TradeGo’s integration of vLEI credentials builds on its platform’s digitalization capabilities to deliver significant operational benefits. Data from TradeGo’s pilot and pre-qualification scenarios showed that its solutions can cut digital payment compliance costs by up to 90 percent, reduce manual operations by 80 percent, and increase trade document processing efficiency by over 60 percent. These initial outcomes illustrate the transformative potential of combining blockchain-based trade solutions with globally verifiable digital identities as TradeGo begins full-scale vLEI credential issuance.
Looking ahead, achieving QVI status forms part of TradeGo's broader ambition to create a trusted global digital ecosystem linking identity, business, and data – known as GIFTS (Global Inter-entity Financial and Trading Society).
Alexandre Kech, CEO of GLEIF, said: “TradeGo’s approval as a QVI is a powerful endorsement of the role the vLEI can play in addressing the long-standing identity and compliance challenges that have constrained cross-border trade – creating significant fragmentation and inefficiencies. By integrating the vLEI as a globally standardized, cryptographically verifiable organizational identifier into blockchain-enabled solutions, TradeGo is overcoming these barriers and demonstrating what the future of trusted digital trade looks like.”
Mr. Yu Yingjiao, CEO of TradeGo, commented: “This milestone reinforces TradeGo’s mission to build a seamless and trusted digital trade environment. By embedding vLEI credentials across our platform, we are creating a foundation for truly interoperable global trade, where one identity supports participation across ecosystems. We welcome partners to join us on this journey.”
Xu Jun, Vice Chair of the ICC Banking Commission Steering Committee, added: “The ability to verify cross-border entities instantly is essential for reducing KYC costs and eliminating fraud risks in trade finance. Integrating the vLEI across TradeGo’s ecosystem offers a credible, forward-looking solution for the industry.”
GLEIF encourages participants across the global trade and finance ecosystem to explore how the vLEI, combined with innovative platforms like TradeGo, can support more efficient, transparent, and secure global trade.
For more information on the vLEI, please visit the GLEIF website here.
