By Michel Haoses.
Namibia Securities Exchange this week announced at the World Federation of Exchanges General Assembly and Annual Meeting in Kuala Lumpur, its initiative to provide Legal Entity Identifiers across Africa on pTools LEILex platform.
The partnership underscores pTool’s achievement in helping clients address the increasing requirement for Legal Entity Identifiers worldwide and ensuring efficient issuance of organisations engaging in international trade.
According to the Namibia Securities Exchange, with this agreement, the pTools LEILex platform will enable the Namibia Securities Exchange to extend services and provide Legal Entity Identifiers in all 54 African countries.
In addition, pTools, LEILex, and Namibia Securities Exchange will streamline the understanding and adoption of Legal Entity Identifiers across financial organisations, facilitating the transition to this framework and cultivating a secure financial market ecosystem in Africa while emphasising its vital role and urgency within the sector.
Namibia Securities Exchange Chief Executive, Tiaan Bazuin, expressed his delight to work with pTools and LEILex to supply Legal Entity Identifiers to the African market.
“The Namibia Securities Exchange has long believed in smart partnerships and sees this as the newest in a long line of partnerships. We also believe we can supply Legal Entity Identifiers to a broader market than just Namibia and invite other African exchanges to join us in this partnership as we are in a position to extend this partnership to them as well,” he said.
Tom Skinner, pTools Managing Director and Chairman commented, “Our work in Legal Entity Identifiers now extends to more than a decade. The partnership with the Namibia Securities Exchange represents the next important step in a process that sees us helping clients across the planet provide and manage Legal Entity Identifiers. This partnership underpins our LEILex initiative and offers an extraordinary opportunity to help develop the provision of Legal Entity Identifiers across the continent of Africa.”
Keith Wood, Chief Executive at pTools Software, echoing Skiners’ sentiment added that the collaboration underscores the importance of establishing a reliable framework for financial operations and LEI and vLEI in Africa, empowering exchanges and businesses alike to adopt the LEI standard.
“This will not only provide clarity and efficient identification of legal entities but also enhance the integrity of financial transactions throughout the continent. Our role is to underpin the initiative with technology that seamlessly supports Namibia Securities Exchange and LEI client companies throughout the process from application requests to company verification and on to renewals,” he added.
