WhAT iS PROJECT SAVANNAH, and why lei?
The United Nations Development Programme (UNDP), and the Monetary Authority of Singapore (MAS) have created Project Savannah, which aims to develop digital ESG credentials for micro, small and medium-sized enterprises (MSMEs) by leveraging the Legal Entity Identifier (LEI).
Both organisations will collaborate with the GLEIF to create ESG credentials for MSMEs in an effort to increase their sustainability and ESG reporting requirements.
The initiative is called Project Savannah, and the overall objective is to simplify and lower barriers around the costs and intricacies of stringent reporting requirements and helping them work towards the UNs 17 Sustainable Development Goals (SDGs).
In order to simplify the reporting requirements, MAS will utilise its ESGenome platform, which is also ran with the Singapore Exchange as part of MAS’ Project Greenprint. Project Greenprint is a digital reporting platform where MSMEs in the market can populate their ESG metrics for tracking, and ultimately obtain and share their ESG metrics, which serves to allow them become more investable and compliant with regulations.
With many legal entities falling under the scope of the requirements, large volumes of data will require tracking, allocating and organising.
To make the data more digestible and intuitive, the LEI will become the single source of identity for all legal entities within the platform and ESG metrics will be assigned to entities by way of their LEI, rather than local registry numbers such as the ACRA Singapore number.
The MSMEs will each have an LEI record which will be visible on the LEI Look Up Tool here. Each record will contain an ESG credential which will be visible publicly.
This credential will then be allowed to be distributed by way of sharing the LEI record and will link to the entities key ESG data.
CEO at GLEIF, adds: “We strongly advocate the availability and usage of the LEI to support transparency in global sustainability initiatives such as Project Savannah. As a universal entity identification standard, the LEI brings myriad benefits to MSMEs everywhere, including fast and simple counterparty due diligence across borders, broader access to trade finance, and supporting compliance with a growing number of trade-related regulations.”
In order to obtain an LEI for a Singapore company you can register an LEI here, or if you have clients falling under the scope of this project, you may obtain LEIs on behalf of clients in Singapore using the RAMP LEI Management System.
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Frequently Asked Questions
What is the cost of an LEI?
There are different pricing packages. An LEI for one year costs €89, and more than one year includes discounts. Contact support for more information or see here.
What is RAMP 2.0
RAMP is an LEI management system, that allows firms centralise LEI management, register, renew and maintain all of their LEIs in a single place.
Can I cancel my LEI subscription at anytime?
Sure. Your paid subscription can be cancelled anytime by contacting support.
Can I change my plan later on?
Absolutely! You can upgrade or downgrade your plan to multi-year, or add an LEI Certificate anytime.
How to get an LEI number?
An LEI can be obtained from LEI Worldwide by completing the global LEI application form. This is powered by RAMP 2.0 which can issue LEI codes to all entity types globally.
Will you renew my LEI automatically?
Yes, your LEI Number will be automatically renewed according to your pay period. Please be sure to select the auto-renew LEI feature at checkout.
Do you offer any discounts?
Yes! We offer discounts on bulk LEI orders and multi-year LEIs. You can register an LEI for up to 5 years.
Can I request a refund?
Sure, you will be welcome to request your refund. However LEI applications begin immediately after purchase. Once the LEI has been issued a refund becomes unavailable.
What is an LEI Number?
A Legal Entity Identifier (LEI) is a uniquely verifiable 20 digit code assigned to companies on an individual basis. The LEI is an ISO Standard (17442) and mandated for transparency in financial markets by over 116+ pieces of LEI regulation.
How to download LEI Certificate?
The PDF LEI Certificate is downloaded separately to the LEI Code. Only an already existing LEI may obtain an LEI Certificate. You can download your PDF LEI Certificate here.
What is the purpose of a Legal Entity Identifier (LEI)?
The global LEI system (GLEIS) is the first global database providing unique identification information of legal entities participating in financial transactions all across the globe. Each LEI number provides reference data on a company, providing greater transparency to financial markets.
What is vLEI?
The Verifiable LEI or vLEI is a form of verifiable credential based on W3C and KERI protocols. vLEI allows for an individual to be verified with rights to represent an organisation identified via the LEI.
How long does it take to get an LEI Number?
The LEI registration process takes minutes. Once complete, the LEI data will enter the verification process. This varies by jurisdiction. It can take between 5 minutes and a few hours.
How to find an LEI?
You can access the global LEI index through the LEI Search Tool 2.0. This LEI LookUp tool is connected to the GLEIF LEI Search via API and provides real time company data. Click here to check any LEI.
Do I need a Legal Entity Identifier?
There are over 116 regulations globally mandating the use of the LEI code. In EU it is regulated by ESMA, the SEC in the US and FCA in the UK. The LEI is required by firms engaging in most regulated financial transactions.
How to renew any LEI?
An LEI code required annual renewal in order to maintain high quality and current data within the system. You can renew your LEI here, or if you LEI is with another provider you can transfer your LEI here.
More questions?
Contact our 24/7 LEI Customer Support team. We also have a live chat function during business hours.
Can you unregister an LEI?
No, you cannot de-register an LEI. LEI Codes, once issued are immutable in that they cannot be removed. Their status can however be changed to reflect the entity status e.g RETIRED
