On July 9, the Global Legal Entity Identifier Foundation (GLEIF) announced that TradeGo Technology (Ningbo) Co., Ltd. (TradeGo) has officially obtained the Qualified VLEI Issuer (QVI) qualification for the Verifiable Legal Entity Identifier (vLEI). It has become the first company in the global digital service field for bulk commodity trading to receive this certification.

If global trade were likened to a vast network, corporate identity would serve as the "ID card" for each node within it. In the past, this "ID" was often paper-based, fragmented, and difficult to verify—particularly in cross-border trade, where identity confirmation relied on cumbersome manual reviews and physical documents, resulting in inefficiency and a high risk of errors.

"In practice, we found that the vLEI system effectively addresses this pain point," explained a TradeGo representative. "It functions like a 'digital ID card' for businesses, containing not only basic corporate information but also enabling encrypted verification of authorized representatives, ensuring every step in cross-border transactions is trustworthy and traceable."

By obtaining QVI accreditation, TradeGo can now issue vLEI credentials not only for its own platform users but also provide authoritative digital identity services for the entire industry, promoting a new paradigm of trade digitalization: "digital identity + business scenarios."

The practical value of vLEI is particularly evident in scenarios like offshore trade, where transactions often involve "split payments and goods"—meaning the paths of goods and funds diverge. Traditional paper-based documentation struggles to verify such transactions’ authenticity. TradeGo addresses this by constructing a complete digital evidence chain through "electronic documents + smart contracts," offering robust data validation for transaction legitimacy.

Moving forward, TradeGo will leverage vLEI’s decentralized digital identity features to integrate with digital payment solutions, significantly reducing compliance processing times and lowering costs across cross-border payment networks.

In parallel, the Ningbo Area of Zhejiang Pilot Free Trade Zone will launch a commodity trade digitalization pilot, deepening coordination between spot and futures markets, scaling applications of digital bills of lading and electronic warehouse receipts, and exploring secure cross-border data flows—further integrating commodity trade and data ecosystems. (Reporter: Mao Feiying; Correspondent: Yuan Yafen)