All About The Legal Entity Identifier: A Mandate Of The Future!

20 November 2019

Legal Entity Identifier is an alphanumeric, 20-character code developed by the International Organization for Standardization. Abbreviated as LEI, this code contains information on the company’s ownership structure and provides answers of ‘who is who’ and ‘who owns what.’

It gives a unique identification of all legal entities (organization, company, firm, trust, fund, and government body) that are participating in any financial transactions.

The complete LEI system is operated and maintained by GLEIF (Global LEI foundation), and the right to issue LEIs is only given to the few organizations.

It All Started With Wrigley’s:

In 1974, when the grocery industries were pleading for the development of barcode, many companies proposed their proposals to bring them. Considering this, the UPC was introduced, which became the first code to be scanned on Wrigley’s Chewing gum.

Later, to end the one-dimensional (UPC) barcode, which only contains 20-alphanumeric codes, Denso Wave (a Toyota’s subsidiary) invented Quick Response (QR) codes. QR codes are a two-dimensional system that focuses on rapid scanning and is widely used by today’s marketers to streamline processes.

Legal Entity Identifier (LEI) Came In Existence – 2011

The LEI was developed by the G20 (an international organization with 20 major countries) in 2011 to track all financial transactions in national jurisdictions. The need for LEI came when regulators were suffering from financial crises, and there was no unanimous code to make successful financial transactions.

The difficulties in identifying transaction details and calculating the risk amount bring LEI into existence. The first (LEI) legal entity identifiers database was issued in December 2012.

Structure Of Code:

Technically, the Legal Entity Identifier is represented as ISO 17442. It contains 20-character alphanumeric numbers with the first four characters showing the LOU, Local Operating Unit. The other 5-18 characters are an alphanumeric string, which organizations assign. And, the last two characters are called checksum digits.

Process Of LEI:

The companies that need a Legal Entity Identifier should contact the respective organizations that provide LEIs. They then have to provide the necessary information and the fee. The issuing body will then provide LEI after cross-checking all details. Things like registration of the business, information about other connected companies, etc. are verified before giving LEI. Some other things, which the issuing body will assure, are:

A country where the entity was formed
The registered address of the legal entity
Any legal or official name of the entity (if any) that is present in the records
The Unique code of representing countries and their connected company’s
Data of the first LEI assignment, date of the last information update and it’s an expiry date

Why LEI Is Important:

LEIs reduce the risks associated with financial transactions. With them, you can easily measure the total risk involved in trading.
It minimizes the overall cost of reporting tasks, cost of information gathering, and other administrative costs.
LEI help in enhancing market transparency as with a unique code, it is easy to detect the frauds and other manipulations in the market.

Who Should Need LEI?

Organizations, corporations, and other entities that are involved in the financial transactions need LEI to recognize all entities and funds involved in the transactions. If you are any of the following, you can register for LEI:

A non-profit organization
Registered Company or Registered Subsidiary
A business having a distinct identity
A trust or Funds

LEI In Business And In Payment Systems:

To have clear business identification and to make transparent financial transactions, business needs a unique code called LEI. LEI also helps to minimize the cost and the speeding process of transactions, improve data sharing, and more. Furthermore, in trading (direct and indirect payments), LEI ensures that the correct information is used to transfer funds.

LEIs not only ensure transparency and safety in the global market, but also provide maximum compatibility and safe business.

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11 Ways to Save Money while Studying in Israel

Israel is a wonderful country to visit. Whether it is the beautiful Mediterranean coastline, the religious landmarks, and historical sites, or the people themselves, there is always something to check out in Israel. However, it is no secret that Israel is not a cheap place to visit. The country is quite expensive by any measure so travelers would be well-advised o save money wherever they can. Whether it is currency conversions, the price of food itself, or accommodations, Israel tends to empty your wallet. What follows are some tips for saving money during your time in the Holy Land. Hopefully, by utilizing these you will be able to extend your stay in Israel or come home with a little bit more money. 1. Buy a RavKav: Image Source: upload.wikimedia.org Instead of buying bus tickets from the driver, you’ll save money by purchasing a RavKav, which you can swipe on most forms of public transportation in Israel. You’ll save money on Egged buses and on the light rail in Jerusalem, plus you won’t have to dig for coins each time you get on the bus. 2. Don’t Negotiate with Taxi Drivers: Image Source: upload.wikimedia.org There’s no way to come out on top when bargaining with the notorious Israeli taxi drivers. Instead, insist to the driver that he turn on the meter, and let that dictate the price of your journey. 3. Work out your Communication needs before leaving: No matter what country you’re in, people will look to take advantage of travelers who failed to make all their necessary preparations back home. For this reason, it is imperative that you take care of your telecom needs before you leave for Israel. Renting a SIM card for Israel or domestic cell phone is a good way to go. 4. Supermarkets over Makolets: Image Source: commons.wikimedia.org The local makolet on your school’s street corner might be the most convenient place to shop, but everything will cost a lot more than at a larger supermarket. Do yourself a favor and avoid doing your heavy shopping there. 5. Street Food Instead of Restaurants: Image Source: upload.wikimedia.org With cheap hummus and shawarma widely available throughout the country, you’re never far from a tasty and inexpensive meal. Use this to your advantage and avoid eating out in expensive restaurants. 6. Improve your Hebrew: Image Source: upload.wikimedia.org It doesn’t matter if you’re dealing with the cellphone company, the bank, or your local pharmacy. It’s always more effective when you’re negotiating in Hebrew, and if you don’t speak the language well, try to bring someone along who does. 7. Avoid American Food Products: Image Source: upload.wikimedia.org Your favorite cereals and snacks at home are going to be extremely overpriced in Israeli stores, so for extra savings go with an Israeli brand. You’ll save money and get a better feel for what Israelis are eating! 8. Buy a Reusable Water Bottle: Image Source: upload.wikimedia.org Purchasing bottled water in Israel can add up, and there’s no reason to pay for it. Tap water in Israel is of the highest quality that can be found worldwide, so just fill up your bottle whenever you’re thirsty. 9. Buy from the Shuk: Image Source: upload.wikimedia.org Like other Middle Eastern countries, the best deals are to be found at the local marketplace. If you’re studying in Jerusalem, then a great place to do your shopping is in the Mahane Yehudah market, where all the local Israelis find the city’s best bargains. 10. Circumvent ATM Fees: Image Source: upload.wikimedia.org Most students studying abroad get access to their funds by withdrawing cash from Israeli ATMs. Don’t use ATMs that charge high withdrawal fees, so avoid using ones not connected to a recognized bank. 11. Work Part-Time: Image Source: upload.wikimedia.org There are plenty of opportunities in Israel for English speakers to work part-time. If you’re having trouble saving money, why not earn a few extra shekels on the side? Travelling to Israel is exciting for anyone. If you’re fortunate enough to have a trip planned for some time in the future you will want to plan things out so that you don’t end up spending any more money than you have to. Whether you’re going through the whole country or just visiting Tel Aviv or Jerusalem, these tips ought to help you keep a little more in your wallet so you can enjoy your trip longer. Safe travels! Read Also: Benefits Of Internship Programs 7 Wise Financial Choices That Will Help You Follow Your Budget

What you need to know about Ethereum mining

Ethereum mining is one of the essential means to develop your business in the best possible ways. Work out the plans that can help you to achieve your goals in the correct order. Do not make your choices in grey while you want to develop your trading business in the correct way. Ethereum mining is possible in a number of ways Crypto mining is a new money-making frontier without much risks involved. And while Bitcoin is becoming less profitable to mine by the day, Ethereum is still a solid choice. It gives solid returns (assuming the price of ETH doesn’t change too much!). Today, let’s see how we can have a setup for Ethereum mining! 1. Get your Mining Setup Together Mining basically means running an algorithm again and again until you find the “solution”. Once said the solution is found, you are paid by the system with Ethereum Mining can become computationally expensive and can be demanding on CPU or mining hardware. To have a chance of mining and therefore earning, a decently powerful computer setup is the absolute minimum. More power would potentially mean more earnings on average. Ethereum Mining can help your business to grow at a rapid pace. Work out the plans that can work well in your favor. In the case of Ethereum, it pays out 5 ETH roughly every 15 seconds to whoever solves the mining algorithm (though this may change in the future when Ethereum switches over to a Proof of Stake algorithm) So,first step would be to get a computer and/or graphics card setup. A standard, absolute minimum setup consists of 6 video cards. These should be a minimum of 3GB, and a motherboard with 6 PCI slots minimum. The other crucial parts would be a CPU, Memory of at least 4 GB, a decent power supply capable of handling of 80% of the output capacity, and a 60 GB hard drive. It’s also recommended to connect the rig to the Internet via a wired Ethernet cable connection; WiFi isn’t really recommended. The above rig is optimized for Ethereum mining using the current algorithm and mining difficulty. It collects a decent 0.5 ETH per month but, as is with cryptocurrencies, things change fast. 2. Get a Digital Wallet For you to earn and use cryptocurrencies, you need a digital wallet. Wallets are nothing more than placeholders where your coins are stored online. You have tons of choices in this area, with many different factors too big to cover in this guide. Ethereum mining can help your business to grow in the right direction in a short time span. Work out the plans that can work well in your favor. Once you have a wallet, it’s time to decide: 3. Do you Mine Alone or join Mining Pool Mining at it alone sounds like a great idea. The reward is much bigger and it’s all yours. However, this only works if you consistently beat thousands of others in solving the algorithm first. Trust us, with those odds, it won’t happen very often To successfully solo mine, you will need an upwards of 100+ graphics cards at your disposal. Not to mention taking the brunt of the enormous electricity costs, taking care of heating problems and ventilation, and the huge upfront cost of buying the hardware. Solo mining is possible and, yes can be rewarding, but you need to know what’s in store here. Mining pools are a collection of mining rigs which combine their hash rates together for a better chance of mining Ethereum coins. With crypto mining pools, you get a steady income even if you mine a block by proxy. It’s all about a collective group effort. There are lots of factors you should consider before joining a mining pool. The size of the pool, or the number people joining, is an important consideration. More people in the pool means there’s a bigger chance of mining a block and getting a reward. On the flipside, however, the payout per person gets smaller, since it gets split between more people. It might be worthwhile to try different pools to see which one you like best. But here are some we recommend NiceHash is a relatively easy to use and quick to set up mining pool to join. The nice thing about it is that it automatically searches for the best algorithm or cryptocurrency to mine, not just Ethereum. This can give more value for your rig in the long run. It should be noted that NiceHash also pays in Bitcoin, regardless if you were mining Ethereum or something else To join, you first need to download the AMD or Nvidia program installer from their site. This application will scan your hardware setup and install software as necessary. Afterward, you enter your Bitcoin wallet address. It should be noted that you need a BItcoin wallet setup before joining NiceHash. Else, you won’t get paid. Once entered, click on the benchmark button and start another scan. You’re then ready to mine NiceHash runs at an overall hash rate that is 20% less. This might seem concerning, but the switching feature more than makes up for this, as it can potentially up your profitability than just focusing on one coin alone. Another option is Nanopool. It is currently one of the largest mining pool joinable with 130,000 active members and counting. Nanopool also pays out to miners who are close to solving the algorithm, so that’s nifty as well. It charges a fee of 1%. Similar to Nanopool is Ethermine, which has a similar structure and fee. For mining software, we recommend Claymore Dual Miner. This allows you to mine two different coins at the same time. This works brilliantly for mining Ethereum and another crypto coin. Since Ethereum is more memory intensive, the processor can be used to mine for more processor heavy crypto coins. Thus allowing you to mine at twice the speed. Both Nanopool and Ethermine support Claymore. 4. Start mining! Once you’ve installed your choice of mining software, just run the appropriate program and your computer will then automatically start mining. Remember to always keep the program running, preferably 24/7. 5. Check your earnings and profit! After a while, you might want to check how much ETH you’re earning. To do so, you need to go to your mining pool’s website and type in your digital wallet address. You should be able to see how much ETH you’ve been earning thus far. Ethereum Mining can help your business to grow and move at a rapid pace. But earnings are different from profits. To truly calculate how much you are profiting, you need to consider electricity costs. To do this, you need to find out how many mega hashes per second (Mh/S) your setup is contributing to the pool. Next, go to the numerous mining calculators available online. Supply the relevant information to see how much you’re really earning! 6. Improve your Results There are a lot of ways you can improve your results and therefore your profits. Techniques such as overclocking and undervolting are worth looking at. What doesn’t change is the need for constant learning and improvement in this area since changes come in very rapidly. You need to be on your toes if you want to keep the profits rolling in. Happy mining! Read Also: Securing Mobile App Development With Blockchain Technology What You Should Know Before Using ExpertOption (more…)

Help Your Business With A Government Loan

The COVID-19 pandemic has caused unforeseen hardships to a lot of entrepreneurs in Malaysia who launched their enterprises in the last couple of years. No one could have estimated the amount of damage to the economy the pandemic would cause or the length of time it would take to recover. The sign of a government loan is like fresh air in the business world, which swift away all your investment-related headaches. However, there are government loans that you can apply for to help ensure your business survives and has a chance to prosper once the coronavirus has been conquered. 3 Tips For Applying For The Government Loans The government loans strategy is more robust and well revised. You may be thinking of applying for the loan, but your business is not a big one. You think the government is not willing to lend money to your business. But it is possible. Here are three easy tips for applying for a government loan. 1. Promoting The Small And Medium Enterprises These government loan schemes are targeted to help the most financially vulnerable businesses, which are small and medium enterprises (SMEs). SMEs are typically started by well-intentioned but underfunded people who want to put their particular skill-set to use. They might be launched with only a few employees. Still, by careful management and conservation of their assets, they can grow to make a significant contribution to the state of Malaysia’s economy. The government loan schemes target businesses applying for lower loan totals than a giant corporation would need. With the world beginning to see the value in micro-finance and recognize the healthy input of small businesses on a country's economy, the Malaysian government felt that with the effects of the pandemic likely to last for some time, it was the perfect time to offer these loans to the public. The small and the medium enterprises will need significantly less money as the loan, but the success chance is more. 2. Apply Through Existing Financial Institutions To receive your working capital loan, you apply through an existing financial institution. These are not loans per se but rather government-backed loan guarantees under the Working Capital Guarantee Scheme (WCGS). You receive the loan through the institution and pay them back directly. The government insures the institution against default. The financial institutes are taking a short period, but as you are now dealing with them, your debt payments period will rise. Even if you’ve been turned down for a loan by the financial institution because you didn’t qualify under their terms, you can reapply under the terms of the WCGS government loan schemes. Government loans require more guarantees and the assurance of return. When you are applying through the existing financial institute, the process will take a small period for sanctioning. 3. Six Types Of WCGS The diversity among the business is always present. Therefore, your proposal business planning everything can be different. There are six types of WCGS applying to different people and different kinds of business models. These schemes offer differing amounts of loans as well, so you should choose the scheme to apply for that meets your financial needs. They each have different qualifications, and you need to read the qualifications of each loan scheme and choose the best one for your situation and business. WCGS is a loan scheme that offers from 100,000 to 10 million Ringgit. WCGS-SU is a loan scheme targeting startups that offer from 50,000 to 500,000 Ringgit. WCGS-B is a loan scheme targeting Bumiputeras that offers from 100,000 to 3 million Ringgit. WCGS-X is a loan scheme targeting export companies. It offers loans of from 100,000 to 10 million Ringgit. WCGS-W is a loan scheme targeting Woman-owned businesses. It offers loans of from 100,000 to 1 million Ringgit. ADGS is a loan scheme targeting companies that engage in automation and digital products and services. It offers from 100,000 to 10 million Ringgit. To find out more about these government loan scheme’s qualifications, inquire about WCGS schemes with the financial institution that handles your banking. Conclusion: Applying for a government loan is making all your hard work easy. Usually, government loans have a low-interest level. The time limit is also going to be more stable. If you follow these tips, you can easily apply for a government loan and start your journey in a more relaxed way. Read Also: Benefits of NBFC Business Loans What Are the Alternatives for Small Business Startup Loans?

All About The Legal Entity Identifier: A Mandate Of The Future!

It All Started With Wrigley’s: