NEW YORK, June 29, 2021 (GLOBE NEWSWIRE) -- LiquidX, the global fintech solutions provider for working capital, trade finance, and insurance today announced that its Singapore entity, LiquidX Insurance Services (Singapore) Pte. Ltd. (LISS), has received approval from the Monetary Authority of Singapore (MAS) to offer insurance brokerage services in the country. Alex Bursak, Director and Regional Head of Insurance Asia Pacific at LiquidX, was named Director of the program.
LISS can now help banks, asset managers and funds, and corporates of all sizes in Singapore to access, automate, and streamline Trade Credit Insurance coverage via the LiquidX 360 platform. The digital platform serves the entire Trade Credit Insurance value chain for quoting, policy management, and risk monitoring. LiquidX 360 is the only solution that integrates Trade Credit Insurance with next-generation capabilities for buying, selling, and managing Accounts Receivable and other trade finance assets on the same platform.
The Trade Credit Insurance market is estimated to roughly double in size from 2021 to 2027, from $9 to 18 billion, due to its role of mitigating trade risk in uncertain economic environments. By 2025, LiquidX estimates that between 30% - 50% of Trade Credit Insurance will be originated, managed, and transacted online. The LiquidX 360 proprietary platform will fuel a significant portion of this online growth.
“The MAS license is a huge milestone for our business in Asia,” said Jim Toffey, CEO of LiquidX. “With a growing market for Trade Credit Insurance, carriers and brokers are looking to technology to scale their growth, cut expenses, and digitally connect with their partners and policyholders. In addition, funders and corporates that manage and finance working capital on our platform can now seamlessly integrate Trade Credit Insurance coverage. We are thrilled that our technology is making the whole trade ecosystem run more efficiently.”
“We are honored and excited to be registered as an insurance broker by MAS, which will allow us to strengthen our position as the global leader in digitizing the Trade Credit Insurance market. As a key trading and finance hub in Asia, Singapore will continue to be an accelerator for our best-in-class tech-focused LiquidX 360 platform,” said Alex Bursak, Director and Regional Head of Insurance Asia Pacific at LiquidX.
About LiquidX
LiquidX is a leading global technology company that enables finance professionals to transact faster, smarter, and cheaper by digitizing and automating their trade finance and working capital management. Headquartered in New York with offices in Boston, London, and Singapore, LiquidX delivers the industry-leading ecosystem for working capital optimization to its diverse network of global participants including corporations, banks, institutional investors, and insurance providers. LiquidX incorporates blockchain technology and machine learning analytics to greatly enhance transparency, reporting, and forecasting for financial professionals. To learn more about our next generation solutions please visit liquidx.com.
| Media Contact: | Sue Hinton | |
| LiquidX (New York) | ||
| shinton@liquidx.com | +1 917-362-4518 |