LiquidX gains brokerage license in Singapore

LiquidX, a global fintech solutions provider for working capital, trade finance, and insurance, has been granted approval by the Monetary Authority of Singapore (MAS) to offer insurance brokerage services in the country.

The firm’s Singapore entity, LiquidX Insurance Services (Singapore) Pte. Ltd. (LISS), can help banks, asset managers and funds, and corporates in the region to access, automate, and streamline trade credit insurance coverage via the LiquidX 360 platform.

Alex Bursak, Director and Regional Head of Insurance Asia Pacific at LiquidX, has been named Director of the program.

The trade credit insurance market is estimated to roughly double in size from 2021 to 2027, from $9 billion to 18 billion, due to its role of mitigating trade risk in uncertain economic environments.

By 2025, LiquidX estimates that between 30% to 50% of trade credit insurance will be originated, managed, and transacted online.

“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.”

Bursak also commented: “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.”

The post LiquidX gains brokerage license in Singapore appeared first on ReinsuranceNe.ws.

Source: https://www.reinsurancene.ws/liquidx-gains-brokerage-license-in-singapore/

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