- Emirates NBD, a leading bank in the MENAT region, has joined the LiquidX network
- Emirates NBD is the latest bank to join a growing number of Asia Pacific banks on the LiquidX platform including leading banks in South East Asia and Hong Kong
- The Emirates NBD and LiquidX partnership will focus on driving innovation in transaction banking
- LiquidX continues to expand its geographic presence in the Middle East to leverage the strong trade connectivity between Asia and the Middle East, particularly in the Energy and Petrochemical space
SINGAPORE, March 08, 2020 (GLOBE NEWSWIRE) — LiquidX, the global network for illiquid assets, is excited to announce the addition of Emirates NBD to its network. Emirates NBD is a leading bank that is recognized as a digital thought leader in the MENAT region. Emirates NBD was also recently named the “Bank of the Year – UAE 2019” by The Banker magazine in recognition of its financial performance and innovation in digital banking. With its first transaction on the LiquidX network, Emirates NBD successfully completed an accounts receivables transaction with one of its key trade finance clients in the fourth quarter of 2019. The transaction involved a major crude oil producer from the Middle East selling to a large Singaporean global commodity trader – highlighting LiquidX’s global franchise in the energy and petrochemicals space.
Jim Toffey, CEO of LiquidX, commented, “Emirates NBD is a valued partner for LiquidX both in the Middle East and globally. They are a market leader in digital trade finance and share our commitment to transforming the industry. We aim to be the FinTech partner of choice for global banks and this partnership with Emirates NBD is a great example of how we can work with banks to expand their digital working capital solutions.”
“We are always looking for new and innovative ways to work with our clients,” said Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate & Institutional Banking at Emirates NBD. “By leveraging LiquidX’s leading technology platform we were able to enhance our originations capabilities in our core markets. We look forward to expanding our working relationship with LiquidX and view this partnership as an important part of the growth equation for our trade finance business.”
Geographic expansion into the Middle East and Asia is a key component of LiquidX’s growth strategy – leveraging the strong connectivity between the Middle East and Asia, particularly in the Energy and Petrochemicals sectors. LiquidX’s geographic expansion in Asia has focused on Asian & Middle Eastern Energy producers and global commodity traders.
LiquidX is the global network for illiquid assets, providing an efficient and flexible platform for participants to transact across the trade finance, working capital and trade credit insurance asset classes. Its leading technology platform and streamlined legal framework enables a diverse network of global participants, including major corporations, banks, institutional investors, and insurance providers, to transact more effectively. LiquidX has executed over $27 billion of trade volume and processed over $100 billion in post trade settlements since 2016. For more information about LiquidX, please visit www.liquidx.com.