The global fintech solutions provider LiquidX recently announced that its Singapore-based unit, LiquidX Insurance Services, Singapore (LISS) has received an insurance brokerage licence from the Monetary Authority of Singapore (MAS) and plans to expand its business in Asia, according to media reports.
After receiving the brokerage licence, LISS can help banks, asset managers, funds and corporates of all sizes to access, automate, and streamline trade credit insurance coverage with the help of their LiquidX 360 platform. It helps the entire trade credit value chain for quoting, policy management, and risk monitoring.
Jim Toffey, CEO of LiquidX told the media, “The MAS licence is a huge milestone for our business in Asia. 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.”
He also added that the insurance broking licence will allow LiquidX to reach its vision of becoming the global leader in digitising the trade credit insurance market. The company prides itself as the only solution platform that integrates trade credit insurance with next-generation capabilities for buying, selling, and managing accounts on the same platform.
According to experts, the trade credit market is expected to double in size from 2021 to 2027, from $9billion to $18billion after it participated in mitigating trade risk in uncertain economic environments. It is estimated that by 2025, around 30-50 percent of trade credit insurance will be managed, and transacted online.
Image credits- Dealstreet Asia