Emirates NBD has joined the LiquidX network to drive innovation in transaction banking, media reports said. With that, the bank has joined the league of leading banks in Southeast Asia and Hong Kong that have done the same.
Emirates NBD will be able to focus on its core markets by leveraging LiquidX’s platform, Emirates NBD being a leading bank in the MENA region. The partnership will enable LiquidX to expand its presence into the Middle East to boost trade connectivity between Asia and the Middle East.
The LiquidX network comprises corporations, banks and non-bank financial institutions. It is the largest electronic marketplace for the exchange of trade finance assets.
Last year, Emirates NBD successfully completed an accounts receivables transaction for one of its clients on the LiquidX network. It was the bank’s first transaction on the platform. It is reported that the transaction was between a major crude oil producer from the Middle East and a Singaporean global commodity trader.
Jim Toffey, CEO of LiquidX, told the media that, “Emirates NBD is 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.”
Last December, LiquidX launched its Supply Chain Finance (SCF) programme demonstrating the company’s onboarding and execution capabilities globally.