SINGAPORE: LiquidX, the global network for illiquid assets, announced 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.