LiquidX, the New York-headquartered world FinTech options supplier for working capital, commerce finance, and insurance coverage has introduced that its Singapore entity, LiquidX Insurance coverage Companies (Singapore) [LISS], has obtained a licence from the Financial Authority of Singapore to supply insurance coverage brokerage companies within the nation.
LISS can now assist banks, asset managers and funds, and corporates of all sizes in Singapore to entry, automate, and streamline commerce credit score insurance coverage protection through the LiquidX 360 platform. The digital platform serves the whole Commerce Credit score Insurance coverage worth chain for quoting, coverage administration, and danger monitoring.
“LiquidX 360 is the one resolution that integrates commerce credit score insurance coverage with next-generation capabilities for purchasing, promoting, and managing accounts receivable and different commerce finance belongings on the identical platform,” mentioned the corporate in an announcement.
The commerce credit score insurance coverage market is estimated to roughly double in dimension from 2021 to 2027, from $9bn to $18bn, on account of its position in mitigating commerce danger in unsure financial environments. By 2025, LiquidX estimates that between 30%–50% of commerce credit score insurance coverage will probably be originated, managed, and transacted on-line. The LiquidX 360 proprietary platform will gas a good portion of this on-line progress.
“The MAS licence is a big milestone for our enterprise in Asia,” mentioned Mr Jim Toffey, CEO of LiquidX. “With a rising marketplace for commerce credit score insurance coverage, carriers and brokers wish to know-how to scale their progress, lower bills, and digitally join with their companions and policyholders. As well as, funders and corporates that handle and finance working capital on our platform can now seamlessly combine commerce credit score insurance coverage protection.”
He says that the insurance coverage broking licence will enable LiquidX to strengthen its place as the worldwide chief in digitising the commerce credit score insurance coverage market.
Mr Alex Bursak, director and regional head of Insurance coverage Asia Pacific at LiquidX, mentioned, “As a key buying and selling and monetary hub in Asia, Singapore will proceed to be an accelerator for our best-in-class tech-focused LiquidX 360 platform.”