Coface Singapore – First Insurer in Asia-Pacific to Join the LiquidX Digital Trade Credit Insurance Platform
NEW YORK, Aug. 02, 2021 (GLOBE NEWSWIRE) — LiquidX, the global fintech solutions provider for working capital, trade finance, and insurance, today announced that Coface Singapore Branch has joined its LiquidX 360 digital platform. The state-of-the-art tech platform offers enhanced operational efficiency and transparency for all participants in the trade credit insurance market, including carriers, brokers, and policyholders.
Coface Singapore is the first carrier in the region to join the platform since LiquidX was granted an insurance brokerage license from the Monetary Authority of Singapore in June 2021. This move marks the first step for LiquidX in replicating its successful business model in the United States. The majority of trade credit insurance carriers in the U.S., representing 80% of market premium, are active on LiquidX 360 platform. Todd Lynady, Global Head of Insurance at LiquidX, added, “Trade Credit Insurance is in great demand and highly valued by companies in Asia Pacific. We are very happy to welcome Coface Singapore as the first insurance carrier to join the platform in the region.”
“There’s no doubt that digital technology presents new opportunities for our industry and we are delighted to join the LiquidX platform,” said Graham Crozier, Country Manager of Coface Singapore. “We are ‘for trade,’ meaning we’re committed to adapt to where our services are needed most in support of effective local, regional and global trade.”
The LiquidX 360 platform digitizes trade insurance policies to automatically cross-reference policy terms and conditions and authenticate the eligibility of endorsed buyers. It provides unparalleled insight and transparency into a policy, or portfolio of policies, while providing the tools to manage all components of insured transactions in one centralized platform, regardless of geography, product, or broker.
“Coface is an established leader in Trade Credit Insurance and one of the first carriers to invest in the digital transformation of our industry, so it’s no surprise they are at the forefront of innovation in this space,” said Alex Bursak, Regional Head of Insurance Asia Pacific at LiquidX. “We look forward to working with the Coface Singapore team to deliver best in class solutions for banks, corporates, and asset managers to mitigate their trade credit risk across this growth region.”
Coface: for trade
With 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Debt Collection, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2020, Coface employed ~4,450 people and registered a turnover of €1.45 billion.
COFACE SA is listed on Compartment A of Euronext Paris
ISIN Code: FR0010667147 / Mnemonic: COFA
Coface Singapore branch
Coface Singapore branch is a general insurance company, licensed under the Singapore Insurance Act (Cap. 142). As an integral part of providing trade credit insurance solutions, Coface Singapore branch also provides assessments on credit risk of trade counterparties of their policyholders. These assessments are provided for trade purposes and are not intended to be relied upon for investment, for activities in the securities and futures industry, extension of loan or for other regulatory purposes.
MEDIA CONTACTS
Karen YIK – T. +852 2585 9121 [email protected]
Leo CHAK – T. +852 2585 9132 [email protected]
About LiquidX
LiquidX is a leading global technology company that enables finance professionals to transact faster, smarter, and cheaper by digitizing their trade finance and working capital management. Headquartered in New York with offices in Boston, London, and Singapore, LiquidX delivers the industry-leading ecosystem for working capital assets to its diverse network of global participants including multinational corporations, banks, institutional investors, and insurance providers. LiquidX incorporates blockchain technology and machine learning analytics to greatly enhance transparency, reporting, and forecasting for finance professionals. To learn more about our next generation solutions please visit liquidx.com.
Media Contact:
Sue Hinton – T. +1 917 362 4518, [email protected]
