LiquidX’s Digital Trade Credit Insurance platform was selected for recognition at the annual awards, which celebrate groundbreaking solutions that transform industry practices.
New York – November 2, 2021 – The Monetary Authority of Singapore (MAS) has named LiquidX Insurance Services (Singapore) Pte. Ltd. a finalist for the Singapore FinTech Festival (SFF) Global FinTech Awards 2021 in the Singapore Financial Institution category. The awards are a highlight of the annual festival, which takes place November 8-12, 2021.
The SFF Global FinTech Awards, supported by PwC Singapore, recognize ground-breaking solutions that have enabled the financial sector to rebound from the impact of the pandemic, including initiatives that have helped create new growth opportunities, transform industry practices, and promote financial inclusion. The theme for this year’s Awards is “Emerging from a pandemic, the road to recovery.”
The Singapore Financial Institution award is granted to a regulated Singapore institution whose Singapore office must have contributed to the implementation/deployment of the solution in at least one ASEAN country in the past three years.
The LiquidX Digital Credit Insurance solution is a platform for Trade Credit Insurance policy quoting, policy management, and risk monitoring, saving policyholders, carriers, and brokers time and effort. LiquidX digitizes and optimizes the management of Trade Credit Insurance policies by cross-referencing policy terms and conditions, authenticating the eligibility of endorsed buyers, and automating policy reporting requirements to help ensure policy compliance.
“On behalf of the entire LiquidX team, we would like to express our sincere appreciation to the panel for recognizing our achievements,” said Alex Bursak, Director and Regional Head of Insurance Asia Pacific at LiquidX. “We are really proud of our momentum in Singapore in 2021. In June we were granted our insurance brokerage license by MAS, in August the first Singapore-based insurer joined our platform, and in October we launched the pilot of our groundbreaking InBlock Digital Trade Credit Insurance solution. We are confident our innovative solutions will benefit companies, insurers, and insurance brokers in Singapore and across the region.”
Todd Lynady, Global Head of Insurance, added, “We are especially proud of this recognition given Singapore’s position as a major hub for FinTechs and InsurTechs globally. InBlock Digital Policy Management is truly a game-changer for the Trade Credit Insurance industry.”
Winners of the Singapore FinTech Festival Global FinTech Awards 2021 will be announced November 11.
The trade credit insurance ecosystem loses over a billion dollars annually due to process inefficiencies, lack of transparency, and human error. InBlock Digital Policy Management leverages blockchain technology, AI, and machine learning, allowing market participants to reduce risk, increase efficiency, and scale through automation.
New York, NY – October 21, 2021 – LiquidX, the global fintech solutions provider for working capital, trade finance, and insurance, continues to break new ground with market-changing trade credit insurance technology. After pioneering the world’s first digital trade credit insurance platform, LiquidX today announced the launch of its InBlock Digital Policy Management pilot for trade credit insurance. This solution leverages Distributed Ledger Technology (DLT), smart contract technology, and AI, integrating trade credit insurance policies into financial workflows for the first time and automating critical policy management and compliance processes.
LiquidX partnered with a financial institution and a corporate to design a solution that automates the management of multi-buyer and single-buyer insurance programs while maximizing the effectiveness and user experience of this innovative technology.
“This is a watershed moment for trade credit insurance. We built InBlock to do the hard work of digitizing and automating manual processes across the entire working capital ecosystem. Trade credit insurance, which has traditionally been user-intensive and not integrated into finance systems, is a great use case for InBlock,” said Jim Toffey, CEO of LiquidX. “Five years from now, we will look back and wonder how policies were ever managed prior to InBlock Digital Policy Management.”
Digitizing an insurance policy on InBlock creates a self-executing smart contract allowing brokers and their clients to confirm coverage eligibility at the invoice level, authenticate debtors, and automate the manual and resource-heavy day-to-day policy management and compliance processes. The result is 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.
“The challenges of the past two years have emphasized the need for a coherent digital strategy, and clients are demanding more from their brokers and insurers. Our InBlock Digital Policy Management solution not only increases efficiency and scalability for all constituents, but more importantly, the transparency it provides mitigates operational risks across the value chain. Insured parties and their lenders gain confidence a policy will perform, insurers gain a real-time view of actual value at risk, and brokers benefit from reduced E&O exposure by the automation of critically important policy compliance requirements,” said Todd Lynady, Managing Director; Global Head of Insurance at LiquidX.
Inblock Digital Policy Management will be released to the wider market in early 2022.
LiquidX is very pleased to welcome David Berse to the team as a new Managing Director. David joins LiquidX on the originations team where he will lead sales and origination for LiquidX’s Supply Chain Finance product offering.
David brings considerable corporate banking experience, having spent the last 12 years developing and structuring innovative transaction banking and liquidity solutions. David was previously a Sales Director at Bank of America, helping multinational corporations optimize working capital, improve liquidity and increase treasury efficiency by devising global trade finance and cash management solutions. Previously, David managed a team of cash management sales specialists at Deutsche Bank, focused on structuring cash management, liquidity, and FX solutions for the Industrial and Consumer/Retail sector. Prior to that, David served various roles at J.P. Morgan, including a Treasury Services Advisor and a Liquidity Solutions Specialist. David has his bachelor’s degree from Rutgers and his MBA from the NYU Stern School of Business.
Don’t miss LiquidX Director Omer Ibrahim at the upcoming GTR US Trade & Working Capital Conference on June 13, 2019 in Chicago. Omer will be presenting a “Lighting Talk” where he will discuss LiquidX’s network approach to trade finance and working capital solutions along with the benefits of the recently debuted insurance platform. If you’re attending the conference, be sure to catch Omer’s talk, scheduled for Thursday at noon.
LiquidX is excited to participate in the International Credit Insurance and Surety Association’s 77th annual general meeting this coming Friday June 7th, 2019. CEO Jim Toffey and Head of Sales Glenn Kocher will be highlighting LiquidX’s trade credit insurance network to the over 40 insurance carriers participating in the meeting. If you’re attending, please stop by our booth afterwards to learn more about how our technology platform is changing the way trade credit insurance is transacted – we look forward to seeing you there!