Emirates NBD Digitizes Trade Finance With LiquidX

Emirates NBD, a leader in the Middle East, North Africa and Turkey (MENAT) region, has joined the LiquidX network, the latest in an increasing number of Asia Pacific banks to do so, according to a press release.

Emirates NBD now joins the ranks of leading banks in Southeast Asia and Hong Kong. The partnership will focus on driving innovation in transaction banking.

LiquidX, a global network for illiquid assets, has continued to expand its presence in the Middle East region, trying to leverage strong trade connectivity between Asia and the Middle East. Particular focus has been given to the areas of energy and petrochemical space.

With its first transaction on the LiquidX network, Emirates NBD successfully completed an accounts receivable (AR) deal with one of its key trade finance clients in the fourth quarter of last year. The trade involved a major crude oil producer from the Middle East selling to a large Singaporean global commodity trader.

Jim Toffey, LiquidX CEO, said the addition of Emirates NBD would be of value to the company in the Middle East and globally. He said LiquidX aimed to be the FinTech partner of choice for banks, working to expand solutions to various issues.

Ahmed Al Qassim, senior executive vice president and group head of Corporate & Institutional Banking at Emirates NBD, said the company is always looking for new and innovative ways to work with clients, and the LiquidX partnership would allow the company to enhance its originations capacities in some markets.

In December, LiquidX introduced its Supply Chain Finance (SCF) program, which showcases the company’s global onboarding and execution capabilities, same-day funding and investor desires within the high-yield credit market. Toffey said at the time that the program enables clients to transact across SCF, AR, inventory finance and trade credit in a streamlined manner.