LiquidX, a global network for illiquid assets, has announced the addition of Emirates NBD to its network. With its first transaction on the LiquidX network, Emirates NBD successfully completed an accounts receivables transaction with one of its 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.

“Emirates NBD is a valued partner for LiquidX both in the Middle East and globally,” said Jim Toffey, CEO of LiquidX. “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.”

Geographic expansion into the Middle East and Asia is a component of LiquidX’s growth strategy - leveraging the connectivity between the Middle East and Asia, particularly in the energy and petrochemicals sectors. LiquidX’s geographic expansion in Asia has focused on Asian and Middle Eastern energy producers and global commodity traders.

The LiquidX platform enables participants to transact across the trade finance, working capital and trade credit insurance asset classes. The platform and streamlined legal framework is designed to enable a network of global participants, including major corporations, banks, institutional investors, and insurance providers, to transact more effectively.  The firm has executed over US$27bn of trade volume and processed over US$100bn in post-trade settlements since 2016.