LiquidX, a global network for illiquid assets, announced on Tuesday it has welcomed DBS Bank to its network. According to LiquidX, DBS is a financial services group in Asia that has successfully completed a primary receivables transaction with one of its key relationship clients through the LiquidX network in the second quarter of 2019.
While sharing more details about the collaboration, Jim Toffey, CEO of LiquidX, stated:
“Our partnership with DBS marks another step towards building digital ecosystems that enable businesses to deliver efficient and easily scalable solutions to its customers across borders. DBS’ strong digital agenda also makes the bank an ideal partner as they share a common vision that digitization will play a key role in transforming the transaction landscape for trade finance and other adjacent working capital asset classes.”
Sriram Muthukrishnan, Managing Director and Group Head of Trade Product Management at Global Transaction Services of DBS Bank, also commented:
“We are excited to be working with LiquidX to bring new working capital solutions for our clients. We believe DBS’ and LiquidX’s innovative technology platform, streamlined legal framework, client network, and digitization strategy will be complementary and deliver superior and scalable solutions across multiple customer segments. We welcome such partnerships where focus is placed on improving the overall customer journey.”
LiquidX then noted that in addition to the partnership with DBS, it is expanding its office in Singapore. Rohit Goyal, head of Asia at LiquidX, went on to add:
“Asia is a key growth market for LiquidX and we see a tremendous amount of opportunity across our entire product set. Singapore has a vast and vibrant Fintech community, which coupled with governmental support for trade and commerce makes it a strong hub for our business. We have hired an exceptional team who bring a wealth of experience across asset management, commodities, trade finance and working capital. Our presence in Singapore puts us in position to benefit from the growth of digital trade networks in Asia.”