LiquidX, a global network for working capital, trade finance and insurance, has appointed Alex Bursak as Director and Regional Head of Insurance for the Asia Pacific (APAC) region, based in Singapore.
In the role, Bursak will accelerate LiquidX’s strategic expansion in Asia as well as in the broader trade credit insurance market. Trade credit insurance revenue tripled on the LiquidX platform in 2020 as clients, brokers, and insurance carriers continued to adopt comprehensive digital solutions for risk mitigation.
“LiquidX’s insurance business is surging, driven by a substantial increase in demand for insurance and receivables puts from asset managers and trade finance banks. In addition, we’ve seen a huge rebound in interest for trade finance and working capital assets in Asia from our growing base of 50-plus funders,” says Ali Hackett, Chief Revenue Officer of LiquidX. “Alex will be instrumental in strengthening our position as the leader in digitising the trade credit insurance market and will accelerate the reach for all LiquidX trade finance solutions in the APAC region.”
“By 2025, upwards of 30-50 per cent of trade credit insurance will be originated, managed, and transacted online. These capabilities are built into our pioneering LiquidX 360 platform, which already serves the majority of carriers in the North American market with an aim of 15 carriers globally by the end of the year,” says Jim Toffey, CEO of LiquidX. “With Alex joining our Singapore team, on top of tremendous 2020 insurance growth and our recent multi-year investment from Broadridge Financial Solutions, Inc. (NYSE: BR), we are very well-positioned for market leadership in 2021 and beyond.”
Over his 15-year career in trade finance Alex has held roles of increasing responsibility in corporate banking and trade credit insurance. Alex joins LiquidX from Euler Hermes Asia Pacific, where he most recently served as Head Distribution for Singapore. Prior to that role, Alex was Country Manager for Euler Hermes Indonesia and Head of Information and Grading covering the ASEAN region.
Before joining Euler Hermes, Alex spent over six years in corporate banking at NordLB, where he served as a senior risk manager for the South East Asia region and as an analyst in corporate and structured finance in Germany.
The LiquidX 360 platform is the most advanced solution in trade finance and working capital, featuring seamless access to accounts receivable and supply chain finance, with seamless binding of trade credit insurance and linking to assets bought on the platform.