Country Focus
Published 14 MIN READ

Digital India: A New Dawn for Treasury Management

As well as being technical experts and strategic business partners, today’s treasurers must also keep up to speed with digital innovation. This means not only understanding the role of digitisation in building a next-generation treasury function, but also recognising the importance of digital disruption in helping the wider business to grow and prosper.

With so much ‘noise’ around digital innovation, it can be difficult to filter out the trends and initiatives that truly matter. To help treasurers in India do just that, HSBC’s Global Liquidity and Cash Management business held a Digital Innovation and Transformation Forum, April 2018 in Mumbai. The Forum attracted over 100 corporate attendees.

Supporting widespread digital adoption 

Opening the Forum with an overview of India’s digital journey to date, an HSBC representative explained how the country is well on its way to becoming a digitally-empowered society and economy. He outlined some of the key milestones achieved since the launch of the government’s Digital India initiative in 2015, including the introduction of Umung, a unified platform that supports e-government activities, and the Smart Cities project aimed at delivering more sophisticated urban infrastructure and services. 

He noted that, “While one might think that digital innovation projects such as this are happening purely at a macro level, in fact, they are taking hold at a grassroots level too, ensuring all citizens have access to a single ID for government and banking services, improving digital literacy and making internet accessible for millions of rural households.”