Chapter 1: Corporate Recognition Awards Winners

Breaking Boundaries: ADNOC’s Visionary Treasury Makeover

The Abu Dhabi National Oil Company (ADNOC) has reimagined its treasury operations with a dual focus on automation and market expansion. By digitising its cash management and securing a landmark $4bn bond issuance, the company is redefining what best-in-class treasury looks like in the Middle East.

For years, ADNOC’s cash operations were constrained by fragmented systems, manual reconciliations, and a reliance on physical cash handling, which – as many large corporations will understand – resulted in inefficiencies and high operational costs.

Recognising the need for a more agile and transparent treasury function, a digital overhaul of cash management processes was undertaken. The introduction of point-of-sale (POS) machines across medical and remote sites enabled secure and efficient revenue collection. At the same time, the integration of SAP Concur facilitated automated expense approvals and reconciliation, streamlining processes, and enhancing financial visibility. AI-powered cheque-clearing solutions further improved efficiency, reducing processing times and ensuring greater financial accuracy.

This transition has significantly reduced human error, accelerated reconciliation operations, and provided real-time oversight of financial transactions. By integrating these digital tools into a single, seamless system, the company has not only enhanced operational efficiency but also strengthened compliance and internal financial controls, ensuring greater security and accuracy in every transaction.

Undeniably, the impact of this transformation has been profound. Manual cash handling has been reduced by 95%, freeing up valuable resources and improving security. Automated reconciliations and approvals have saved more than 150,000 man-hours, while AI-driven solutions have enabled ADNOC to collect AED118m in revenue digitally. Meanwhile, real-time financial oversight through intelligent dashboards has enhanced decision-making capabilities, ensuring a more proactive approach to treasury management.

A bond like no other

Alongside these operational improvements, ADNOC also made a landmark debut in the international bond market with a $4bn issuance. This transaction, structured through ADNOC Murban, marked a pivotal shift in the company’s financial strategy. 

By issuing a multitranche offering with maturities of five, 10, and 30 years, ADNOC successfully diversified its funding sources and reinforced its financial standing. The market response was emphatic. ADNOC Murban’s bond sale attracted an orderbook exceeding $14.3bn, an almost four-fold oversubscription, reflecting extraordinary investor confidence. The pricing set new records:

• Tightest spread ever achieved by a debut Central and Eastern Europe, Middle East and Africa (CEEMEA) corporate issuer for a 30-year tranche in the region
• Most competitive pricing for a five- and 10-year tranche in a decade
• Tightest spread to Abu Dhabi sovereign debt for a five-year tranche by any Abu Dhabi government-related entity (GRE)

To deliver an issuance of this scale, ADNOC also partnered with some of the world’s leading financial institutions. J.P. Morgan and Morgan Stanley acted as global co-ordinators, while Bank of America Securities, Citi, and First Abu Dhabi Bank led the bookrunning. HSBC, Abu Dhabi Commercial Bank, Mizuho, and SMBC Nikko played supporting roles, ensuring that ADNOC’s offering reached the right mix of investors across North America, Europe, the Middle East, and Asia.

Facing the future

By integrating AI and automation into its treasury functions while simultaneously securing a landmark bond issuance, ADNOC has demonstrated its ability to balance operational efficiency with forward-looking capital management. And throughout both projects the treasury team demonstrated an innovative spirit and great resilience, making them deserving winners of the Best-in-Class Treasury – Middle East Award.

This article was last updated on 23 April 2025

Cracking the Cash Flow Code at Signature Global

Whether creating affordable homes or expanding into the luxury market, Signature Global has grown into a key player in the real estate sector in India. But as its projects multiplied and operations expanded, so did the complexity of its financial management. A new solution was called for – and seamlessly delivered.

With more than 30 active projects and transactions spread across at least 200 bank accounts, Signature Global’s treasury team realised the need for the next level of automation – to have a seamless cash management process and strategic financial decisions on time. In other words, real-time decisions necessitated a move from semi-automated process to fully automated process.

Recognising the need for change, Signature Global turned to IBSFINtech, and its InTReaX® Cashflow & Liquidity Management solution, to rethink how it handled treasury operations, with a particular focus on gaining visibility and control over cash.

Changing the tide

By working closely with the team at IBSFINtech, the InTReaX® system has now introduced a centralised approach to cash and liquidity management, tailored to meet Signature Global’s specific needs.

The platform has consolidated all 200-plus bank accounts into a single dashboard, providing real-time updates through API integration. In turn, this has enabled the treasury team to monitor cash balances, project-specific cash flows, and overall liquidity at a glance.

In addition, the automated categorisation functionality of the platform, which sorts all the bank statements’ line items into the different cash flow files, has replaced the previously semi-automated processes with fully-automated processes, saving valuable time and effort. Moreover, Signature Global’s management team can now use interactive dashboards to analyse spends and receipts at the global, bank or project level to gain further insight into their operations.

Forecasting was another critical improvement. The system integrates AR/AP and other cash flow elements to create accurate, consolidated forecasts. These forecasts not only support day-to-day operations but also mean that the treasury team can analyse variances and refine future projections – at the click of a button.

Building higher and higher

This project has made a tangible impact on the treasury team and wider business, through:

• Real-time insights replacing fragmented data, providing clarity across all projects and accounts
• Automation leading to reduced efforts, freeing up the treasury team to focus on strategic priorities
• Project-specific cash flow tracking to enable smarter resource allocation
• Consolidated forecasts improved planning for liquidity, borrowing, and investments

For Signature Global, the results speak volumes. Efficiency improved across the board, and the treasury team was finally equipped with the necessary tools to manage finances in real-time.

Satyendra Tripathi, CIO, Signature Global, sums it up: “With just a few clicks, we now have real-time visibility of cash flows. This has not only improved efficiency but also empowered our team to make quick and informed decisions, ensuring we’re always a step ahead.”

In short, by implementing IBSFINtech’s InTReaX® solution, Signature Global now has the benefit of an efficient, real-time system. For a company operating at scale, the ability to simplify complexity and unlock actionable insights has now become a cornerstone of its success. And is rightly recognised as Highly Commended in the Best Overall Cash Management Project category at the 2025 TMI Awards.

This article was last updated on 23 April 2025

Forging Ahead: POSCO’s Innovative FX Risk Solution

When FX risk began to weigh on POSCO’s global operations, the steel giant partnered with Standard Chartered to implement a tailored invoice financing solution. By embedding cross-currency hedging and optimising working capital, POSCO successfully reduced costs, mitigated risk, and enhanced liquidity management across its global supply chain – winning TMI’s Best Trade/Supply Chain Solution 2025 in the process.

As the world’s sixth-largest steel producer, POSCO operates on a global scale, with subsidiaries spanning diverse markets. Managing cross-border trade and intercompany transactions presented a significant challenge for the steel giant. By shifting from USD to local currencies (THB, INR, CNY) for intercompany trade, POSCO sought to significantly reduce the FX risk for its subsidiaries. But this change transferred FX exposure to POSCO HQ, creating financial vulnerabilities that the company knew needed addressing.

Determined to find a solution that would protect its balance sheet without compromising operational efficiency, POSCO turned to Standard Chartered for a structured financing strategy that would eliminate FX risk while improving working capital management.

A smarter approach

Understanding the depth of POSCO’s challenge, Standard Chartered crafted an innovative trade financing structure that integrated export and import invoice financing with an embedded FX hedge. The goal was to create a synthetic cross-currency funding mechanism that would enable POSCO to match its intercompany receivables in THB, INR, and CNY against its USD payables.

The solution worked in two key ways:

• Export invoice financing: POSCO could discount invoices denominated in local currencies and receive upfront payment in USD, helping to accelerate cash flow and shorten its days sales outstanding (DSO).
• Import invoice financing: to settle its USD payables, POSCO accessed financing at lower rates by leveraging local currency funding. Instead of sourcing expensive USD financing, POSCO could repay Standard Chartered in local currency on the due date, effectively extending its days payable outstanding (DPO) and preserving liquidity.

By embedding FX hedging within these transactions, Standard Chartered ensured that POSCO could navigate the complexities of cross-border trade without being at the mercy of fluctuating exchange rates. This structured solution also leveraged offshore FX markets, enabling the company to access lower-cost funding and optimise its financial operations.

Increasing resilience

For POSCO, this structured trade finance solution has delivered transformational benefits. The embedded FX hedge eliminates the currency risk that had previously created financial uncertainty. The working capital improvements are equally significant – by shortening DSO and extending DPO, POSCO has strengthened its cash flow position, ensuring greater financial stability.

Beyond financing

Furthermore, Standard Chartered’s ability to match local currency receivables with USD payables meant POSCO could secure financing at lower benchmark rates, significantly reducing its overall cost of funding. By leveraging this innovative approach, the steelmaker not only improved treasury efficiency but also positioned itself for long-term financial resilience.

This project deserves recognition as an example of modern treasury excellence. It highlights the importance of collaboration, innovation, and financial expertise in delivering measurable, strategic impact. Thanks to some outside-the-box thinking, POSCO now has a financing framework that supports its global ambitions without the burden of currency risk.

This article was last updated on 23 April 2025

Wired for Success: Supercharging Ducab’s Trade Finance

One of the leading cable manufacturers in the Middle East, Dubai Cable Company (Ducab) faced a challenge familiar to many businesses operating in complex trade ecosystems: how to unlock cash flow from receivables while mitigating risk and maintaining strong relationships with key buyers. Seeking a solution that would balance liquidity enhancement with financial prudence, the company implemented an innovative receivables discounting programme.

With a diverse customer base spanning government entities, private sector distributors, and international buyers, Ducab faced a common challenge: how to convert receivables into cash quickly while managing credit risk effectively. Traditional financing options posed limitations. Relying on external debt would impact leverage, while existing receivables discounting solutions often lacked the flexibility needed for a mixed portfolio of buyers. In addition, Ducab wanted to ensure that its buyer relationships remained intact, without disrupting collection processes. The company needed a tailored approach, one that would provide liquidity, mitigate risk, and support business growth.

Taking a flexible path

Rather than applying a one-size-fits-all model, Standard Chartered worked closely with Ducab to design a ‘limited recourse’ receivables discounting programme that is as dynamic as the business itself. The solution adapts to the different types of buyers, structuring financing around their payment behaviours instead of forcing a rigid framework onto them.

For government buyers, the bank used its deep regional relationships to offer clean credit appetite, something most banks wouldn’t consider. Where direct relationships with buyers were limited, the bank leveraged standby letters of credit (SBLCs) from other financial institutions to underwrite risk. Meanwhile, for Ducab’s exports, credit insurance was used to protect against potential defaults, particularly in Asia, where some buyers had weaker financials.

As well as offering risk mitigation benefits, this structure helped ensure cash flowed efficiently without disrupting existing business dynamics. Recognising that some buyer relationships were particularly sensitive, Standard Chartered also structured a hybrid collections model. This means that some payments flow directly through the bank, while others are still managed by Ducab, preserving its commercial relationships.

Crucially, the financing terms aren’t dictated by a standard banking model but are built around Ducab’s actual payment cycles. As such, buyers aren’t forced into unrealistic timelines – instead, the bank has introduced grace periods that aligned with when payments are actually expected. This has resulted in faster cash realisation without straining partnerships.

Liquidity and confidence

With this flexible structure in place, Ducab can now turn receivables into cash almost as soon as invoices are raised, without taking on additional debt. Working capital has improved, leverage has remained stable, and sales have been able to grow without the usual constraints of slow-moving receivables. With stronger risk coverage, Ducab can also engage more confidently with buyers, knowing it has the backing to offer flexible terms where needed.

Beyond the numbers, this solution has strengthened Ducab’s strategic position, enabling the company to take a longer-term view on growth, knowing that working capital won’t be a bottleneck.Aliasgar Rangwala, Director, Corporate Finance, Strategic Treasury and Risk, Ducab, notes: “Ducab appreciates the service offerings from Standard Chartered Bank, particularly in enhancing technology standards. Both organisations benefit from this partnership, and user experiences have been enriched across multiple business dimensions. Standard Chartered’s dedication to delivering innovative financing solutions despite challenges is commendable. This dynamic approach has improved our group liquidity, fostered supplier partnerships, and strengthened our balance sheet.”

This article was last updated on 23 April 2025

Indivior Embraces Enhanced Analytics to Reinforce Risk Management

Global pharmaceutical company, Indivior, is renowned for its pioneering work developing medicines for substance use disorders. But it was looking for a fresh way to improve risk management across its investment portfolio – and turned to ICD for help.

Indivior’s treasury was facing challenges in analysing counterparty exposures across its diverse investment portfolio. The company’s investment strategy included a mix of MMFs with same-day or T+1 access, complemented by longer-term cash held in separately managed accounts.

The treasury team of three relied on ICD Portal for its MMF investments but faced a time-intensive process when aggregating exposures across other investment sources. Every month, the team manually collected reports, consolidated data across hundreds of counterparties, and cross-referenced credit ratings from Bloomberg to ensure compliance with their investment policy. This painstaking process could take up to a full day of work, could be open to errors, and could limit the time that treasury had for higher-value activities.

Having worked with ICD for more than a decade, Indivior Treasurer at the time, Bill Lundeen, recognised the potential for innovation. He proposed a solution to aggregate exposures from all investment sources, not just those traded on ICD Portal. By sharing Indivior’s data and detailed requirements, Lundeen became a design partner, contributing to the development of ICD Portfolio Analytics. Over time, treasurers from other firms joined the initiative, ensuring the tool addressed various industry needs.

Transformative treasury outcomes

ICD Portfolio Analytics revolutionised Indivior’s investment reporting. The tool reduced the time required for data aggregation and analysis by nearly a full day each month. This efficiency gain enabled the team to conduct more frequent and dynamic analyses, using real-time indicators like CDS spreads and equity price changes to identify potential risks.

“The portfolio analytics solution helped me demonstrate that everything we were doing was in compliance with our investment policy,” comments Lundeen.

For example, Lundeen noticed a significant exposure to a single financial institution during a routine review. Leveraging the tool’s insights, he identified that over 80% of this exposure stemmed from one MMF. The team acted quickly, rebalancing their portfolio to reduce risk while ensuring compliance with their investment policy.

ICD Portfolio Analytics’ advanced capabilities include automated aggregation, real-time data visualisation, and intuitive reporting. And what began as the search for a solution for one company became a solution that any treasurer can benefit from.

This collaborative innovation rightly gained the company the Best Risk Management Solution prize at the TMI Awards 2025.

“Corporate treasurers should reach out to each other and their technology providers about their challenges and needs and leverage technology to solve these issues,” Lundeen enthuses. “Look for providers who are willing to listen, who are flexible and who will dedicate the resources to make your vision a reality.” 

This article was last updated on 23 April 2025

Digitised Solutions Drive Yuexiu Group’s Treasury to New Heights

One of China’s leading conglomerates, Yuexiu Group, has transformed its treasury operations by implementing a corporate treasury centre (CTC) and shared treasury platform. Collaborating with Bank of China (Hong Kong) Limited (BOCHK), Yuexiu has enhanced efficiency, visibility, and liquidity management across its extensive global operations.

Established in 1985, over the course of almost 40 years, Yuexiu Group has transformed and developed a ‘4+X’ modern business structure – meaning its business focuses on four main industries, and extends towards other industries. The four main industries are finance, real estate, transportation infrastructure, and food. The group owns hundreds of overseas subsidiaries and holds six listed companies, making its cash management complex.

Prior to the transformation, the decentralised treasury structure had resulted in inefficiencies, including manual account management and fragmented financial practices. Subsidiaries managed their accounts independently, which led to high operating costs, limited visibility of global cash positions, and challenges in reallocating resources efficiently.

Manual processes caused significant operational pain points. Account reconciliation and payment approvals were time-consuming and error prone. Payment failures resulting from incorrect data inputs were common, while delays in batch processing slowed treasury operations. Seizing the initiative, Yuexiu Group planned a complete transformation of treasury management through automation and centralisation.

Revolutionising treasury management

Yuexiu Group partnered with BOCHK to undertake this overhaul. This project’s core development is the Corporate Treasury Centre (CTC) managed by Yuexiu Enterprises (Holdings) Limited. The CTC oversees cash flow and treasury functions for more than 150-member companies worldwide. This centralised management structure is designed to manage overall cash position, streamline internal operations, enhance treasury governance, and improve operating efficiency.

The introduction of a shared treasury platform has revolutionised financial operations. Covering the entire fund life cycle, the platform enables real-time monitoring of cash flows, fund allocation, payment settlements, and investment management. By adopting an Application Programming Interfaces (APIs) connection with BOCHK, Yuexiu Group can monitor real-time transactions and queries, cut down on delays caused from traditional batch processing and enhance risk management capabilities. The enhanced digital connectivity has improved data handling accuracy while increasing treasury visibility and control.

Tangible outcomes

The benefits of Yuexiu Group’s treasury evolution have been profound. Bulk payment processing speed is now 70% faster, while manual reconciliation time has been cut by 90%. By centralising operations, the group has reduced manual errors in account reconciliation and payment processing by 80%, enhancing overall efficiency and reducing risks.

Automated sweeping enables surplus balances from group subsidiaries to be automatically swept into Yuexiu’s CTC in Hong Kong daily, supporting the group’s strategic reinvestment and driving greater liquidity management efficiency. And through its centralised management structure, Yuexiu Group now centralises more than 75% of its overseas surplus balances. This has reduced its reliance on external borrowing, the estimated yield for surplus funds has been increased to more than 3%.

In summary, Yuexiu Group’s innovative use of centralised and digitalised treasury management solutions is a worthy winner of the Best in Class Treasury – China 2025 Award. The API-enabled shared platform has enhanced operational efficiency and mitigated liquidity and FX risks effectively. What’s more, Yuexiu’s journey offers a scalable model for other multinational corporates navigating similar challenges.

This article was last updated on 23 April 2025

Embracing UPI AutoPay for Seamless Loan Repayments at TVS Credit

A leading non-bank financial company (NBFC) in India, TVS Credit, has transformed its customer experience and operational efficiency by adopting an API-based UPI AutoPay recurring mandate module. By reducing the mandate registration process for new loans from up to a full day to just two minutes, TVS Credit has elevated customer onboarding to a new standard. The project has driven digital repayment adoption rates from 41% to 53% within six months of implementation while streamlining internal processes and boosting productivity.

TVS Credit Services Limited (TVS Credit) is one of India’s leading and diversified non-banking financial companies (NBFCs), registered with the Reserve Bank of India (RBI). With over 49,300 touchpoints and nearly 18 million customers across 25 states in India, the company aims to empower Indians to dream bigger and fulfil their aspirations.

TVS Credit sought to improve its manual loan repayment and reconciliation processes. Customers were previously onboarded through an offline registration mandate and verification by banks – a time-consuming process which could take up to a full day to complete. Additionally, the manual reconciliation processes was lowering efficiency for the treasury team, delaying cash flow visibility and complicating payment rejection handling.

In collaboration with HSBC, TVS Credit adopted the Unified Payments Interface (UPI) AutoPay recurring mandate system, supported by APIs. This innovative solution digitised the entire loan repayment process, enabling real-time onboarding and seamless collection of repayments. Using unique virtual payment addresses (VPAs), customers could register their mandates by providing their mobile number and VPA. The API would instantly trigger an authentication request via the customer’s payment service provider (PSP) app, completing the registration within minutes.

Streamlining operations

The UPI AutoPay system has eliminated manual intervention in the loan repayment process. Funds are now automatically debited on schedule, enabling timely collections while ensuring a seamless customer experience. TVS Credit also receives real-time notifications for successful transactions or payment rejections, allowing immediate action to resolve issues and increasing overall transaction success rates. The enhanced reconciliation capabilities enable the treasury team to map collections against loans on the same day, significantly improving cash flow visibility.

Another advantage of the solution is its scalability. As TVS Credit continues to grow its customer base and transaction volumes, the API infrastructure ensures the system can handle increasing demand without requiring additional resources. This has strengthened the company’s operational resilience and given it a competitive edge in the NBFC market.

Driving financial inclusion

In addition, the adoption of UPI AutoPay has produced notable outcomes for TVS Credit. Customer onboarding times have been reduced to just two minutes, transforming the customer experience, while digital repayment adoption has surged to 53%, a significant leap in just six months.

As one of India’s first commercial loan providers to adopt UPI technology, TVS Credit has set a benchmark for digitisation in the sector. The company is a worthy Highly Commended winner of the Best Emerging Technology Solution at the TMI Awards as it has prioritised speed, convenience, and scalability to enhance its service offering and advance its mission of financial inclusion for millions of Indians. This initiative exemplifies how innovation in treasury and payment processes can drive growth, efficiency, and customer satisfaction.

This article was last updated on 23 April 2025

Shell Treasury Fuels Renewable Ambitions

Integrating Sprng Energy (Sprng), a leading wind and solar renewable energy platform with 1.8 GW capacity in operations and 1.9 GW under construction/contract, into its global banking infrastructure, Shell has set a new benchmark for treasury best practices. By harmonising their bank accounts, Shell unlocked significant efficiency gains while implementing innovative solutions such as multi-entity cash concentration structures and optionally convertible debentures (OCDs). These strategies optimised Sprng’s liquidity management, creating robust ways of treasury management that empowers their renewables business to thrive in a rapidly evolving energy market.

Following its acquisition of Sprng in 2022, Shell faced the challenge of integrating a renewables business that operates across 38 special purpose vehicles (SPVs) in India, each at different stages of their project life cycle.

This complexity was compounded by India’s intricate regulatory environment, which presented multiple challenges around capital injection, cash management, and compliance with strict FX controls. Additionally, Sprng’s previous banking structure was cumbersome due to a mix of local banks and non-bank providers.

Shell worked closely with HSBC to transform Sprng’s banking organisation. Together, they simplified the banking structure and greatly reduced their total number of bank accounts while implementing centralised cash visibility through HSBC’s digital platform. This streamlined set-up included advanced cash forecasting capabilities, automated payment processing, and yield enhancement which adds to Sprng’s operational efficiency.

Thinking outside the box

One of the project’s most impactful achievements was the rapid establishment of a foreign venture capital investment (FVCI) account to enable group funding through OCDs. This method of capital infusion eliminated the constraints previously posed by project financing, providing Sprng with the flexibility to deploy funds where needed. Through HSBC’s expertise the FVCI custodian account was established quickly, and Shell was able to address Sprng’s liquidity needs in an swift manner.

The other key innovations from the close collaboration were the enablement of domestic intercompany loans and a multi-entity cash concentration structure to further optimise liquidity. In addition, automated cluster deposits were introduced to maximise excess liquidity with fixed tenures, enhancing yield and ensuring cash availability for Sprng’s dynamic project requirements. Shell also hedges their FX risks using a holding company/treasury centre via onshore and offshore markets.

A robust foundation for future success

The simplification of treasury operations has resulted in substantial resource and cost savings. The transformation has equipped Sprng with innovative treasury solutions to manage its expanding portfolio of renewable energy projects, deservedly netting Shell and Sprng the Best in Class Treasury – Asia accolade at this year’s TMI Awards. Through close collaboration with HSBC and leveraging on the bank’s expertise, Shell has empowered Sprng’s growth and set the standard for treasury practices in the renewables sector, creating a robust foundation to drive the energy transition forward.

This article was last updated on 23 April 2025

Bringing the Magic to Cash Flow Forecasting Through Automation at HP

A global leader in personal computing and imaging technologies, HP Inc., has transformed its treasury operations in Asia Pacific by adopting HSBC’s Cash Flow Forecasting (CFF) solution. HP’s regional treasury team successfully moved from a 100% manual process to a 100% automated workflow across five markets, and in a short time frame. In fact, each implementation took just a few weeks and required minimal IT or financial resources.

Despite having an established TMS for company-wide cash forecasts, HP’s treasury team faced challenges at the entity level. A headache no doubt familiar to many treasury leaders.

Cash positioning and forecasting relied heavily on manual processes, with transaction flows consolidated into Excel spreadsheets. In addition, each entity required three to four hours’ detailed manual effort for analysis, amounting to hundreds of hours across the region and leaving little time for strategic initiatives. Reliance on static historical data also made it difficult to adapt to real-time market conditions, impacting financial decisions.

What’s more, manual methods simply could not keep up with HP’s expansive operations, meaning it was difficult to scale forecasting efficiently across multiple markets. HP urgently needed a solution that could automate forecasting, improve accuracy, and provide real-time insights into cash positions across entities and currencies.

Getting future-ready

To help tackle these issues, HP partnered with HSBC to implement a smart CFF tool, an integrated module within the HSBCnet platform. The solution quickly and easily automates cash flow analysis and forecasting processes, requiring minimal IT involvement. Following a successful prototype implementation, the tool was rolled out to five additional markets by August 2024, covering more than 30 accounts across 16 entities, with plans for further expansion.

The implementation process went smoothly and the tool now provides real-time visibility into cash positions and forecasts, enabling the treasury team to gather actionable insights. A one-time configuration also enabled automated data feeds, eliminating the need for manual consolidation. In addition, third-party bank accounts were also integrated, providing treasury with a comprehensive – and importantly, bank-agnostic – view of cash positions across all entities.

A scalable smart solution

Through this cutting-edge project, HP has achieved considerable cost and time savings by automating its cash flow forecasting in the current higher interest rate environment. The enhanced forecasting accuracy enables the treasury to monitor better cash inflows and outflows, prioritise transactional flows, and optimise liquidity. This reduces reliance on external borrowing and unlocks cheaper internal funding sources, helping HP’s treasury meet its KPIs and operational goals.

The solution’s scalability ensures it can support HP’s continued growth across new markets. Siew Cheng Lim, APAC Treasury Regional Manager, HP, explains the positive impact: “The CFF platform has transformed how we manage liquidity. Real-time insights and automation have dramatically improved our forecasting accuracy and operational efficiency.” While Loh Kuai Yee, Treasury Director,  HP, adds: “By streamlining cash management, we’ve unlocked internal funding and strengthened HP’s financial resilience in a challenging economic landscape.”

This achievement is rightly recognised at the TMI Awards 2025 as the Best Cash Flow Forecasting Solution, celebrating the strategic partnership between HP and HSBC, where innovation has delivered measurable results and freed up the team to concentrate on more strategic treasury tasks.

This article was last updated on 23 April 2025

Real-Time Revolution: How BioNTech Built a Treasury for the Future

Fast, innovative, and future-focused: BioNTech’s approach to treasury mirrors its pioneering work in biotech. From managing tremendous growth to implementing real-time liquidity solutions, the company’s recent treasury evolution, winning the Best Treasury Tech Overhaul at the 2025 TMI Awards, is a masterclass in agility.

Innovation has always been part of BioNTech’s DNA. Founded in 2008 by immunologists and oncologists Ugur Sahin, Özlem Türeci, and Christoph Huber, the company initially focused on revolutionising cancer treatment through mRNA-based immunotherapies.

But it was its Covid-19 vaccine that made BioNTech known globally. In less than a year, the biotech firm (partnering with Pfizer) developed the first approved mRNA-based vaccine, proving both the potential of the technology and the company’s ability to move at extraordinary speed.

Yet this rapid rise brought operational challenges. In 2020, BioNTech was still a small biotech startup. By 2021, its revenue had skyrocketed to €18.98bn from €482m the year before. Treasury processes designed for a startup suddenly had to support a multinational pharmaceutical player handling billions in cash flows.

When Dirk Schreiber joined BioNTech as Head of Treasury in January 2022 there was no treasury department – only an accounts payable function managing payments. Within two years, his team established cash pooling structures, FX risk management strategies, and implemented SAP S/4HANA Cloud for treasury and risk management. But the true game-changer was real-time treasury.

Why real-time matters

With a cash balance of €16.9bn at the end of March 2024, BioNTech’s investment strategy is directly tied to its ability to move money efficiently. “A two-day delay in investing can cost a lot of money,” Schreiber points out. Thus, treasury processes needed to support speed and agility.

In 2023, BioNTech partnered with SAP, Deutsche Bank, and J.P. Morgan to implement real-time account balances via API through SAP’s Multi-Bank Connectivity solution. From June 2024, Deutsche Bank has provided real-time balance updates and push notifications for credits and debits via API.

This helps BioNTech to optimise cash movements. “We sometimes have three-digit million incoming payments with multiple settlements due to hedging and investment needs,” Schreiber says. “Before, we had to call banks to track funds. Now, our SAP treasury system is moving towards real-time updates.”

Since February 2025, BioNTech and Deutsche Bank have extended the API to include instant payments in SAP. “Instant payments are the perfect complement to real-time balances,” says Schreiber. While SEPA instant payments are currently capped at €100,000, Deutsche Bank offers instant transfers of up to €250m between its branches to help clients avoid early cut-off times. New EU Instant Payment Regulations could bring further improvements from October 2025.

APIs as the future for corporate treasury

Schreiber is also considering other API use cases, including pre-validation of payments to enhance fraud prevention and straight-through processing. Having built a treasury function from scratch, he did not have to deal with legacy systems, but was able to implement cutting-edge solutions.

“There are so many innovations that enable us to manage treasury more efficiently and make better decisions, but they all depend on real-time information exchange,” he continues. “This is why APIs are key. Even if I had a legacy system, I would be looking at API integration.”

While API standardisation across banks is still in progress, Schreiber believes the industry is moving in the right direction. “One day, all bank connectivity could be API-based,” he predicts. “Until then, Swift, Host-to-Host and/or Electronic Banking Internet Communication Standard will remain part of the treasury toolkit, but APIs are undoubtedly the future.”

By embracing real-time treasury and overhauling its tech set-up, BioNTech has ensured that its financial infrastructure is as innovative as its scientific breakthroughs – proving that speed, agility, and precision aren’t just critical in the lab, but in treasury too.

This article was last updated on 23 April 2025

No More Spreadsheets: Putting Al Dahra Ahead of the Curve Treasury

Managing cash, funding, and risk across multiple countries is challenging enough, and doing it with manual processes and fragmented data makes it even harder. Al Dahra, one of the world’s largest agribusiness logistics companies, worked with First Abu Dhabi Bank (FAB) to introduce a white label treasury management system (TMS), replacing inefficiencies with automation, real-time visibility, and stronger financial control.

Growth inevitably brings complexity. As Al Dahra expanded its operations across 13 countries, its treasury function struggled to keep up. Cash was spread across multiple bank accounts, making it challenging to get a clear picture of liquidity.

Payments were handled manually, slowing down operations and increasing the risk of errors. Treasury had become a daily firefight, and with expansion plans continuing, it was clear that a better system was needed. Partnering with First Abu Dhabi Bank (FAB), Al Dahra became the first company in the region to implement a white label TMS.

Seeing the light

The top priority was visibility. Without a clear, real-time view of its cash position, treasury spent hours each morning pulling reports from different banks, cross-checking figures, and manually updating spreadsheets. To address this, Al Dahra integrated its banking network with FAB’s Swift BIC (bank identifier code) for cash reporting. This means that bank statements are now automatically transmitted to the TMS every morning, covering 99% of group balances across more than 200 accounts. Instead of waiting for reports, treasury can instantly access accurate cash positions.

Managing loans and risk more effectively

With cash under control, the next challenge was managing loans and financial risk. Al Dahra’s multi-currency debt portfolio needed careful oversight – not just for tracking interest payments but also for hedging exposures and ensuring accurate mark-to-market (MTM) calculations. Previously, these calculations were carried out manually, increasing the risk of inconsistencies and errors.

Bringing loans into the TMS changed everything. Now, treasury can track repayments, monitor hedging positions, and verify bank calculations in real time. In addition, scenario analysis tools enable treasury to test the impact of currency and interest rate movements before they happen, improving decision-making and reducing financial risk.

Speeding up payments

Payments were a separate challenge. Treasury transactions, intercompany transfers, and supplier payments were all handled manually, often requiring multiple email approvals across different teams. The company had to find a way to process payments faster without compromising oversight.

The solution was securing its own Swift BIC for payments, sponsored by FAB. This has enabled Al Dahra to centralise all outgoing payments through a single, secure banking channel rather than relying on multiple interfaces with different banks.

With this dedicated BIC for payments, treasury can route transactions more efficiently across banks, reduce dependency on multiple banking platforms, ensure a consistent and structured payment process, and improve security and governance with a six-eye approval framework. At the same time, payments are automated within the TMS. This significantly reduced processing times and errors while ensuring all payments are properly recorded and auditable.

A new era

With a modern TMS, Al Dahra’s treasury function now operates at a completely different level. The company no longer spends half a day reconciling bank statements and cash balances are visible in real time. Payments flow seamlessly through a structured approval process, reducing delays and improving control. The shift has saved time and made treasury a more strategic function, helping the business plan with confidence and move faster.

This article was last updated on 23 April 2025

Air India’s Treasury Team Propels Global Ambitions

Privatisation marked a turning point for Air India, requiring a comprehensive treasury upgrade to streamline its banking infrastructure, enhance transparency, manage risk and bolster controls, efficiencies, and security across its overseas operations.

To achieve these huge goals, the company implemented a streamlined treasury framework, optimising liquidity, and adopting industry-standard processes. Here’s how it managed this root-and- branch overhaul.

Following its acquisition by Tata Group in 2022, Air India began a new chapter. With international flights to 35 destinations, across 26 countries at the time of acquisition, the airline’s transformation was deemed essential to support its ambitious growth plans both domestically and internationally.

Previously, Air India had operated a highly decentralised treasury infrastructure, with hundreds of bank accounts across many locations and cumbersome manual processes reliant on local teams. This fragmented system hindered efficiency, control and visibility.

The challenges were compounded by the airline’s reliance on multiple banking partners including local banks in several countries, which reduced its negotiating power and led to excessive transaction fees.

With plans to expand internationally and acquire new aircraft, treasury modernisation was urgently needed to support the next chapter of the company’s journey. And to thrive in a fiercely competitive global market, it was clear that Air India needed a bold transformation – and a treasury fit for the future. As such, the team began looking for a banking partner to help them on their journey.

A mission-critical overhaul

Following a comprehensive RFP process, Air India appointed HSBC as its overseas cash management partner in Asia Pacific, the Middle East, and the UK. And together, they set about an enormous overhaul of the legacy set-up.

The transformation of such a large-scale operation, particularly for a national flag carrier, presented an overwhelming task. The treasury team achieved success through a carefully structured approach that began with defining clear goals and objectives, ensuring input from all team members to maintain alignment.

A detailed implementation plan followed, with comprehensive timelines and resource allocation. And the team established regular meetings and open communication channels to address issues promptly, while leveraging the latest technical expertise and tools. Extensive training programmes also helped team members adapt to new systems, and continuous monitoring enabled necessary adjustments throughout the transformation journey.

By December 2023, the first phase of the transformation had been successfully completed and delivered measurable results.

The company streamlined its banking operations by reducing bank  accounts to just 16 across 15 markets. This rationalisation was supported by HSBC’s ability to facilitate multiple payment types – vendor payments, payroll, and statutory obligations – through a single banking partner.

Connectivity was significantly improved by leveraging Air India’s existing HSBCnet and host-to-host profile, enabling the airline’s treasury team to manage overseas accounts at headquarters centrally. Adopting bank-agnostic XML V3 file formats and MT940 end-of-day statements further automated the reconciliation processes, enhancing control and reducing manual workloads.

The airline also implemented HSBC’s Evolve platform for seamless cross-currency exchanges, eliminating the inefficiencies of manual rate bookings.

HSBC’s liquidity management dashboard now provides treasury with a unified view of cash positions across markets. Corporate cards also played their part, being introduced across multiple locations to facilitate emergency payments, such as hotel bookings and taxi fares.

The transformation has significantly enhanced Air India’s treasury operations on multiple fronts. To start with, the rationalisation of bank accounts has reduced complexity and the associated fees, while the centralisation of processes has enabled STP for payments. In addition, improved visibility into cash positions enables the airline’s treasury to optimise liquidity and reduce reliance on external borrowing, resulting in additional cost savings. Adopting automated and standardised processes has also released treasury resources to focus on strategic initiatives, including acquiring 470 new aircraft for Air India’s fleet.

Throughout this journey, the team faced several significant challenges. For example, ensuring seamless collaboration between different departments proved complex, while maintaining day-to-day operations alongside the transformation required careful balance. The need to adapt to local regulations across multiple countries added another layer of complexity to the process.

Landmark achievement

In under a year, Air India has carried out an incredible job of modernising its treasury infrastructure while navigating the complexities of transitioning from a government entity to a privately held business. The airline has become the first in India to establish a financing leasing company in the Gujarat International Finance Tec-City – known as GIFT City – further aligning with its global rebranding efforts. The transformation has introduced centralisation, standardisation, and automation into Air India’s treasury operations, delivering improved visibility, efficiency, and security.

By consolidating bank accounts into just 16 and centralising control through a single banking partner, Air India has optimised liquidity management and empowered its treasury team to support critical airline operations. The seamless implementation ensured minimal disruption to day-to-day activities while laying the groundwork for future growth, all of which has earned it the TMI Award for Treasury Team of the Year.

For the members of the team, this recognition serves as a testament to their exceptional performance and innovative approach in transforming Air India’s treasury operations. The Award has not only boosted team morale but also validated their dedication to excellence and continuous improvement.

Looking ahead, Air India is enthusiastic about several future developments, with the next phase of the treasury transformation scheduled to be completed within a year. The team is particularly focused on integrating advanced technologies, including AI and analytics, to further enhance operational efficiency.

The airline also plans to initiate customer-claim payments in more than 130 currencies through HSBC’s Global Disbursements solution. This will eliminate manual file uploads and ensure seamless local payments. Additional plans include enabling cash and point-of-sale collection handling at airport counters and scaling the solution to new locations as Air India expands its operations.

Soaring ahead

As Air India continues its global expansion, the team is preparing to manage increasingly complex financial operations across new markets while developing more sophisticated risk- management strategies. Investment in continuous training and development remains a priority to ensure the team stays ahead of industry trends and maintains agility in response to evolving regulatory requirements.

With the upcoming second phase of transformation, Air India is poised to elevate its treasury capabilities even further, enabling the airline to capitalise on new opportunities and solidify its position as a world-class carrier.

In under a year, Air India has carried out an incredible job of modernising its  treasury infrastructure while navigating the complexities of transitioning from a government entity to a privately held business.

This article was last updated on 22 April 2025

Aliaxis Rewrites the Rulebook for LATAM Treasury Excellence

Over 15 short months, Aliaxis turned its LATAM treasury from a collection of disparate processes into a sleek, centralised powerhouse, earning them the TMI Best in Class Treasury – LATAM Award 2025. Here’s how they did it.

For Belgium-based Aliaxis, a global leader in fluid management solutions, the sprawling and often chaotic world of LATAM treasury operations was ripe for reinvention. Across 10 countries in the region, treasury faced significant challenges, including unmet credit line needs for working capital and FX hedging, cross-border cash restrictions, and complex, country-specific cash management requirements.

Additional issues included outdated processes such as Excel-based treasury management, manual banking operations and incomplete supplier data in a single ERP system, not to mention limited local IT resources. “Our treasury was functional but far from optimal,” reflects Séverine Le Blévennec, Global Head of Treasury. “The potential was there – we just needed the right approach to unlock it.”

As such, the team embraced an ambitious vision to build a centralised treasury operation that didn’t just manage liquidity but actively unlocked value – in just 15 months. The project aimed to select banking partners offering strong in-country support, advanced technologies, and suitable credit for the region and group revolving credit facility (RCF).

Among a long list of achievements, key wins included:

1. Radical simplification: The team reduced the bank network from 25 institutions to just three core partners, slashing complexity and strengthening relationships. Citi played a key role, providing solutions including Digital Onboarding and Interest Optimisation.
2. Automation as the engine: A new treasury management system (TMS) was implemented and integrated seamlessly with SAP and a regional payment hub using ISO 20022 standards, automating 98% of payments. In addition, 100% daily automated cash visibility was achieved. Next step will be transforming reconciliations from a manual burden to an automated process.
3. Proactive risk management: By securing significant working capital credit lines in local currency, replacing existing intercompany loans in USD, the team eliminated more than $40m in local unhedged FX exposure.

The deployment followed with a phased approach, led by the Brussels HQ team and supported by PwC, a single additional local resource, and the Costa Rica Shared Services Centre. And the hard work was underpinned by meticulous project management, supported by at least 60 internal and external stakeholders in cross-functional weekly meetings.

Making waves, not ripples

The impact of the transformation has been felt far and wide. Thanks to automation and centralisation, manual treasury tasks dropped by 30%, releasing the team to focus on strategic initiatives. Banking fees fell significantly, while optimised liquidity delivered a significant improvement in interest income and expenses. FX hedging was also vastly enhanced, delivering financial stability in volatile markets.

But it wasn’t just about improving the numbers. The project also fostered collaboration across regions and functions, proving that a treasury transformation can unite people as much as it reshapes processes.

Future-proofing fundamentals

As well as solving existing problems, the team also laid the groundwork for what comes next. From vendor master data clean-up (from 50,000 to 11,300 suppliers with related 271,000 payment fields!) to regulatory readiness, the project has future-proofed operations while demonstrating what treasury can achieve when empowered with the right tools and vision.

“This project wasn’t just about fixing what didn’t work,” concludes Le Blévennec. “It was about setting a new standard for how treasury can support growth and resilience, whether in LATAM or beyond.”

This article was last updated on 23 April 2025