Treasury Management Internation Logo

Standard Chartered Provides Cash Management Solution for Schlumberger across Asia

Published 

Singapore – Standard Chartered has been selected to provide a comprehensive cash management and trade guarantee solution for the Asian business of Schlumberger, the world’s largest oilfield services company. Under the mandate, Standard Chartered has become the primary cash management partner for Schlumberger in 13 markets (12 countries in Asia and Ghana).

With its expansion in a growing number of markets in Asia, Schlumberger was seeking ways to optimise its working capital management processes across Asia. Standard Chartered has developed a tailored centralised payments and regional liquidity management solution for Schlumberger by simplifying its banking structure, improving and standardising cash management practices across the region and optimising returns on trapped cash in restricted local markets.

Centralisation and automation are key features of the solution which uses SWIFT Fileact as delivery mechanism for industry standard ISO XML file for payments. Credit facilities supporting the cash management and trade guarantees are consolidated under the regional umbrella agreements, and cash management processes are integrated to support Schlumberger’s Shared Service Centre in Kuala Lumpur, Malaysia.

Commenting on the solution, Firas Fattal, Schlumberger Asia and Middle East Treasurer said:

“We have been very pleased overall with the Standard Chartered Bank implementation process for Asia, particularly around account opening and other technical aspects of the implementation.  Standard Chartered Bank team furthermore demonstrated a proactive approach to future servicing as the implementation process nears completion.  We consider Standard Chartered Bank as a core member of our banking group.”

Richard Jaggard, Regional Head of Transaction Banking Europe, Standard Chartered, said:

“In order to navigate the current volatile economic environment and maximise growth opportunities, good working capital management is crucial.  While expanding into Asia, large multinational corporations often end up having a collection of disparate processes across different markets, which is costly and often results in operational inefficiency and increased risk. The key focus of our solution is complete central visibility and control of cash through our cross-border capabilities, enabling greater efficiency and improved yield on surplus cash balances.  Furthermore, we assisted in streamlining regional guarantee issuance under an umbrella facility allowing for greater flexibility.”

Standard Chartered continues to grow its cash management services, with its deep local knowledge of emerging markets and strong network across Asia, Africa and the Middle East. 

Most recent episodes

The Future of ESG in Treasury

In this podcast, Melissa Moi, Peter Jameson and Venkat ES from Bank of America join TMI’s Eleanor Hill to determine where the ESG journey is heading next. Our expert panel consider how changing regulation, technology solutions and metrics including ESG KPIs...

26:50

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55