Treasury Transformation Continues Apace in APAC Amid Market Volatility

Published: October 08, 2025

Corporate treasuries across the Asia Pacific region are accelerating the transformation towards a digital-first, data-driven, always-on model – also known as “real-time treasury” – while they navigate the currently complex business landscape, according to HSBC’s Redefining Treasury in Asia Pacific: Voices of Treasury 2025 report.

For this year’s report, HSBC spoke with more than 460 treasury and finance professionals across eight major Asia Pacific markets to better understand how they are making real-time treasury a reality. While only 8% find artificial intelligence extremely useful today, 52% – or more than 1 in 2 – think it will be extremely useful in three years’ time. The potential for AI to improve forecasting accuracy, detect fraud, and identify unusual data patterns – thereby reducing operational costs – most excites treasury teams.

“Treasurers have become crucial players in strategic conversations, supporting key decisions that enable business growth,” commented Manoj Dugar, Head of Global Payments Solutions, Asia ex Greater China at HSBC. “The benefits of efficient, agile treasury management, supported by robust and immediate information, will redefine treasury excellence for the future.”

Higher efficiency, greater speed, and better accuracy are among the benefits of real-time treasury, but there are hurdles along the way. When asked what is preventing them from achieving real-time treasury are, about 1 in 2 treasurers (49%) cite “limited skilled resources to implement new technologies”, while roughly 2 in 5 (38%) cite “securing budget approval for system costs”.

Bracing for volatility

Treasury transformation is a major undertaking that requires a multi-year investment in time and resources. At the same time, companies are navigating a complex business landscape, characterised by market volatility, supply-chain disruptions, technological advancements and changing regulations.

Yvonne Yiu, Head of Global Payments Solutions, Greater China at HSBC, commented “Asia Pacific remains a hotbed of business opportunities as global companies continue to pivot to the region’s vibrant economies while homegrown Asian firms continue to internationalise beyond their own markets. Balancing ambition with navigating volatility requires treasurers to be nimble and precise.”

The treasury and finance professionals we spoke with overwhelmingly agree: “managing treasury in a volatile FX and interest-rate environment” is their most critical priority over the next 12 months, ranking first in 7 of the 8 markets we surveyed.

On the other hand, “expansion into new markets and segments” is identified as the least critical priority, ranking last in 7 of the 8 markets surveyed, which reflects the impact trade uncertainty and its knock-on effects have had on long-term business planning.

When asked about the primary risks treasurers expected from the current geopolitical environment, “financial market volatility” was again the dominant answer, cited by 60% of respondents overall. This was followed closely by “slowdown due to recession”, cited by 59% of respondents. Treasurers are bracing for volatility.

“Companies have shown that they can plan around a public-health crisis.
They are telling us that they can plan around tariffs too – even if they’re high,” Yiu continued. “But what they’re unable to do is long-term business-plan around a high degree of uncertainty and unpredictability.”

Shaping the future of digital money

Although research for the report was completed before the GENIUS Act was signed into law in the US and before HSBC completed its first cross-border Tokenised Deposit Service transaction, the topic of digital money such as tokenised deposits and stablecoins and the need to future-proof treasury were discussed.

Treasurers we spoke to agreed that shorter settlement time is the problem to solve for cross-border payments. HSBC’s Tokenised Deposit Service, now available in Hong Kong and Singapore as well as Luxembourg and the UK, supports real-time, 24/7 payments, free from cut-off times and time-zone barriers.

Dugar concluded: “Tokenised deposits represent a major step forward in the future of transaction banking. Its global rollout reflects our commitment to connect cutting-edge innovation with our international network to meet the changing needs of our clients.”