Lenovo, JD.com, AIA Group and THAI Airways are just a few of the names recognised for their innovative solutions in this year’s Treasury Today Asia Adam Smith Awards.
It has been another record-breaking year for the Treasury Today Adam Smith Awards Asia with over 200 nominations received from corporates across 17 different countries.
The quality of the submissions was outstanding, highlighting how treasury teams are working to build innovative solutions to meet a swathe of complex new demands in a rapidly changing environment. What was especially impressive was the level of invention shown by the treasury teams of the region’s emerging champions, who are clearly striving to ensure they have a world-class treasury set up to support their organisation’s international ambitions.
Unfortunately, not every submission can be successful and our Overall Winners or Highly Commended Winners are truly setting the standard for corporate treasury in the region.
Commenting on the awards, Sophie Jackson, Associate Group Publisher, Treasury Today Group says: “This year our Adam Smith Awards Asia have received a truly exceptional level of submissions and I would like to offer my sincere congratulations to all this year’s Overall Winners and Highly Commended Winners and their partners. We are proud that an Adam Smith Award has become the global benchmark of corporate treasury excellence.”
Hall of fame
Leading the way by winning Treasury Today Asia’s Top Treasury Team Award for overall excellence was Chinese multinational technology company Lenovo. Led by Vice President and Treasurer, Damian Glendinning, Lenovo’s multiyear project has seen it create a unique global treasury model based out of Singapore to handle the complex operating model across its global footprint. The results are outstanding, resulting in significant cost savings, efficiency gains and a treasury well placed to better support Lenovo’s business now and in the years ahead.
As the core task of every treasury team, the Best Cash Management category is always hotly contested. This year BW Maritime were judged to be the overall winner because of its complete cash management structure overhaul. This has seen the treasury team harmonise its global cash management accounts with a single bank and utilise a single file format for payments and statements, thereby reducing reconciliation time, enhancing cash forecasting to support business initiatives, enabling an automatic liquidity structure and laying down the foundations to establish an in-house bank.
Nearly every solution submitted utilised technology in one way or another, so it takes something truly special to stand out in the Harnessing the Power of Technology category. Hong Kong-headquartered insurance giant AIA Group caught the judges’ eye with an all-encompassing technology upgrade, underpinned by SAP Cash and Liquidity Management, SAP Bank Communication Management and SWIFT across the Group’s 14 core markets. This use of technology has enabled AIA to fundamentally alter how it manages its cash, allowing treasury to add increased value to the organisation and give it a competitive advantage in the region.
Finally, the Judges’ Choice award looks for something a little bit different and this year the award goes to Maersk Trade Finance. Maersk has a unique position in the heart of the supply chain of many organisations and has built a digital solution that removes friction for its customers and provides them with new financing options when shipping with the company. The overall aim for Maersk is to drag the world of trade into the 21st century for the benefit of all market participants.
A time to celebrate
The full list of Winning and Highly Commended solutions are available now. We will also profile all the winners in our 2017 Treasury Today Asia Adam Smith Awards Yearbook, published early next year.
We look forward to welcoming all of our winners and their service providers to the Adam Smith Awards Asia Gala Presentation Lunch on Monday 13th November at the Four Seasons Hotel in Singapore.