Treasury Today Country Profiles in association with Citi

Winners – Adam Smith Awards Asia 2015 sponsored by ANZ

2015 Awards Winners

The calibre of entries for the 2015 Adam Smith Awards Asia was extremely high with 204 nominations received. The winners and highly commended were presented with stunning crystal awards at the Adam Smith Awards Asia Gala Presentation Lunch on 12th November at the Four Seasons Hotel in Singapore.
Scroll down to see all the winners

Adam Smith Awards Asia 2015 Treasury Today Asia’s Top Treasury Team Award for overall excellence winners Flex Group

Winners

Treasury Today Asia’s Top Treasury Team Award for overall excellence, Winner – Amol Gupte, Citi, Vivian Peng, Flex Group and Xueqing Wu, Bank of China

Treasury Today Asia’s Top Treasury Team Award
for overall excellence

Winner: Flex Group

Behind every successful team you will find an ethos that each member subscribes to wholeheartedly. Flex Group, our much deserved Overall Winner of the Top Treasury Team for 2015 has a set of guiding principles that have seen it consistently break through existing barriers and successfully implement many genuinely innovative projects. Through a shared desire to foster creative thinking and tenacious execution, this team continues to achieve significant improvements, not just for the benefit of the business but also, having delivered a number of treasury firsts in China, for the treasury community as a whole. This really is a truly exceptional example of what can be achieved with the right leadership, team effort and set of common goals. Congratulations from us all at Treasury Today Asia.

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Highly Commended:

Hindustan Unilever Ltd, Bharti Airtel

Treasury Today Asia Woman of the Year 2015, Winner – Vivian Peng, Flex Group

Treasury Today Asia Woman of the Year 2015

Winner: Vivian Peng, Flex Group

Vivian Peng describes the company as having “a great culture and talented people who are willing to accept challenges and cooperate in order to achieve the best”. As a woman in a male-dominated profession, Vivian genuinely feels there has been no difference to the way she has been treated. When it comes to fulfilling potential, Vivian’s advice for the treasury talent of the future is to plan their career paths “as early as possible”, taking in a breadth and depth of financial roles en route. The experience and lessons learned will, she says, prove invaluable as the higher echelons of treasury beckon. She clearly listens to her own advice and is a most deserving winner of our Woman of the Year 2015 award.

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Judges’ Choice, Winner – Vishnu Shahaney, ANZ and Matthew Fitzgerald, Sandfire Resources

Judges’ Choice

Winner: Matthew Fitzgerald, Sandfire Resources NL

This award celebrates something that is just that little bit different. Previous winners from our Treasury Today Adam Smith Awards have involved landing rights at London Heathrow airport for a major middle eastern airline, a company called Hotel Chocolat, expertise in Dodd-Frank regulatory reporting and a multi-faceted project which addressed the US Affordable Care Act, more commonly known as Obama Care. This solution, developed with ANZ, is that little bit different as, compared to the more conventional working capital facilities that are linked to sales receipts, this facility was designed around inventory stockpiles of highly marketable concentrate.

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Highly Commended:

eBay Korea

Best Cash Management Solution, Winner – Munir Nanji, Citi, Dinesh Thapar, Hindustan Unilever Ltd and Pauline Wee, Deutsche Bank

Best Cash Management Solution

Winner: Dinesh Thapar, Hindustan Unilever Ltd

This is India’s largest Fast Moving Consumer Goods (FMCG) company. Dinesh had a simple ambition – to do more with less. He has built a cash management system which is arguably the best among Indian corporates. The solution comprises SWIFT ISO payments, an interface to the company’s SAP system, an e-collections platform, Intelligent Receivables and much more. Bank accounts across eight legal entities have reduced from 200 to 40.

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Highly Commended:

Bruker Corporation,
Wyndham Worldwide Corp

Best Liquidity Management Solution, Winner – Aman Chadha, Citi and Fam Han Feng, Jabil Circuit

Best Liquidity Management Solution

Winner: Fam Han Feng, Jabil Circuit

This company operates in over 90 locations in 24 countries across the Americas, Europe and Asia. They have established an in-house bank structure in Singapore. The solution they have implemented with the help of Citi is a sophisticated multi-bank, multi-entity and multi-currency notional pooling mechanism with against-the-sun sweeps; a most innovative liquidity management solution.

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Highly Commended:

Pou Sheng (China) Investment Co, Cargill Asia Pacific Treasury Ltd

Best AR Solution, Winner – Sunday Domingo, Deutsche Bank collecting the award on behalf of Astro Malaysia Holdings Berhad

Best AR Solution

Winner: Charles Chen, Astro Malaysia Holdings Berhad

This company reaches over 150 countries and their business model was creating a fundamental mismatch between the purchases from their major vendors and the repayment source from their customers. The contracts with their major vendors were around $100m payable over relatively short tenors. Deutsche Bank has provided a three year account receivables solution backed by promissory notes; a most innovative solution.

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Highly Commended:

Jacobs Engineering

First Class Relationship Management, Winner – Samantha Chng representing Bharti Airtel

First Class Relationship Management

Winner: Harjeet Kohli, Bharti Airtel

Managing its relationships across the capital structure is core to the philosophy of Airtel; it considers its financial stakeholders as deeply entrenched partners in the business. Effective handling of this resource is critical and comes with its many complexities. Read how Kohli went about this stakeholder management exercise.

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Best Trade Solution, Winner – Shyamasri Dassharma, Deutsche Bank and Dora Pan, PT Huawei Tech Investment (Indonesia)

Best Trade Solution

Winner: Nate Zhou, PT Huawei Tech Investment (Indonesia)

An innovative trade solution involving a total facility of US$30m with a three year tenor; interestingly the underlying sale transaction occurred under Indonesian law, whilst the financing was structured under Singapore law and the credit cover through insurance under Chinese law. Quite a complex legal framework.

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Highly Commended:

Samsonite, CTCI Corporation

Best Card Solution

Winner: Wang Chenyu, Chongqing Grain Group Co

CGG has devised a unique point-of-sale (POS) cashless payment solution to overcome the challenge of handling a large amount of cash when transacting with its customers. The POS cashless payment solution converts the POS machine into a two-in-one machine which not only allows for payment collection, but also vice versa.

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Best Foreign Exchange Solution, Winner – Shyamasri Dassharma, Deutsche Bank collecting the award on behalf of HCL Technologies

Best Foreign Exchange Solution

Winner: Niraj Murarka, HCL Technologies

There was strong competition for this company’s business and Deutsche Bank’s FX4Cash platform was selected by HCL Technologies. The solution covers 23 entities across Europe and America and caters for 23 different currencies, all managed from the company’s centralised treasury function in Noida, Uttar Pradesh, India.

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Best Financing Solution, Winner – Alekh Gupta, Larsen & Toubro

Best Financing Solution

Winner: Vipul Chandra, Larsen & Toubro

Larsen & Toubro had a small financing issue that needed to be addressed. They required about $1.2bn – there were over 20 banks involved in the consortium which was proving quite onerous. So, the corporate finance team went to work on a plan to replace high-cost bank debt with bonds and commercial paper. This has had dramatic results reducing interest rates by 3.5% on a debt of £1.2bn. You can do the maths here but suffice to say the savings were considerable.

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Highly Commended:

The Sanmar Group,
Cambridge Industrial Trust Management

Best Risk Management Solution, Winner – D. V. Pathakjee, Gujarat State Fertilizers and Chemicals

Best Risk Management Solution

Winner: D. V. Pathakjee, Gujarat State Fertilizers and Chemicals

We have heard a lot about the risks associated with currency volatility of late. This company was exposed to significant foreign exchange risk relating to the USD v Indian Rupee. With a small treasury team of just four, the company has implemented FX risk management practices which have insulated the business from such volatility. Savings have been around 25% of their hedging costs and their hedging strategy has shifted from currency futures or forward contracts to call spread and seagull option structures.

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Highly Commended:

Neumann Gruppe Vietnam Ltd

Best in Class Benchmarking, Winner – Raj Melvani, Thomson Reuters and Kenneth Ng, DFS Group

Best in Class Benchmarking

Winner: Kenneth C. K. Ng, DFS Group

Most companies want to know their exact financial position in order to make well-informed decisions. DFS is no exception so they have identified some metrics to benchmark their performance against a number of key performance indicators (KPIs) in the areas of FX, funding and investments. The company has worked with Thomson Reuters to implement these benchmark metrics, providing a great example of what is possible with the right systems in place.

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Highly Commended:

Fortescue Metals Group,
Amway India Enterprises

Harnessing the Power of Technology, Winner – Mak Kien Wei, Keysight Technologies Inc, Sally Soo, Citi

Harnessing the Power of Technology

Winner: Melissa Fang, Keysight Technologies Inc

When this company was spun off from Agilent, it needed to set up a globally integrated structure across 30 countries within a 12 month time frame from scratch; easy when you know how. Working with their banking partner, the company established a team based in Singapore comprising people from Keysight and Citi and the Singapore Finance & Treasury Centre was born. The solution includes a ‘follow-the-sun’ global credit facility, SWIFT FIN and FileAct, host-to-host connectivity, Oracle ERP integration, ISO 20022 XML file formats and much more. This solution really does demonstrate how to harness the power of technology.

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Highly Commended:

IGATE, Charter Hall Group,
Hong Kong Aviation Capital

One to Watch, Winner – Angelique Tan, Bank of America Merrill Lynch, Ying Cao, General Motors and Pauline Wee, Deutsche Bank

One to Watch

Winner: Manish Gulati, General Motors

This is an ambitious treasury transformation project across Asia and certainly One to Watch as we are told more is to follow in 2016-17. GM is working with Bank of America Merrill Lynch and Deutsche Bank based on an evaluation which focused on a variety of criteria including technical and SWIFT capabilities, in-country propositions, pricing and geographical coverage, perhaps proving that no single bank can do everything everywhere?

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Highly Commended:

Kao Corporation, Microsoft

Best Solution in China, Winner – Tian Yue, Freescale Semiconductor, Christine Tan, J.P. Morgan

Best Solution in China

Winner: Tian Yue, Freescale Semiconductor

This company wanted a solution that would enable it to complete cross-border sweeps and centralise its payments. SAFE – the State Administration of Foreign Exchange – came to the rescue when it approved the company’s application in December 2014. Just two weeks later it’s first US dollar cross border sweep took place. Additionally, the company completed the first POBO transaction from its parent company in Hong Kong. All of this and more was enabled by J.P. Morgan, the bank Freescale engaged on this project.

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Highly Commended:

Kerry Logistics Network, BASF

Best Corporate and Social Responsibility Initiative, Winner – Deborah Mur, Citi and Bikash Mukherjee, Amway India Enterprises

Best Corporate and Social Responsibility Initiative

Winner: K. V. Hariharan, Amway India Enterprises

Amway India is a great example of a company which embraces its corporate and social responsibility. The company’s contribution to society or social well-being is core to its ethos and beliefs and this solution reinforces these ethics. Working with its bank, Citi, the company has established a paperless supplier finance programme with no requirements for specific transaction documents or frequent invoice audits. The essence of the solution is in the removal of paper and, with the company’s aggressive growth targets, the solution can only result in even less paper in the future.

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A Rising Star, Winner – Bharat Agrawal, Castrol India Limited

A Rising Star

Winner: Bharat Agrawal, Castrol India Limited

This is a new award for 2015 and our inaugural winner is Bharat Agrawal who currently heads the treasury function of Castrol India Limited. Having a strong belief in continuous learning, Bharat has added a professional qualification or certification to his knowledge base almost every year. Bharat has a comprehensive knowledge base including finance, management accountancy, secretarial and companies act compliance and civil laws. It is his academic excellence and attitude towards ca

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Highly Commended Winners 2015

Treasury Today Asia’s Top Treasury Team Award for overall excellence, Highly Commended – Samantha Chng representing Bharti Airtel

Treasury Today Asia’s Top Treasury Team Award
for overall excellence

Highly Commended: Harjeet Kohli, Bharti Airtel

Group Funding, Risk & Markets (GFRM) at Bharti Airtel under the leadership of Harjeet Kohli has again been working hard following the team’s Top Treasury Team accolade in these awards last year. This solution revolves around providing the business with an optimal and diversified mix of debt capital. The team also set about materially transforming the risk profile of the organisation. Read how Kohli and his team went about doing this.

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Winner:

Flex Group

Treasury Today Asia’s Top Treasury Team Award for overall excellence, Highly Commended – Dinesh Thapar, Hindustan Unilever Ltd

Treasury Today Asia’s Top Treasury Team Award for overall excellence

Highly Commended: Dinesh Thapar, Hindustan Unilever Ltd

The FMCG sector by nature is a cash generative business and HUL operates a negative trade working capital cycle. The key challenge for HUL’s treasury team was thus to find ways to support this model for a rapidly growing business in an ever-changing, volatile and complex environment. HUL is an early adopter in several areas with this solution which has delivered some impressive benefits.

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Winner:

Flex Group

Judges’ Choice, Highly Commended – Sung-Ah Sohn, J.P. Morgan collecting the award on behalf of eBay Korea

Judges’ Choice

Highly Commended: In Young Lee, eBay Korea

This nomination was submitted in the ‘One to Watch’ category but our judging panel felt it most worthy of the highly commended Judges’ Choice award due to its innovative nature. This impressive solution has greatly improved the company’s accounts receivables reconciliation process. The solution involves the use of the company’s banking partner’s nostro account held with a local bank. eBay Korea is the first company to implement this highly innovative and unique account structure in Korea with J.P. Morgan.

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Winner:

Sandfire Resources NL

Best Cash Management Solution, Highly Commended – Rosa Tan and Stacey Desrochers, Bruker Corporation and Don Tay, Bank of America Merrill Lynch

Best Cash Management Solution

Highly Commended: Stacey Desrochers, Bruker Corporation

Until 2013, this company was working with around 25 different banks in Asia, where the company operates in Australia, New Zealand, Singapore, Korea, Taiwan, Thailand, Vietnam, Malaysia, India and Japan. This resulted in multiple inefficiencies and disparate processes across the region. Now, working with Bank of America Merrill Lynch, the company has eliminated manual payments, adopted electronic payments and implemented standardised services and controls across the entire Asia Pacific region.

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Winner:

Hindustan Unilever Ltd

Best Cash Management Solution, Highly Commended – Hadyan Soemarjono and Rachel Tang, Wyndham Worldwide Corp, Christine Tan, J.P. Morgan

Best Cash Management Solution

Highly Commended: Jeffrey Leuenberger,
Wyndham Worldwide Corp

By changing its cash management practices extensively, Wyndham Worldwide Corporation leveraged leading-edge practices and innovation to shift from a traditional treasury structure with high expenses, to a new solution that improved efficiency, yields and risk management. The company has adopted J.P. Morgan’s ACCESS solution together with the bank’s host-to-host solution.

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Winner:

Hindustan Unilever Ltd

Best Liquidity Management Solution, Highly Commended – Sue Chang, Pou Sheng (China) Investment Co

Best Liquidity Management Solution

Highly Commended: Sue Chang,
Pou Sheng (China) Investment Co

In June, Pou Sheng China completed the first cross-border RMB two-way sweeping transaction outside the Shanghai FTZ (Free Trade Zone) for a Taiwanese enterprise, after the PBoC’s RMB cross-border pilot was extended nationwide. Read how the company achieved this.

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Winner:

Jabil Circuit

Best Liquidity Management Solution, Highly Commended – Nyet-Sian Kiew and Judy Lee, Cargill Asia Pacific Treasury Ltd, Lillian Sim, J.P. Morgan

Best Liquidity Management Solution

Highly Commended: Nyet-Sian Kiew,
Cargill Asia Pacific Treasury Ltd

Cargill worked with J.P. Morgan on this innovative solution which uses a Global Earnings Credit Rate (GECR) that allows Cargill to leverage their balances in eligible markets, subject to regulatory approvals, to offset their global service fees. The programme has been implemented in Singapore, Hong Kong, Japan and the US across 11 currencies and over 40 accounts.

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Winner:

Jabil Circuit

Best Working Capital Management Solution, Highly Commended – Tim Rice and Sally Poon, Jacobs Engineering, Dino Albuquerque, Bank of America Merrill Lynch

Best Working Capital Management Solution

Highly Commended: Michael Carlin and Damien Power,
Jacobs Engineering

Following a number of acquisitions, most notably the purchase of engineering company Sinclair Knight Merz (SKM) in 2013, Jacobs Engineering’s business in the Asia Pacific region tripled in size. Naturally, this lead to some significant integration challenges. The solution provided by Bank of America Merrill Lynch has resulted in the number of bank accounts reducing from 214 to 80 and improvements in the company’s DSO and DPO working capital metrics.

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Winner:

Astro Malaysia Holdings Berhad (AMH)

Best Trade Solution, Highly Commended – Paul Melkebeke, Samsonite, Dino Albuquerque, Bank of America Merrill Lynch

Best Trade Solution

Highly Commended: Paul Melkebeke, Samsonite

This innovative supply chain finance programme, a Bank of America Merrill Lynch solution, has enabled Samsonite to increase the payment terms offered to its suppliers to 105 days, resulting in a significant increase in the company’s DPO and thereby improving the company’s working capital position.

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Winner:

PT Huawei Tech Investment (Indonesia)

Best Trade Solution, Highly Commended – Jeff Aicheng Ho, CTCI Corporation

Best Trade Solution

Highly Commended: Jeff Aicheng Ho, CTCI Corporation

As part of the process of re-invigorating its financial model, international bank guarantees were issued by CTCI’s local bank in Taiwan. The solution incorporated a bid bond, advance payment bond, performance bond, retention bond and warranty bonds. This was done in support of the company’s new projects but the arrangement also serves to free up working capital through banker’s guarantees.

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Winner:

PT Huawei Tech Investment (Indonesia)

Best Financing Solution, Highly Commended – Sunday Domingo of Deutsche Bank collecting the award on behalf of The Sanmar Group

Best Financing Solution

Highly Commended: R. Rangarajan, The Sanmar Group

The client requested a US$22m working capital facility. Matrix Metals (MM)LLC, a wholly-owned subsidiary of Sanmar Engineering Technologies Ltd (SETL), has immense supply chain strength on account of its supplies to blue chip companies in the US. Rather than working out a bilateral loan to MM LLC, Deutsche Bank proposed a structure where MM LLC would harness the advantage of forging long-term relationships with these blue chip buyers.

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Winner:

Larsen & Toubro

Best Financing Solution, Highly Commended – Joel Cheah, Cambridge Industrial Trust Management

Best Financing Solution

Highly Commended: Joel Cheah,
Cambridge Industrial Trust Management

This solution relates to the refinancing of a S$250m Club Loan facility. S&P was convinced on the strategic direction that the Trust was moving towards and provided a provisional credit rating of “BBB-” on the MTN issued by the Trust. This was a significant milestone for the Trust, it was the only BBB-rated industrial Singapore-real-estate investment Trust (S-REIT) who could issue investment grade notes.

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Winner:

Larsen & Toubro

Best Risk Management Solution, Highly Commended – Do Ngoc Huy, Neumann Gruppe Vietnam Ltd, Adesh Sarup, ANZ

Best Risk Management Solution

Highly Commended: Do Ngoc Huy,
Neumann Gruppe Vietnam Ltd

With its bank, ANZ, this company has established a trade finance facility that supports their working capital requirement and gives them more flexibility and positive control over commodity pricing risks, FX risks and interest rate risks. ANZ is providing an in-country source of working capital funding at same day value, compared to intra group funding transferred from Europe at T+1 or T+2 working days.

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Winner:

Gujarat State Fertilizers and Chemicals

Best in Class Benchmarking, Highly Commended – Lindsay Lim and Earlene Ng Sok-Eng, Fortescue Metals Group Ltd, Vijay Shankar, ANZ

Best in Class Benchmarking

Highly Commended: Lee Trewartha, Fortescue Metals Group

Although this nomination was submitted for Best Cash Management and Best Liquidity Management Solution, given the company incorporated KPIs within its objectives, our judges felt this deserved recognition in the Best in Class Benchmarking category. The selection of banking partner ANZ provided FMG with a comprehensive liquidity management solution which included an account structure with currency centres established in key markets to drive operational efficiencies with the most favourable cut-off times – and deliver the treasury objectives with risk mitigation as an over-arching feature.

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Winner:

DFS Group

Best in Class Benchmarking, Highly Commended – Bikash Mukherjee and Surya Prakash Misra, Amway India Enterprises

Best in Class Benchmarking

Highly Commended: Bikash Mukherjee,
Amway India Enterprises

Using in-house IT competency and the latest technology (.net) to integrate with legacy systems, a platform was developed and built to provide a comprehensive treasury solution which covers reconciliation and all standard operating procedures for treasury. The solution has delivered several best-in-class KPI metrics.

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Winner:

DFS Group

Harnessing the Power of Technology, Highly Commended – Saravanan Sokkalingam, IGATE, Jatin Aggarwal, J.P. Morgan

Harnessing the Power of Technology

Highly Commended: Saravanan Sokkalingam, IGATE

Treasury set out to establish a host-to-host connection to J.P. Morgan’s ACCESS Next Generation platform. This included an optimal account and liquidity structure and a dynamic hedging strategy. The solution also incorporates bank-agnostic file formats that use ISO XML, ERP PeopleSoft integration for banking and foreign exchange, mobile banking with on-the-go reporting and payment authorisation and 24/7 web-based enquiry management tool.

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Winner:

Keysight Technologies Inc

Harnessing the Power of Technology, Highly Commended – Ian Ko, Charter Hall Group

Harnessing the Power of Technology

Highly Commended: Stuart King and Ian Ko, Charter Hall Group

This solution shows how Charter Hall centralised its entire treasury function using a single TMS as the king-pin for the restructure with some impressive benefits.

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Winner:

Keysight Technologies Inc

Harnessing the Power of Technology, Highly Commended – Paul Weerappah, Hong Kong Aviation Capital, Tony Singleton, Reval

Harnessing the Power of Technology

Highly Commended: Paul Weerappah,
Hong Kong Aviation Capital

Treasury needed a robust, scalable and globally accessible system capable of handling inherent complexity. Its first priority was to deliver timely and accurate reporting for its debt instruments, in compliance with the Chinese Basic Standard for Enterprise Internal Control (C-Sox). ‘Four-eyes’ controls, segregation of duties and audit trails over this critical data were essential. The company chose Reval to deliver the solution.

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Winner:

Keysight Technologies Inc

One to Watch, Highly Commended – Elsa Lai, Citi and Hui Yuen Yong, Kao Corporation

One to Watch

Highly Commended: Katsuhiro Inoue, Kao Corporation

The decision was made to implement the global supply chain finance programme to drive working capital efficiency. In partnership with Citi, the multi-year project was first implemented in Thailand in 2015. Another eight countries in Asia – China, Hong Kong, Japan, Indonesia, Malaysia, the Philippines, Taiwan and Vietnam – are expected to join the next phase of the ambitious scheme, to be followed by EMEA and North America.

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Winner:

General Motors

One to Watch, Highly Commended – Ashish Bhardwaj, Microsoft

One to Watch

Highly Commended: Jose Luis Marti, Microsoft

China is an extremely important market for Microsoft. With 1.35bn potential consumers and hundreds of thousands of SMEs, it is critical that the company establishes the infrastructure necessary to service this market. Read how Microsoft created solutions that are unique, supported by scalable business processes that enabled a higher revenue growth, minimised risk and higher cash collection.

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Winner:

General Motors

Best Solution in China, Highly Commended – Catherine Por, Kerry Logistics Network, Don Tay, Bank of America Merrill Lynch

Best Solution in China

Highly Commended: Eddie Mak, Kerry Logistics Network

Kerry Logistics appointed Bank of America Merrill Lynch to provide a tailored USD cross-border sweeping and netting solution. The solution was implemented using Six Sigma methodology for the USD cross-border cash pool and incorporates a robust e-banking platform which provides visibility and control over the company’s subsidiaries around the world. It also includes scalable cash management solutions for the company’s operations in Asia, EMEA and Latin America.

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Winner:

Freescale Semiconductor

Best Solution in China, Highly Commended – Munir Nanji, Citi collecting the award on behalf of BASF

Best Solution in China

Highly Commended: Sharon Wang, BASF

Before this solution was implemented, BASF’s 44 majority-owned subsidiaries in China did not have a centralised foreign currency liquidity management structure. The multinational was nominated by SAFE’s Head Office to participate in China’s Nationwide Pilot Programme for foreign currency cross-border pooling, POBO/COBO and netting. BASF was the first company in China with approval to pilot a comprehensive solution with its banking partner, Citi.

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Winner:

Freescale Semiconductor