Editorial

3Ts: trade, tariffs and… treasury (not Trump)

As the world heads into the second half of 2025, the uncertainty around tariffs and the future of global trade hasn’t abated. Our main feature looks at how supply chains are shifting in response and the issues that this diversification has thrown up for treasurers. Many are reviewing their working capital strategies to have cash at the ready to deploy in a hurry. Treasury practitioners from Pelican Engineering, Senior plc and 3i explain how they are coping in this challenging environment.

In our Question Answered column, experts from Guinness Nigeria, J.P. Morgan and Coface give their opinion on whether tariffs have impacted demand for trade finance.

In the context of trade wars and heightened geopolitical instability, supply chain disruption and currency volatility, treasurers are looking to regional transaction banks can provide an on-the-ground perspective and specialised service offerings tailored to local markets, regulations and business culture. Importantly, regional players are upping their game and stepping into the void as global transaction banks shrink their operations.

In this month’s Corporate View, Brenda Leong talks about the strategic positioning of treasury within the organisation, which means that the function can often spot industry shifts or new business opportunities. During her 15-year career, she has successfully implemented treasury management systems, designed hedging policies, led M&A support and set up overseas shared service centres.

In our Women in Treasury profile, Group Treasurer Samantha Chng highlights key moments in her career as Singtel expanded from a domestic telco player to one of Asia’s leading communications and technology groups. Her takeaways are to prioritise the impact, keep things simple and keep calm under pressure.

KYC compliance is often cited as the biggest friction point in onboarding. For multinationals, even a modest reduction in onboarding lead time across jurisdictions can free up liquidity and operational capacity. Will emerging corporate digital identity frameworks put an end to interminable document resubmission cycles?

Plus, practitioners from Arnott’s Group, CMOC, DSV, GE Vernova, Henkel, IHH Healthcare, Jabil, and Rotork share their expertise in cash pooling, and we explore leading trends in treasury recruitment.