Thai Union sets the benchmark for best in class in Thailand
Published: Feb 2026
Best in Class Treasury Solution in ASEAN
Overall Winner
Thai Union Group PCL
Photo of Ray Suvrodeep, HSBC, Yongyut Setthawiwat and Pornratchanee Sethakaset, Thai Union Group.
Yongyut Setthawiwat
MD – Group Treasurer
Headquartered in Thailand, Thai Union Group is a global seafood producer founded in 1977, known for its brands like Chicken of the Sea and John West, employing 45,000+ employees globally.
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The challenge
Greater uncertainty around the world requires prudent treasury policy and treasury management and the role of the Thai Union Group’s treasury department has been evolving changes recently to be more of a strategic partner than an operational function.
Uncertainties around the world from Covid-19, the unstable economic situation, geo-political tensions, and unpredictable trade wars, lead to great financial risks (foreign exchange, interest rates, counterparties, etc) and volatility. Having real‑time and transparent treasury data and centralising decision-making to the central team shields the company navigate from negative impacts and sustainably drives more controllable financial results.
The solution
Thai Union established a Global Treasury Centre (GTC), together with the EU/US Regional Treasury Centres (RTCs), which covers regional cash management, regional cash pooling to RTCs, global cash pool linking RTCs to GTC, regional in-house bank for liquidity, financing, and financial risk management. O2C, P2P, R2R shared services had been set up in January 2025 to further centralise finance and accounting activities of all subsidiaries.
The company has also implemented automation such as OCR, RPA, and AI to have real-time information and efficient processes.
In Q324, Thai Union held discussions with the Asian Development Bank (ADB) to establish the first Blue Loan provided by ADB to the private sector in Thailand. The US$150m Blue Loan addresses the sustainability of the aquaculture (shrimp) supply chain in Thailand. The deal closed in May 2025, was 2.5x over-subscribed and aligns with the second phase of the Thailand taxonomy covering the aquaculture industry.
Sustainability is extremely important to Thai Union and is a key feature of its strategy. Thai Union treasury has embarked upon a blue financing journey and targeted 50%, 75% and 100% of the company’s US$1.8bn long‑term financing portfolio to be sustainably financed by 2021, 2025 and 2030, respectively. The company is currently at 80% and enjoying a lower cost of finance as a result. This strategy is also improving the company’s reputation and enables wider and more stable sourcing.
Thai Union has been included in the Dow Jones Sustainability Indices (DJSI) for 11 consecutive years and ranks number one in the food products industry. Thai Union is also known as the leader on sustainability in the seafood business at a global level and introduced many positive changes to the industry such as widespread on‑the‑water monitoring, sustainable aquaculture and zero waste manufacturing.
“This award is a testament to the dedication and vision of our entire team at Thai Union Group. By embracing innovation, sustainability and collaboration, we have transformed our treasury into a strategic partner that drives real value for our business and our communities. Together, we are setting new benchmarks for excellence in ASEAN and beyond.”
Yongyut Setthawiwat, Group Treasurer
Best practice and innovation
Thai Union manages 62 subsidiaries and five associated companies around the world with 50% sales from its branded business and 50% from OEMs business. Complications with treasury management, evolving changes and volatility, created a requirement to improve treasury working efficiency. Thai Union has undertaken a major treasury transformation to address this. The company has implemented treasury and finance/account operation automation over the past few years. Thai Union has more than ten end-to-end automated workflows requiring two bots to run 24 hours a day. This could reduce 17% manpower. The treasury working platform and the implemented policy have proved successful, where treasury can now support the company with its vision. Thai Union is regarded by the banks to have the most advanced treasury operations in Thailand, and the company is often asked to share its experience in transforming the functions.
Key benefits
Cost savings.
Headcount savings.
Process efficiencies.
Return on investment.
Increased automation.
Risk mitigated.
Improved visibility.
Errors reduced.
Number of banking partners/bank accounts reduced.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
Quality accreditation achieved.
Improved key performance indicator (KPI) metrics.
Nithi Vashirakovit
Country Head of Global Payments Solutions, HSBC Thailand
Thai Union’s blue loan marks a major achievement in sustainable finance in Thailand and the region as it highlights how innovative finance can drive ocean health, economic resilience and industry transformation in Thailand and beyond. As Thai Union’s global liquidity provider, we at HSBC are proud to have been a part of this historic milestone and we look forward to greater collaboration to elevate the role of treasury and drive more sustainable outcomes going forward.
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The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. To find out more please visit treasurytoday.com/adam-smith-awards-asia
