Editorial

Grappling with uncertainty becomes the new normal

The year-end is a chance to reflect on what was different – and what was the same – in 2022. The uncertainty was the same, in the last year treasurers have had to adapt to a new pace of change. What was different was the slow emergence from the pandemic and, in some parts of Asia Pacific, a return to normality.

This time last year many people were still not meeting face to face. And, as we hosted the Adam Smith Awards Asia and the Women in Treasury Forum APAC in Singapore, it was great to see old friends and colleagues in the flesh – a welcome relief to the Zoom world that we have become accustomed to.

As the COVID-19 crisis seems mostly behind us, treasurers are now grappling with a challenging macro-economic environment. Multiple external factors continue to impact corporations and for China’s largest companies, these have tempered their international expansion – as the lead feature in this issue discovers.

These headwinds are part of the treasurers’ new normal. And, as Gopul Shah, Director, Corporate Treasury and Structured Trade Finance at Golden Agri-Resources, explains, having strong core values can keep you steady during periods of uncertainty and change.

The technology that treasurers have to navigate is also changing rapidly, and this issue explores what embedded finance and Banking as a Service really mean. And the Back to Basics feature examines the attitude that treasurers have toward cryptocurrencies given the latest scandals to hit this space.

The ongoing energy crisis is another topic to contend with, and our experts in the Question Answered section tackle the question of how treasury can support their organisations.

And in dealing with such challenges, corporate treasury has become more strategic, as our feature on leadership shows. This article examines the role of empathy and empowerment – qualities we can all rely on and nurture in these uncertain times.