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Adam Smith Awards Asia

Congratulations to our winners

Adam Smith Awards Asia 2019 logo

Welcome

The Adam Smith Awards Asia programme is now in its sixth year. Across the world, an Adam Smith Award is recognised as the ultimate industry benchmark for corporate best practice. Our range of 2019 award categories was tailored to honour corporates across the Asia Pacific region for their strategies and achievements.

A record-breaking 300 nominations were submitted this year and our panel of judges had the exceptionally challenging task of selecting the very best solutions in each category. This year’s winners showcase the region’s very best and brightest and have demonstrated exceptional innovation in Asia’s corporate treasury arena. View the Overall Winners and Highly Commended Winners.

All Overall Winners and Highly Commended Winners, together with their participating banking or technology partners, were presented with exclusive crystal awards at the prestigious Adam Smith Awards Gala Presentation Lunch which took place at the newly restored iconic Raffles Hotel, Singapore on Thursday 14th November. The Adam Smith Awards Asia provides corporates across the region with a golden opportunity to significantly raise the profile of themselves and their treasury teams and to demonstrate their thought leadership and innovation to the industry.

Adam Smith Awards Asia 2019 winner group photo

Categories

The Adam Smith Awards Asia recognise success, regardless of budget, geography or industry.

On the day

A celebratory Gala Presentation Lunch at the newly restored iconic Raffles Hotel, Singapore, was held in honour of this year’s winners.

Contact

If you have any questions, please email us.

Adam Smith Awards Asia 2019 logo

2019 award categories

Open to any corporate treasury team based in the Asia-Pacific region that has made an outstanding contribution to its organisation over the past 12-18 months. This award recognises those who have made the world of corporate treasury that much better. This could be purely the treasury team or a broader team effort involving different disciplines (eg tax, legal, procurement) across the enterprise. The team may have undergone a complete treasury transformation, integrated a new acquisition and/or delivered a suite of projects and/or addressed skills and training to respond to new challenges; why not showcase what your treasury team has achieved.
Any solution which demonstrates how the company manages/forecasts its cash is eligible. It could be a simple single country/single currency/single bank solution or a multi-country/multi-currency/multi-bank solution. It might simply improve your cash visibility/cash flow forecasting; show how a hybrid/virtual account structure has been implemented; involve complex cash pooling structures or support a full regional treasury centre (RTC), shared service centre (SSC) or in-house bank (IHB) structure. All are valid in this category. Perhaps you manage the Asia-Pacific region from another part of the world or have deployed an Open Banking solution. Tell us how you achieved this.
Efficient working capital is a key challenge for companies of all shapes and sizes. What have you done to improve your key performance indicators (KPIs) of DPO, DSO, DIO and/or DWC? Have you improved your cash conversion cycle (CCC)? Tell us how this has been achieved. Perhaps you have taken the step from straight-through-processing (STP) to straight-through-reconciliation (STR), automating the reconciliations process? Have you streamlined your AR/AP processes or perhaps you have implemented an ‘on-behalf-of’ (POBO/ROBO/COBO) structure? Maybe SWIFT or Open Banking is the key enabler of your solution. Tell us how.
Cards are no longer just a piece of plastic; corporate cards have become an integral part of the cash management set-up. Have you implemented/re-engineered a card programme to achieve increased control and/or visibility and/or improved your T&E processes? The winning solution, including virtual cards, could cover any aspect of corporate cards, from improving the richness of procurement data to minimising the risk of fraud.
This category combines trade and supply chain finance to acknowledge the special relationship between buyer and seller. Any solution which addresses the supply chain, either financial or physical, qualifies here. Perhaps you are looking at reverse supply chain. Have you embraced electronic documentation or are you using blockchain to improve the process? Have you implemented a smart solution involving letters of credit, guarantees and/or do you practice open account trading? Have you opened a new trade corridor in an emerging market or perhaps you have implemented a paperless trade solution and/or a supply chain finance solution? Tell us your trade/SCF story.
Many corporates are exploring alternative sources of funding, diversifying and/or refinancing their funding sources. With credit squeezed, corporate bonds have made a comeback. Has your company issued commercial paper or bonds? Perhaps you have looked at financing an acquisition or considered securitisation, IPOs, crowd-funding, peer-to-peer or the private placement market? Maybe you have reviewed your funding mix or looked at panda or Formosa bonds. Whether a single transaction or as part of a company’s overall debt strategy, this category is open to all types of funding.
This is a new category for 2019 to recognise the steps companies are now taking to address the environmental, social and governance (ESG) issues when arranging finance. Solutions here could include sustainable funds, green bonds, impact investing, active ownership and credits for sustainable projects. Finance related to the mitigation of and adaptation to climate change/CO2 emissions also qualify here.
Risk continues to be top of every treasurer’s agenda; the winning solution could relate to any aspect of risk which arises in the corporate treasury arena. Have you changed the way you control foreign exchange risk, counterparty risk, commodity risk, interest rate risk, cyber risk or your supply chain risk? Does currency volatility open your eyes to new risk management concerns and are you rethinking your hedging strategy? Are you monitoring new risks such as sovereign risk, weather risk, employee risk or perhaps even reputational risk and what are you doing to mitigate fraud?
Whilst we appreciate technology will inevitably be a key component in many of the submissions entered in other categories, we include this category in its own right to capture any traditional treasury technology solutions which are helping you run your treasury. Have you re-engineered your processes where technology is the key enabler? Entries here could include a simple in-house developed spreadsheet solution to a full blown TMS/ERP project. Perhaps technology is helping you to comply with the ever-increasing KYC, regulatory, security, cyber-crime and/or fraud demands on your organisation. Perhaps SWIFT is central to your technology solution. Tell us your treasury technology story.
New for 2019, this category has been introduced specifically to capture the emerging technology solutions. We have heard much about the fintech revolution, Open Banking, artificial intelligence (AI), big data analytics, robotics, blockchain and other distributed ledger technologies. Has your company moved beyond ‘proof of concept’ stage and is now using one or more of these emerging fintech solutions? Solutions here could have been developed in collaboration with a fintech, bank or by an in-house innovation team. Tell us your story.
Whilst solutions which address cyber-security can be submitted in other categories, we have introduced this specific new category in 2019 as it is a major issue for corporates. Many household names have been in the spotlight recently as the victims of cyber-crime. What has your organisation done to address this issue; the solution could involve new technology, training, process re-engineering or a combination of all these factors. Tell us how your company is mitigating the threat of a cyber-attack.
This category recognises the unique challenges of operating in the PRC. The solution can cover any aspect of corporate treasury. The only condition is the solution must be implemented, or in the process of being implemented. Whilst this category relates to a particular geography, this does not preclude the solution from being entered in one of the other categories if appropriate. Why not showcase your talent and achievement and submit a nomination?
This category recognises the unique challenges of operating in India. The solution can cover any aspect of corporate treasury. The only condition is the solution must be implemented, or in the process of being implemented. Whilst this category relates to a particular country, this does not preclude the solution from being entered in one of the other categories if appropriate. Why not showcase your talent and achievement and submit a nomination?
This category is included to capture best in class liquidity solutions such as cash pooling structures. The solution can be single country/single currency or multi-country/multi-currency. Short-term investing is also included, providing an opportunity to show how your company has optimised and/or diversified its short-term investments. How have you addressed the trade-off between yield, liquidity, cash preservation and counterparty risk? Have you explored alternative investment vehicles? How have you overcome the low/negative interest rate environment and have you had to consider the new regulations in the world of money market funds? Do you use CNAV, VNAV funds or Low Volatility Net Asset Value (LVNAV) funds? Perhaps you have been subject to share cancellation as a way of distributing ‘negative income’ in a negative yield stable NAV or had to convert to a floating NAV. Tell us your story.
This category incorporates any relationship (internal as well as external) managed by the treasury function, such as investor relations, employee relations, ratings agencies, procurement etc., in addition to your core bank(s)/other service provider(s) relationships. Economic turmoil has certainly focused the attention on relationships. Perhaps you have introduced a new RFP/bank selection process or had to innovate to maintain credit lines? Are you looking at bank charges, bank account analysis, managing mandates, using digital signatures, KYC or eBAM perhaps? Do you benchmark your bank(s) or have you had to change how the treasury function interfaces with procurement or taken a fresh look at investor relations. Tell us your story.
This category includes any solution implemented, or in the process of being implemented, which addresses foreign exchange. It could be a single transaction, suite of transactions or a complete change in your FX strategy or policy, a hedging programme, use of specific instrument(s) or a new FX requirement as a result of entering a new market or dealing with a new currency and/or client/supplier. Have you entered new markets and, if so, how have you dealt with any currency volatility encountered?
Open to any woman operating in the corporate treasury environment who can demonstrate real innovation, achievement and someone who is an inspiration in her current role. Do you know someone in treasury who is a role model to other women? Someone who has overcome real adversity? Who may have had a career changing experience? Who has helped others? Someone who may have demonstrated real innovation? What have they achieved? Why do they stand out? You might be our Woman of the Year or you might want to nominate someone else. You can attach or submit by email any material supporting your nomination.
This category recognises talent coming through the corporate treasury ranks. Have you excelled in a professional qualification? Are you a future Finance Director or CFO? Whilst this category may fit a junior person, later arrivals to the world of corporate treasury are also invited to enter. Nominate yourself or someone you think fits this category.

Adam Smith Awards Asia 2019 logo

Nominations

The 2019 Overall Winners and Highly Commended Winners were announced in September. The award winners were presented with their crystal awards at the prestigious Adam Smith Awards Asia Gala Presentation Lunch which took place at the newly restored iconic Raffles Hotel, Singapore on Thursday 14th November.

Should you have any queries please do not hesitate to contact us

Criteria

The basic criterion for the Adam Smith Awards Asia is that they demonstrate best practice and/or innovation as evidenced by any of the following:

  • Outstanding cost savings.

  • Above average ROI.

  • Optimal account/treasury structure.

  • Quantitative improvements in efficiency.

  • Cutting edge technology.

  • Tailor-made solution.

  • Exceptional implementation (budget/time).

  • Quality accreditation.

The Adam Smith Awards Asia are open to companies operating in Asia Pacific (regardless of their home base which can be within or outside the region). The examples of best practice nominated for this year’s awards had to be deals and structures that have been implemented or are in the process of being implemented in 2018 and/or 2019.

Our Adam Smith Awards Asia Yearbook includes case studies on all award winners. The case studies are based on the winning nominations and the text is submitted for winners’ approval prior to publication. By submitting a nomination in the Adam Smith Awards Asia you accept that a case study outlining the details of your winning solution will appear in the Adam Smith Awards Asia Yearbook.

Adam Smith Awards Asia 2019 logo

The venue

The Adam Smith Awards Asia Gala Presentation Lunch 2019 took place at the iconic Raffles Hotel, Singapore on Thursday 14th November.

The Gala Presentation Lunch

Our welcome desk opened for guest registration at noon and the event opened with a lively pre-lunch welcome drinks reception.

Lunch was served at 1pm, during which the awards presentation ceremony took place to honour the Overall Winners and Highly Commended Winners in each category.

During the award presentation ceremony, each winner was invited on stage to be presented with their individually-engraved crystal award. Our photographers and videographers were in attendance and photos and video footage was taken throughout the event. A full pictorial account will appear in the Adam Smith Awards Asia Yearbook. Coverage of the event including photos and videos will also appear here, on the Treasury Today Group website.

Adam Smith Awards Asia 2019 Top Treasury Team

Agilent Technologies Singapore, Overall Winner Treasury Today Asia’s Top Treasury Team 2019

Adam Smith Awards Asia 2019 logo

2019 Overall and Highly Commended Winners

A record-breaking 300 nominations were submitted this year and our panel of judges had the exceptionally challenging task of selecting the very best solutions in each category. This year’s winners showcase the region’s very best and brightest and have demonstrated exceptional innovation in Asia’s corporate treasury arena.

See 2019 winners list

Adam Smith Awards Asia 2019 logo

2019 gallery

Please see below a selection of photos from the Adam Smith Awards Asia Gala Presentation Lunch, held in Singapore.

Photo gallery

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Adam Smith Awards Asia 2019 logo

Adam Smith Awards Asia

Portrait of Adam Smith

The Adam Smith Awards Asia are unique in their focusing the spotlight on corporates. Showcasing those who define cutting-edge thinking and drive the industry forward. In these challenging times, The Adam Smith Awards Asia present an opportunity to reflect on the remarkable achievements in our industry.

The Adam Smith Awards are firmly established as the ultimate ‘benchmark’ for true treasury talent and our highly respected judging panel will be looking for innovation, creativity, outstanding insight, thinking ‘outside the box’ and, of course, real business impact.

Why are they called Adam Smith Awards Asia?

Adam Smith (1723-1790) helped to develop modern economic theory and provided a rationale for free trade and the capitalist system. He was a leading innovator of free-market policies and an advocate of a free society and is perhaps best known for his series of books ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ normally referred to as ‘The Wealth of Nations’. This work advocates the division of labour and the benefits of competition and free trade and also has some wonderful observations on how markets work:

Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.

Adam Smith

The Adam Smith Awards Asia is not just another industry event. This highly prestigious awards programme recognises excellence and achievement in the corporate treasury space. That is why it is named after Adam Smith who reminds us all what best practice is.