Adam Smith Awards Asia 2018

Adam Smith Awards Asia 2018 winners

Overall and Highly Commended Winners

A record 221 nominations were received this year and the standard was truly exceptional. A full list of the 2018 Overall Winners and Highly Commended Winners is below.

Overall Winners

Ng Cheng Chang, Dell Technologies and Saurabh Gupta, Citi

Treasury Today Asia’s Top Treasury Team

Highly Commended Winner: Rio Tinto

Overall Winner: Dell Technologies

When in 2016, Dell completed the flagship acquisition of EMC, it signalled the firm’s transition into a global technology leader. This brought new opportunities and challenges for its treasury operations organisation. It set about delivering a global framework, serving over 500 legal entities across 69 countries via treasury operations leadership in Singapore and regional hubs for Asia Pacific and Japan, EMEA and the Americas. By employing a ‘test, learn and grow’ strategy, more usually associated with start-up operations rather than with mature multinational corporations, it has been able to fulfil its ambitions. This is teamwork in action.

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Catherine Yu, Herbalife Nutrition and Sophie Jackson

Treasury Today Asia Woman of the Year

Highly Commended Winner: Lay Perk Toh

Overall Winner: Catherine Yu

Catherine Yu has a strong track record of delivering strategic and significant commercial results. Her experience and expertise in finance, tax, treasury and business transformation makes her a natural contender for an award but it is her sheer leadership talent and unswerving professionalism that edges her beyond the competition. A deserved winner for 2018!

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Chris Kwok, Inner Mongolia Mengniu Dairy Co., Ltd and Anna Chang, Citi

Judges’ Choice

Overall Winner: Inner Mongolia Mengniu Dairy Co., Ltd

This is an extensive solution comprising many processes and technologies and is the first of its kind in Inner Mongolia which is why it is this year’s Judges’ Choice.

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Emilie Ha, Valeo China and Tracy Ge, Citi

Best Cash Management Solution

Highly Commended Winners: Guangzhou Lotus Supermarket Chain Store Co., Ltd.  |  ZF Friedrichshafen AG, APAC

Overall Winner: Valeo China

Valeo China deals with more than 700 overseas clients and suppliers in over 30 countries globally, with local entities managing over 12,000 transactions annually, constituting USD, EUR and JPY. The company was looking for, and found, a holistic FX cash management solution that would link treasury seamlessly with its shared service centre.

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Thomas Aubry, Citi, Vipul Gupta, Chi May Koong, Yee Ling Choo and Enrique Patrikson, Electrolux S.E.A Pte Ltd and Swee Sun Tay, HSBC

Best Working Capital Management Solution

Highly Commended Winners: Alibaba Cloud  |  Continental Tire Korea Co., Ltd

Overall Winner: Electrolux S.E.A Pte Ltd

Electrolux operates in a very competitive white goods industry. With an over-reliance on local banks for collection in countries where international banks lacked branch presence for over-the-counter transactions, it took a holistic approach towards driving working capital improvement. This saw it adopt RPA, standardisation of processes such as consistent use of virtual account and lockbox solution, and supply chain financing. This has enabled it to achieve substantial savings, financial and non-financial.

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Lillian Sim, J.P. Morgan and Manish Modi, Pfi zer Limited

Best AR Solution

Highly Commended Winner: British American Tobacco Limited

Overall Winner: Pfizer Limited

This end-to-end receivables solution, together with consolidated reporting powered by bots, has transformed Pfizer’s cash management in the paper-dominated payments processes of the Indian pharmaceutical sector.

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Ankur Gupta, Bank of America Merrill Lynch collects the award on behalf of BHP

Best Card Solution

Highly Commended Winners: Nashik Municipal Corporation  |  Google

Overall Winner: BHP

BHP solution is not simply about the introduction of a new global payment card to replace a fractured legacy regional programme. It is about a team that has successfully strived to harness the introduction of a new payment card to drive a far-reaching review of the firm’s global expense management.

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Ajay Jain, Standard Chartered, Debopama Sen, Citi and Mark Troutman, DBS collect the award on behalf of Vedanta Resources Plc

Best Funding Solution

Highly Commended Winner: Shandong Linglong Tire Co., Ltd  |  Simmtech Co., Ltd

Overall Winner: Vedanta Resources Plc

This is a multi-step liability transformation of the company’s credit profile comprising approximately US$3bn. The company’s objective was to materially transform the credit profile of the issuer by a combination of deleveraging, extending average maturity and optimising the blended cost of borrowings. Careful sequencing, being issuanceready, timing the transactions with good market conditions and company’s results delivery, were key success factors. This has also helped communicate Vedanta’s credit story to existing and new investors.

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Kim Kwang Hyun and Soo See Tan, Hankook Tire Singapore Pte Ltd, Ivone Hodiny, DBS and Thomas Aubry, Citi

Best Trade Solution

Highly Commended Winner: Kulicke & Soffa Pte Ltd

Overall Winner: Hankook Tire Singapore Pte Ltd

Prior to Hankook Tire Singapore’s establishment, China and Indonesia factories procured raw materials directly from third-party suppliers in US dollars with long-terms. Tackling the mismatch between each factories’ purchase and sales currency, lowering the cost of issuing letters of credit on each trade and managing over long-terms saw a major centralisation and standardisation programme rolled out. It has been a success.

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Lucas Chew Yee Lim, UOB, Dawn Hoe and Gabriel Kok, Carlsberg Marketing Sdn Bhd

Best Supply Chain Finance Solution

Highly Commended Winners: Bajaj Electricals Ltd  |  PT Indocement Tunggal Prakarsa  |  LF Logistics (Li & Fung Group)

Overall Winner: Carlsberg Marketing Sdn Bhd

In order to gain market share, distributors have to be equipped with strong marketing strategy and support, steady infrastructure to drive efficiency, and adequate working capital. It is critical for Carlsberg to manage the risks associated with commercial growth and the company wanted to extend its support to most of its smallmedium enterprises (SMEs) distributors. It sought an alternative end-to-end financing for its eco system and found a two-stage end-to-end supply chain solution using account receivables purchase and invoice financing.

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Simon Cole, ION Treasury and Francis Ho, CLP Holdings Ltd

Best Risk Management Solution

Highly Commended Winners: Harley-Davidson Asia Pacific Pte Ltd  |  JSW Group

Overall Winner: CLP Holdings Ltd

Risk management carries a high priority at CLP and it has a policy to hedge a high level (up to 100% if committed or known) of its market risks. This type of policy means that CLP needed to be up to date and able to respond fast to changes in industry and accounting regulations. The cloud solution implemented has future-proofed CLP’s treasury function.

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Chinanard Chitvarakorn, BNP Paribas and Saowapap Sumeksri, Bangchak Corporation PCL

First Class Relationship Management

Highly Commended Winners: Jacobs Engineering  |  TVS Asianics Supply Chain Solutions

Overall Winner: Bangchak Corporation PCL

The long-standing nature of this relationship, which leveraged the bank’s network across regions, enabled the issuance of a standby letter of credit in Norwegian krone in just a week, exceeding the expectations of the company.

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Manu Taneja, General Electric and Saurabh Gupta, Citi

Best Liquidity Management Solution

Highly Commended Winners: Aland Group  |  Ecolab Inc.

Overall Winner: General Electric

The solution delivered for GE resulted in a multi-tier liquidity structure for USD and KRW that enable true end-of-day entity level cash concentration. This in turn delivered funding efficiency between multiple entities on pre-defined priorities and conditions. This bespoke structure caters to GE’s operational needs in Korea, resulting in some impressive benefits.

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Kheng Leong Cheah, J.P. Morgan Asset Management and Yue Zhao, Meituan-Dianping

Best Short-Term Investing Solution

Highly Commended Winner: Ceat Limited

Overall Winner: Meituan-Dianping

Given the pace at which Meituan-Dianping was growing, the unicorn (a private start-up valued at over US$1bn) had a major challenge to accurately forecast its cash flow beyond three months. It did not have a robust cash management structure in place, nor did it have an effective global cash investment strategy. The situation was compounded when the company received a US$4bn round of private equity funding in November 2017. This is a great example of a Chinese unicorn partnering with an experienced global asset manager, delivering a comprehensive liquidity investment solution to meet strategic business needs and dynamic market conditions.

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Calvin Yeo, J.P. Morgan and Lay Perk Toh, Kulicke & Soffa Pte Ltd

Harnessing the Power of Technology

Highly Commended Winners: Ocean Network Express Pte Ltd  |  PT L’Oreal Indonesia

Overall Winner: Kulicke & Soffa Pte Ltd

As Kulicke & Soffa expanded its business it accumulated over 130 bank accounts with multiple banks globally, built across different technology platforms and formats. The fragmentation caused by incompatible file formats created significant challenges for K&S’s IT infrastructure. Application of cutting-edge technology to address the problem has been a success, with benefits for K&S that include increased security in transacting payments; reduced risk of errors; greater operational efficiency and nearly 100% of payment flows now automated and sent securely.

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Priscilla Lim, Bank of America Merrill Lynch and Priyanka Bhojani, Hindustan Unilever Limited

Harnessing the Power of Emerging Technology

Highly Commended Winners: Prudential Corporation Asia  |  Haier Singapore Investment Holding Pte Ltd

Overall Winner: Hindustan Unilever Limited

Unilever’s Indian treasury team have used the latest available technology to solve a very real business problem: how to automate AR reconciliation when so much of the data required is locked in emails and other communications. The AI-based solution has improved the accuracy of reconciliation at the company from just 33% in the old days of manual processes to 70% and, soon, to 99% – all this achieved within just two months of project start.

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Swee Sun Tay, HSBC collects the award on behalf of Cochlear Ltd

Best Foreign Exchange Solution

Highly Commended Winners: Alibaba B2B  |  Hong Kong Airlines

Overall Winner: Cochlear Ltd

This solution makes use of advanced risk management techniques such as CfaR and VaR which also link directly to the risk appetite of the company’s board in order to determine appropriate currencies to hedge and how much to hedge. FX risk management is now much more aligned with the company’s risk appetite.

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Chen Yun, Anna Löfstedt and Johan Larsson, Volvo Car Group and May May Pang, J.P. Morgan

Best SWIFT Solution

Highly Commended Winners: Alibaba  |  Schindler (China) Elevator Co., Ltd

Overall Winner: Volvo Car Group

The challenge of upgrading treasury processes across its operations in India, Thailand and Taiwan saw Volvo Cars implement initiatives including SWIFT, and a virtual branch solution to centralise and digitise workflows for its tax payments. Benefits include cost savings; faster account reconciliation and cash application; and much improved cash visibility.

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Lillian Sim, J.P. Morgan, Shania Ren, Rachel Wang and Nader Fleury, Saint-Gobain (China) Investments Co., Ltd and Chris Hua Chen, HSBC

Best in Class Treasury Solution in China

Highly Commended Winners: Qualcomm (Shanghai) Co., Ltd  |  Datang Financial Leasing Co., Ltd

Overall Winner: Saint-Gobain (China) Investments Co., Ltd

Saint-Gobain is highly proactive in seeking leading edge treasury solutions and its latest programme has focused on cash management and developing digital solutions for short-term investments. Key outcomes include an enhanced state-of-the-art liquidity solution and full automation of transaction management operations.

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T. R. Sadashivaiah, Renault Nissan Automotive India Pvt Ltd and Rupa Baleskar, BNP Paribas

Best in Class Treasury Solution in India

Highly Commended Winners: Louis Dreyfus Company India Pvt Ltd  |  Lykos India Ltd

Overall Winner: Renault Nissan Automotive India Pvt Ltd

Renault Nissan Automative India has secured deep efficiency gains after implementing a ‘revolutionary’ transformation of its treasury. The integrated solution, developed in collaboration with BNP Paribas, encompasses data extraction, encryption and automated bank reconciliation. Key benefits include more efficient liquidity management for maximising yield on surplus funds and accelerated receivables for improved working capital management.

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Amit Grover, General Electric

A Rising Star

Overall Winner: Amit Grover

Maturity, perseverance and focus: the perfect combination for this year’s Rising Star winner, Amit Grover. While still early in his career, Amit has demonstrated the traits of a seasoned treasury professional. A quick learner, these are traits that are clearly visible in the way he manages multiple projects and discussions, right across the board.

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Highly Commended Winners

Abel Martins Alexandre and Rio Tinto team, Sanath Shetty, HSBC, Ankur Gupta, Bank of America Merrill Lynch, Benny Koh, Deloitte, Byron Gardiner, Standard Chartered and Manoj Dugar, J.P. Morgan

Treasury Today Asia’s Top Treasury Team

Overall Winner: Dell Technologies

Highly Commended Winner: Rio Tinto

Rio Tinto decided in mid-2016 to fundamentally change its operating model, redefine its purpose and increase the efficiency of its processes. Its newly established commercial treasury has embarked on a journey to create a unique function that is a true partner to the business, actively seeking opportunities to create value through its understanding of financial markets and expertise in risk management.

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Lay Perk Toh, Kulicke & Soffa Pte Ltd and Sophie Jackson

Treasury Today Asia Woman of the Year

Overall Winner: Catherine Yu

Highly Commended Winner: Lay Perk Toh

Lay Perk Toh is a highly dedicated professional with wide ranging treasury experience gained over a fantastic career spanning 20 years. She is greatly admired as a dynamic team leader by colleagues.

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Paisan Yungsomboon, Guangzhou Lotus Supermarket Chain Store Co., Ltd and Jasmine Zha, UOB

Best Cash Management Solution

Overall Winner: Valeo China

Highly Commended Winner: Guangzhou Lotus Supermarket Chain Store Co., Ltd.

Facing large amounts of receivables from different buyers, CP Lotus was looking for an effective solution to improve its reconciliations. UOB’s tailor-made virtual account offering successfully connects its own e-banking system to CP Lotus’ merchant system and the firm’s ERP, automatically capturing customised reports and achieving the firm’s goal with efficiency and accuracy.

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Clara Wang, Bank of America Merrill Lynch collects the award on behalf of ZF Friedrichshafen AG, APAC

Best Cash Management Solution

Overall Winner: Valeo China

Highly Commended Winner: ZF Friedrichshafen AG, APAC

ZF Group has multiple legal entities but was struggling with a less-than-efficient cash management structure around its USD holdings. It came up with a sweeping and pooling structure that makes best use of the company’s USD balances across China while also allowing a two-way sweep of cash between the company’s header account in the Shanghai Free Trade Zone and other accounts around the world.

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Chen Xi, Alibaba and Tracy Ge, Citi

Best Working Capital Management Solution

Overall Winner: Electrolux S.E.A Pte Ltd

Highly Commended Winner: Alibaba Cloud

With increasing business growth at Alibaba Cloud, its incoming volume has increased exponentially and account reconciliation had become a major challenge for the treasury team. By adopting an end-to-end collections process that automated reconciliations quickly and accurately, the business was able to manage its working capital more effectively, helping to support growth more effectively.

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Young Wook Kim, Continental Tire Korea Co., Ltd and Jeffrey Ngui, BNP Paribas

Best Working Capital Management Solution

Overall Winner: Electrolux S.E.A Pte Ltd

Highly Commended Winner: Continental Tire Korea Co., Ltd

When Continental Tire Korea found itself handling dozens of incoming transactions every day from hundreds of retailers, it became increasingly challenging for it to reconcile account receivables manually. With objectives such as automating AR reconciliation processes and improving its overall working capital management, it worked with banking partner BNP Paribas to create a customised and scalable nostro-virtual accounts set-up for local customers, using multiple local partner banks.

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Jasmine Lee and Andrew Peddie, British American Tobacco Limited

Best AR Solution

Overall Winner: Pfizer Limited

Highly Commended Winner: British American Tobacco Limited

BAT Korea worked with its partners to re-engineer its accounts receivables and reconciliation process using virtual account technology, significantly improving efficiency and keeping its customers happy.

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Nashik ancient holy city

Best Card Solution

Overall Winner: BHP

Highly Commended Winner: Nashik Municipal Corporation

As part of the ‘Digital India’ programme, this payment solution enables multiple e-government services across a number of municipal corporations in the country, including Nashik Municipal Corporation, the governing body of the city of Nashik in the state of Maharashtra, to be delivered to citizens faster and at a lower operating cost.

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Rob Wegbrands, Google and Aman Singh Chadha, Citi

Best Card Solution

Overall Winner: BHP

Highly Commended Winner: Google

Google wanted to give the best experience to new employees, reducing the financial burden on them as they jet off to expensive locations like Singapore in their first week. But its innovative One Card programme streamlines more than just the firm’s expense management for ‘Nooglers’.

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Maggie Shi, Citi collects the award on behalf of Shandong Linlong Tire Co., Ltd

Best Funding Solution

Overall Winner: Vedanta Resources Plc

Highly Commended Winner: Shandong Linglong Tire Co., Ltd

This is a tailored trade financing solution to support the company’s monthly suppliers’ payments in China and avoided the need to enter into any commodity hedging because of its high volatility. The solution was executed in a short timeframe and has resulted in reduced costs and increased efficiencies.

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Sofi a Hammoucha, BNP Paribas collects the award on behalf of Simmtech Co., Ltd

Best Funding Solution

Overall Winner: Vedanta Resources Plc

Highly Commended Winner: Simmtech Co., Ltd

This solution involved a US$50m without recourse insured umbrella receivables purchase facility, which has since been increased to US$80m and achieved off-balance sheet accounting treatment.

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Lay Perk Toh, Kulicke & Soffa Pte Ltd and Christine Zhang, J.P. Morgan

Best Trade Solution

Overall Winner: Hankook Tire Singapore Pte Ltd

Highly Commended Winner: Kulicke & Soffa Pte Ltd

In actively embracing technology and deploying an innovative web-based solution to digitise its export documentary trade processes in its global shared services centre, K&S has improved productivity, reaping many immediate benefits. Its treasury has also taken a holistic approach, streamlining its operations and automating processes where possible to further eliminate inefficiencies.

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Mumbai cityscape

Best Supply Chain Finance Solution

Overall Winner: Carlsberg Marketing Sdn Bhd

Highly Commended Winner: Bajaj Electricals Ltd

In order to gain market share, distributors have to be equipped with strong marketing strategy and support, steady infrastructure to drive efficiency, and adequate working capital. It is critical for Carlsberg to manage the risks associated with commercial growth and the company wanted to extend its support to most of its smallmedium enterprises (SMEs) distributors. It sought an alternative end-to-end financing for its eco system and found a two-stage end-to-end supply chain solution using account receivables purchase and invoice financing.

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Shrabani Bhattacharjee, PT Indocement Tunggal Prakarsa and Ashutosh Kumar, Standard Chartered

Best Supply Chain Finance Solution

Overall Winner: Carlsberg Marketing Sdn Bhd

Highly Commended Winner: PT Indocement Tunggal Prakarsa

In order to gain market share, distributors have to be equipped with strong marketing strategy and support, steady infrastructure to drive efficiency, and adequate working capital. It is critical for Carlsberg to manage the risks associated with commercial growth and the company wanted to extend its support to most of its smallmedium enterprises (SMEs) distributors. It sought an alternative end-to-end financing for its eco system and found a two-stage end-to-end supply chain solution using account receivables purchase and invoice financing.

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Ashuman Rao, J.P. Morgan, Hooi Chong Ng and Kelvin Chin, LF Logistics

Best Supply Chain Finance Solution

Overall Winner: Carlsberg Marketing Sdn Bhd

Highly Commended Winner: LF Logistics (Li & Fung Group)

LF Logistics’ business has grown substantially over the past few years. It has been consistently adapting and pivoting new ways to improve efficiencies, reduce operating costs and free up capital locked within its supply chain. Since its initial rollout in 1Q 2017 in China and Hong Kong, the company’s supply chain finance (SCF) solution has enrolled over 100 suppliers across five markets, enabling LFL to manage over US$80m in invoices, unleashing significant working capital benefits and, at the same time, strengthening relationships with suppliers.

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Mark Foo, J.P. Morgan, Cheang Shin-Yi and Joseph Ong, Harley-Davidson Asia Pacifi c Pte Ltd

Best Risk Management Solution

Overall Winner: CLP Holdings Ltd

Highly Commended Winner: Harley-Davidson Asia Pacific Pte Ltd

Asia Pacific is a key growth area for Harley-Davidson and it needed a solution to address the complexities of dealing in non-functional currencies such as New Zealand dollars and Indonesia rupiah. The company worked with its regional banking partner to develop and implement a best in class solution for both currencies which uses onshore local currency accounts and the bank’s cross-currency sweeps solution.

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Chandra Mohan Grover, IBSFINtech collects the award on behalf of JSW Group

Best Risk Management Solution

Overall Winner: CLP Holdings Ltd

Highly Commended Winner: JSW Group

This Indian giant has exposure to five main currencies; USD, EUR, JPY, GBP and AUD. The solution it implemented supports a multi-company, multi-location, multi-asset, and multi-portfolio (or product) environment and helps manage exposure and offers tools to mitigate operational risks.

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Dino Albuquerque, Bank of America Merrill Lynch, Sally Poon and Tim Rice, Jacobs Engineering

First Class Relationship Management

Overall Winner: Bangchak Corporation PCL

Highly Commended Winner: Jacobs Engineering

Jacobs is a great example of how a lean, efficient treasury team can leverage a close relationship with its banking provider to manage cash across widely spaced companies and regions. This strong relationship has positioned it well to take on new challenges such as the integration of the CH2M businesses.

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Vincent Couche, Citi, Phillip Bottome, TVS Asianics Supply Chain Solutions, Benny Koh, Deloitte and Mark Troutman, DBS

First Class Relationship Management

Overall Winner: Bangchak Corporation PCL

Highly Commended Winner: TVS Asianics Supply Chain Solutions

Instead of following the best practice of selecting a regional banking partner, TVS Asianics went into this banking selection exercise with a long-term view of selecting the bank(s) that can meet its current business requirements and support its future plans in each country of operations where exposure, diversity and commitment are clearly demonstrated.

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Ma Bing, Aland Group and Tracy Ge, Citi

Best Liquidity Management Solution

Overall Winner: General Electric

Highly Commended Winners: Aland Group

Jiangsu Aland Nutrition (Aland) was looking to implement a global treasury structure which would help it consolidate funds from its global entities to support the company’s rapid development in China and Europe. The USD/GBP/RMB pooling solution implemented involves a non-resident free trade account in the SFTZ.

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Nitesh Gupta and Hin Hao Liaw, Ecolab Inc. and Martijn Stoker, J.P. Morgan

Best Liquidity Management Solution

Overall Winner: General Electric

Highly Commended Winners: Ecolab Inc.

The multi-entity/multi-currency solution implemented here is based upon a ‘follow the sun’ model, enabling funds to be moved from Asia to Europe to the US in a 24-hour cycle, resulting in reduced costs, improved cash visibility and standardised documentation and reporting.

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TPK Patro, Ceat Limited

Best Short-Term Investing Solution

Overall Winner: Meituan-Dianping

Highly Commended Winner: Ceat Limited

This solution offers Ceat a risk-free approach to diversifying its investment strategy, as Ceat makes discount income by paying approved supplier invoices early. The scalable marketplace model is independent of interest rate changes and market volatility and has increased yields ranging between 500-600 bps more than short-term investments.

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Junichi Ono, Keryn Lee, Kristin Loh and Toshiaki Ichida, Ocean Network Express Pte Ltd and Swee Sun Tay, HSBC

Harnessing the Power of Technology

Overall Winner: Kulicke & Soffa Pte Ltd

Highly Commended Winner: Ocean Network Express Pte Ltd

Following the merger of three companies that formed Ocean Network Express in 2017, the organisation badly needed a solution to bring the individual treasuries into one structure that would ensure operational efficiency, centralise payments to vendors and optimise turnaround time for receivables. With the help of technology, the merged company achieved that goal and, moreover, did so in just one year.

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Esra Martiliany, PT L’Oreal Indonesia and Debopama Sen, Citi

Harnessing the Power of Technology

Overall Winner: Kulicke & Soffa Pte Ltd

Highly Commended Winner: PT L’Oreal Indonesia

PT L’Oréal Indonesia has embarked on a digital transformation as it looks to tap into fast growth in online retailing and the potential of new technology to generate efficiencies across the company’s operation. One of its initiatives uses its employees as a pilot customer base to test a new website portal before it is rolled out to the general public.

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Simon Cole, ION, Richard C. Shaw, Amy Ching and Bonny Ho, Prudential Corporation Asia

Harnessing the Power of Emerging Technology

Overall Winner: Hindustan Unilever Limited

Highly Commended Winner: Prudential Corporation Asia

Faced with the challenge of automating its decentralised (and manual) treasury operations, Prudential Corporation Asia adopted cloud technology. The benefits secured through the move have been significant.

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Wang Rongli and Wang Ningning, Haier Singapore Investment Holding Pte Ltd and Jason Zhou, DBS

Harnessing the Power of Emerging Technology

Overall Winner: Hindustan Unilever Limited

Highly Commended Winner: Haier Singapore Investment Holding Pte Ltd

Rapid growth led to Haier Singapore, regional headquarters and global sales and procurement centre for smart home appliance Haier Group, to seek a customised off-balance sheet solution to improve its overall working capital and liquidity management. The resulting scalable, digital solution has enabled Haier Singapore to drastically simplify and hasten the submission of invoices to obtain off-balance sheet financing.

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Chen Xi, Alibaba

Best Foreign Exchange Solution

Overall Winner: Cochlear Ltd

Highly Commended Winner: Alibaba B2B

Two-way volatility in RMB exchange rates has become a normal phenomenon over recent years, having a major impact on customers of Alibaba. The FX rate locking solution here enables its clients to sign forward foreign exchange rate contracts with the bank online and lock the exchange rate of the expected cash flow (fixed amounts and fixed currencies) within a certain period.

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Manoj Dugar, J.P. Morgan collects the award on behalf of Hong Kong Airlines

Best Foreign Exchange Solution

Overall Winner: Cochlear Ltd

Highly Commended Winner: Hong Kong Airlines

This airline worked with a new banking partner to implement a multi-currency pricing (MCP) FX solution across its web and mobile app platforms. By establishing connectivity with the bank’s FX platform through an application programme interface (API), live FX rates are fed directly into HKA’s internal booking engines providing an improved user experience.

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Chen Xi, Alibaba and Tracy Ge, Citi

Best SWIFT Solution

Overall Winner: Volvo Car Group

Highly Commended Winner: Alibaba

E-commerce giant Alibaba.com is constantly looking to better support SMEs participating in its online marketplace. As part of this effort it needed to develop a set of cash management solutions that met the demands of a non-traditional model of collections and payments service. Working with Citi, the company addressed the challenge by implementing SWIFT GPI, a virtual account solution, and an automated reconciliation solution.

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Dean Wu, Schindler (China) Elevator Co Ltd and Phil Carmalt, DBS

Best SWIFT Solution

Overall Winner: Volvo Car Group

Highly Commended Winner: Schindler (China) Elevator Co., Ltd

Treasury management at elevator and escalator provider Schindler is well established but needed optimising and bringing up to date. The company joined forces with DBS to successfully address the challenge by implementing a multi-currency account solution; a digital cross border payment solution; and SWIFT GPI.

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Yuang Yuang, Bank of America Merrill Lynch and Jane Liu, Qualcomm (Shanghai) Co., Ltd

Best in Class Treasury Solution in China

Overall Winner: Saint-Gobain (China) Investments Co., Ltd

Highly Commended Winner: Qualcomm (Shanghai) Co., Ltd

Chipmaker Qualcomm’s growth in China led to the need for it to upgrade its cash management operations. A multi-pronged approach to the challenge resulted in centralisation of cash held, streamlining of its cash repatriation process and a new, fully digital solution for stock option payments.

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Tall buildings in Tianjin, China

Best in Class Treasury Solution in China

Overall Winner: Saint-Gobain (China) Investments Co., Ltd

Highly Commended Winner: Datang Financial Leasing Co., Ltd

Datang Financial Leasing joined forces with their bank to action a novel US$100m financing solution that helped the company sidestep regulatory credit limitations. The solution involved cross-currency accounts receivable financing backed by a receivables pledge and corporate guarantee, coupled with FX swap and interest rate swap.

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Manoj Dugar, J.P. Morgan, Binit Mishra and Didier Chatenet, Louis Drefus Company India Pvt Ltd

Best in Class Treasury Solution in India

Overall Winner: Renault Nissan Automotive India Pvt Ltd

Highly Commended Winner: Louis Dreyfus Company India Pvt Ltd

Louis Dreyfus India has successfully rationalised over 100 bank accounts to just 40 with the help of virtual reference numbers and support from J.P. Morgan. More efficient liquidity management and cost savings and customised and automated real-time reporting tailored to meet the needs of various business units are just some of the benefits accrued.

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Vikrant Jindal, Lykos India Ltd and Roshan Mathew, DBS

Best in Class Treasury Solution in India

Overall Winner: Renault Nissan Automotive India Pvt Ltd

Highly Commended Winner: Lykos India Ltd

A new API driven collection and payments solution is helping to ensure customers of Lykos, the online commodity player, enjoy a much smoother and effective transacting experience. Lykos, meanwhile, is witnessing a reduction in customer time-outs and improved sales. The solution also provides a platform for scaling up its operations both nationally and internationally.

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