Best in Class Treasury Solution in ASEAN Highly Commended: Mundipharma
Published: Jan 2024
Photo of Pramit Bhattacharjee, DBS Bank.
Jessie Poon
Finance Controller, APAC
Mundipharma
Mundipharma is a global healthcare company with a presence across Africa, Asia Pacific, Canada, Europe, Latin America and the Middle East.
in partnership with
Mundipharma consolidates its banking partner’s solution into more ASEAN markets
The challenge
Mundipharma worked with DBS in Singapore and Hong Kong and wanted to consolidate its banking providers in Vietnam, Indonesia and Taiwan to a single provider to position themselves for possible future expansion into other Asian markets.
The solution
The company implemented a digital banking solution in the five markets to provide them with greater local, regional and global control. By linking Mundipharma’s treasury functions in Singapore and London, regional liquidity statements and information can now be easily viewed via DBS IDEAL.
Domestic and international payments and collections, and salary payments are also easily performed through the same platform, alongside a range of online FX services.
A centralised customer service model in Singapore provides complete servicing across five markets and actively supports Mundipharma’s regional and global treasury teams. Most importantly, the solution satisfies the company’s objective for possible future expansion to other Asian markets.
Best practice and innovation
The solution has supported Mundipharma’s cash management transition. Mundipharma can now work with a regional provider in Asia with a single connectivity solution and banking system for consolidated accounts reporting and reconciliation.
Less documentation and know your customer (KYC) checks are required, given Mundipharma’s existing relationship with DBS. In the years ahead, it is therefore easy for Mundipharma to add new entities and new countries as it consolidates more banking providers in Asia.
Through this single platform, Mundipharma has been able to gain access to all local clearing systems with best in class cut-off times. In addition, the regional customer service provides a single point of contact for Mundipharma’s regional and global treasury teams.
Consolidating cash management into a single platform allows for greater visibility and control. This solution is comprehensive enough to support all operational activities in five markets, enhancing Mundipharma’s operational efficiency and increasing control as it can now view and manage liquidity across multiple markets in real-time via one single platform.
Key benefits
Number of banking partners/bank accounts reduced.
Process efficiencies.
Increased automation.
Improved visibility.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
“The DBS team proactively worked with central and local treasury teams to enhance access to and visibility of cash across numerous territories.”
Daniel Jefferies, VP, Treasury and Tax, Mundipharma International Limited
Himanshu Sharma
Senior Vice President, Global Transaction Services, DBS Bank Ltd
Mundipharma is a healthcare company with a global presence. Having worked with DBS across multiple markets in Asia, Mundipharma looked to DBS for help with their cash management needs. We provided Mundipharma with a single connectivity solution to enable them greater visibility and control over its local, regional and global banking needs. Via DBS IDEAL, Mundipharma can now work with a regional provider in Asia with for consolidated accounts reporting and reconciliation.
in partnership with
The Adam Smith Awards Asia is the industry benchmark for best practice and innovation in corporate treasury. The 2023 awards attracted 450 nominations. To find out more please visit treasurytoday.com/adam-smith-awards-asia
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