DKSH optimises global liquidity with against the sun sweeps
Published: Feb 2026
Best Cash Pooling Solution
Overall Winner
DKSH Holding AG
Photo of Jason Kim, J.P. Morgan and Yew Li Ping, DKSH Holding AG.
Yew Li Ping
Vice President, Group Treasury
Founded in 1865 and based in Zurich, Switzerland, DKSH Holding AG provides various market expansion services in Thailand, Greater China, Malaysia and Singapore, as well as other markets in Asia Pacific and internationally.
in partnership with
The challenge
With approximately 80% of its business concentrated in Asia, DKSH needed to establish robust cash management capabilities to support its US expansion while maintaining centralised oversight from its global treasury centre based out of Singapore.
Because DKSH’s global USD operations remained centralised in the APAC region, the company faced the challenge of a disconnect between where it operated and where it controlled cash. Teams in Asia and North America encountered some difficulties in coordinating cash management activities, which created workflow inefficiencies and communication gaps. Geographic separation delayed transaction processing and reconciliation. At the same time, cash holdings fluctuated across multiple time zones, which complicated forecasting and budgeting.
The treasury team required immediate access and visibility to cash positions across both regions to make informed funding decisions and optimise liquidity management. Without real-time visibility into US cash positions, DKSH risked having gaps in funding. The company needed a solution that would bridge the geographic and time‑zone divide while maintaining centralised treasury control from Asia.
The solution
DKSH worked with J.P. Morgan Payments to implement an against-the-sun cross-border cash pooling structure. This unique solution established connectivity between DKSH’s operations in the United States and Singapore, facilitating efficient cash management across both regions. The system operates through fully automated cash sweeps from the J.P. Morgan Payments New York branch to its Singapore branch. These sweeps occur at the close of each US business day, transferring surplus cash from US accounts to Singapore, where DKSH’s treasury team can seamlessly access and deploy the funds as Asian business hours begin. With the automated structure, DKSH is positioned to scale its North American operations while maintaining centralised treasury control. DKSH also took the opportunity to consolidate its banking operations from four different banks to one in North America.
“At DKSH, entrepreneurship means re‑imagining what’s possible. By designing an against-the-sun cash pooling model, we transformed time-zone challenges into a unified liquidity framework – reflecting our spirit to innovate with integrity, collaborate with trusted partners and drive sustainable value across markets.”
Yew Li Ping, Vice President, Group Treasury
Best practice and innovation
Most cash pooling solutions follow with-the-sun patterns, moving funds eastward with business day progression. DKSH’s unique operational model – an Asia-focused company expanding into North America – required the opposite approach. The system transfers end-of-day balances from the J.P. Morgan Payments New York branch back to Singapore, helping DKSH’s treasury team to access and deploy funds during Asian business hours.
The solution eliminates the traditional limitation where treasury teams must wait for their regional business day to access funds generated in other time zones. DKSH also gained better visibility into balances across all accounts. This visibility has helped improve funds availability and release capital previously trapped in small, local accounts. The company can now self-fund debt and obligations without external financing, and automated reconciliation reduces manual intervention and operational overheads.
Key benefits
Cost savings.
Process efficiencies.
Increased automation.
Improved visibility.
Manual intervention reduced.
Future-proof solution.
Same day value.
DKSH’s treasury team faced the complex task of managing a 160-year-old company’s expansion into unfamiliar territory while maintaining financial control from thousands of miles away. The against-the-sun cash pooling solution helps DKSH overcome these challenges while transforming multiple dimensions of its business.
The solution eliminates manual intervention that previously consumed significant treasury resources. DKSH enhanced operational efficiency and reduced the risk of potential error while optimising liquidity management across two continents. The treasury team no longer coordinates between Asian and North American operations through time-consuming manual processes, freeing them to focus on strategic financial planning. This solution facilitates sustainable growth for DKSH. The company can confidently pursue its North American expansion knowing its treasury infrastructure can scale to support increased transaction volumes and complexity.
Andy Tan
Vice President, Subsidiary Payments Sales, J.P. Morgan Payments
DKSH Holdings’ innovative against-the-sun cross-border cash pooling solution exemplifies true treasury innovation, enabling seamless access to global funds regardless of time zone. This award recognises DKSH’s forward-thinking approach to overcoming geographic and operational barriers, empowering their treasury team with real-time visibility and centralised control. At J.P. Morgan Payments, we are proud to partner with DKSH in setting a new industry standard for cash pooling excellence and supporting their continued growth on a global scale.
in partnership with
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
