BYD’s rapid growth brought several challenges. Difficulty in navigating diverse and evolving regulations across different countries, including complex cross-border transaction regulations, intricate tax requirements, transfer pricing rules and data protection requirements.

Elevated administrative costs in daily treasury management arise from managing numerous local accounts in different regions, making visibility and control harder to achieve. Liquidity is unevenly distributed across regions, with certain markets, such as the Netherlands, experiencing surplus funds, while others, like Hungary, have significant funding needs, leading to inefficiencies and higher financial cost. The management of ten plus currencies is becoming increasingly difficult to perform efficiently, hindering the support of timely payments.

Disparate systems and interfaces generate increasing IT costs for integration. There was a need for a core banking group to accompany BYD’s growth. Due to its rapid global expansion, BYD aimed to select a group of core partner banks that offer the strongest product capabilities, most efficient client servicing models and best pricing. The goal was to appoint a ‘champion’ bank in each region, with a secondary bank serving as a backup. This support encompasses several key aspects:

• A global reach backed by a robust global service model.

• Comprehensive global solutions with strong local expertise.

• A scalable solution that enabled agile and flexible treasury management, adapting to changing business needs and market conditions.

• Fast and smooth implementation.

• Seamless communication and exceptional client service throughout the entire partnership.