Solution supports Ninja expansion in South-East Asia
Published: Feb 2026
Best in Class Treasury Solution in ASEAN
Highly Commended Winner
Ninja Van Group
Sabina Lopez-Vergara
Chief Commercial Officer for PH, Group Marketing & PR Head
Ninja Van Group is a tech-enabled, privately held, express logistics company founded in Singapore in 2014. It specialises in last-mile delivery for businesses across South-East Asia, operating in six countries and handling around two million parcels daily.
in partnership with
The challenge
Ninja Van has experienced significant growth over the past few years as a new economy starter, having expanded its business operations organically across multiple countries in South-East Asia. Over time, Ninja Van developed an extensive and fragmented panel of more than 40 banks and payment service providers across various countries and entities. While core processes have remained consistent, the structure required logging into over 40 bank portals, each with their own authentication process, formats and approval workflows. The treasury team spent significant manhours reconciling incoming and outgoing transactions across multiple systems.
With local treasury teams managing multiple accounts across various banking partners, Ninja Van’s line of visibility over the group’s cash balances was highly decentralised, thereby leaving room to optimise idle cash balances and improve efficiencies around its local payment processes.
As the company continues to grow, they were looking to further enhance its operations and ensure it has the right cash management tools, processes and payment solutions in place to support the business. Streamlining and enhancing Ninja Van’s treasury and cash management across multiple countries became one of the key priorities for the group.
The solution
Ninja Van sought a scalable cash management solution to address its business needs regionally, and mandated HSBC as the group’s single, core banking partner across the eight countries that Ninja Van has presence, thereby streamlining the number of banking relationships, leading to improved connectivity, centralised access and visibility as well as optimised cash management structures.
Under a master profile in Singapore, the single bank proposition has enabled Ninja Van to gain a centralised and consolidated view of the group’s cash balances. The use of a single banking portal via HSBCnet enables centralised payment execution across all entities and countries, significantly reducing complexity. Payments are now processed more promptly and consistently, with better control, improved turnaround time and enhanced treasury governance.
While a full rationalisation of banking partners is still underway, the number of platforms accessed for day‑to‑day payment activities has been significantly reduced. HSBC now serves as the main cash management bank in all eight operating countries, providing a unified platform for payment processing, collections and liquidity management. Even where accounts with other providers remain open, the operational dependency on them has lessened. Reconciliation efforts have also reduced substantially, easing operational burdens and allowing teams to refocus on strategic treasury activities.
More recently, in line with Ninja Van’s new business venture in sales enablement to bring in international consumer brands to Singapore and other South-East Asian markets, Ninja Van adopted HSBC’s Virtual Accounts solution to support its sales collections and payments, segregated by respective consumer brands and online e-commerce platforms/offline retail channels. This will enable seamless reconciliation, as well as minimising risk of human error and manual work required, freeing up resources to growing the new business segment.
Ninja Van continues to explore ways to optimise internal efficiencies, potentially by way of fully integrating its payment factory and ERP with HSBC’s banking system via API connectivity, which will enable in-country payment files to be submitted through host-to-host connectivity, while retaining control at the headquarter (HQ) level. Additionally, Ninja Van is also exploring the use of notional cash consolidation to optimise yields on operating cash across various currencies and countries.
Best practice and innovation
For a fast-scaling e-commerce logistics company operating across multiple jurisdictions, centralised cash management provides strategic agility. The ability to view and manage cash across countries from a single platform will allow Ninja Van to better allocate working capital, respond quickly to operational needs and ensure timely funding to subsidiaries.
Key benefits
Cost savings.
Number of banking partners/bank accounts reduced.
Process efficiencies.
Increased automation.
Improved visibility.
Errors reduced.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
Manoj Dugar
Head of Global Payments Solutions Asia ex. Greater China, HSBC
Ninja Van’s story reinforces the immense value that a streamlined banking infrastructure can bring for organisations. Through a single banking proposition with HSBC, Ninja Van benefits from a much simpler treasury structure that delivers agility and control to not only improve working capital allocation but also ensures timely funding to subsidiaries. The implementation of Virtual Accounts further strengthens their proposition, paving the way for Ninja Van’s growth into new business segments. HSBC’s footprint in South-East Asia positions us as the bank of choice for companies expanding in this exciting region, and we’re thrilled to have supported Ninja Van’s journey in their pursuit for treasury excellence.
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
