In today’s challenging environment, a corporate treasurer needs a well-rounded skillset. As Evelyn Ong, Treasury Director at Sea Limited, observes:

“To succeed in treasury, you need strong technical knowledge, the agility to adapt to changing market conditions, and an open mind when engaging with new challenges, products and concepts.”

In her role at Sea Limited – a Singaporean global technology company spanning digital entertainment, e-commerce and digital financial services – Ong leads the group’s corporate treasury function. The group operates primarily in emerging markets, with significant exposure across Asia and Latin America.

Managing a nine-strong treasury team, Ong is responsible for liquidity management, funding, FX and financial risk management, day-to-day cash operations, and treasury governance across multiple markets. The central team is supported by local finance colleagues who assist with treasury operations in-country, reflecting a centrally governed but regionally executed model.

From banking to corporate treasury

While Ong is passionate about the challenges and opportunities that come with a career in corporate treasury, her early career was spent in financial services.

“I started my career at Credit Suisse almost 15 years ago, working in financial reporting,” she recalls. “After three years, I moved to BlackRock, a global asset manager, where I supported the Asia treasury function for more than four years.”

Her move into corporate treasury came unexpectedly. “I was attending an interview at my previous firm when one of the interviewers suggested I might be a good fit for treasury,” she says. “I was open to exploring it, and that’s where I’ve ended up.”

Transitioning into a fast-growing technology company brought a very different set of challenges. “When I joined Sea, the treasury function was still being established,” Ong explains. “The early years were focused on building a strong foundation — standardising processes, implementing controls, and working closely with in-country finance teams to align on how treasury would support the business.”

Key milestones during this period included enhancing cash visibility, strengthening liquidity structures, implementing treasury controls, and investing in both in-house and external treasury systems to support scale and complexity. Ong’s contribution to building the function was recognised in 2023, when she was named Triple A NextGen Treasurer of the Year by The Asset.

The evolving role of treasury

As the business has grown, the role of treasury at Sea has continued to evolve. “Treasury function today is more than core cash and risk management,” Ong notes. “There is an increasing expectation for treasury to provide forward-looking perspectives and to support the business as it navigates growth, volatility and complexity.”

Rather than operating solely as a central function, treasury works more closely with stakeholders across the organisation, helping to ensure that financial considerations are embedded early in decision-making. “Having visibility across markets, currencies and funding structures allows treasury to contribute a broader perspective, particularly as the business expands into new areas and geographies,” she explains.

This evolution has reinforced the importance of agility and judgement. “Market conditions can change quickly, and shifts in FX or interest rate environments can directly influence treasury priorities,” Ong adds. “That makes it essential for treasury teams to remain adaptable, well-informed and closely aligned with the wider business.”

Direction of travel

Looking ahead, Ong highlights three key priorities for the treasury function.

The first is treasury automation and digitalisation. “Over the past few years, we’ve focused on simplifying and automating core treasury processes,” she says. “The objective is to improve control, visibility and efficiency, while ensuring the function can scale alongside the business.” Emerging technologies, including AI, are an area of growing interest, particularly where they can enhance data quality and support better decision-making.

Managing FX volatility remains another central focus. “With a multi-currency footprint concentrated in emerging markets, FX risk management is a constant priority,” Ong explains. “Rather than trying to predict markets, we focus on maintaining clear risk frameworks, good visibility of exposures, and disciplined execution to ensure outcomes remain within acceptable risk parameters.”

The third priority is talent development. As treasury responsibilities become broader and more complex, Ong emphasises the need to build a strong and scalable team. “Developing talent isn’t just about technical treasury skills,” she says. “It’s also about cultivating systems knowledge, commercial awareness and the ability to engage effectively with stakeholders across the business.”

On a personal level, Ong is also keen to continue broadening her perspective. “Spending time with different parts of the business helps me better understand their priorities and challenges,” she concludes. “That broader view ultimately allows treasury to support the organisation more effectively.”