ADOPTION of technology was gaining traction even before Covid-19 emerged. Fintechs’ rise has been challenging the old ways and introducing innovation able to deliver agility and efficiency to treasury and trade processing.
The second set of solution winners in The Asset Triple A Treasury, Trade, SSC, and Risk Awards 2020 features the standout treasury and trade solutions that have adopted digitalization. This year, the board of editors were delighted to see that the number of solutions had doubled from a year ago, which is in line with the ongoing digital transformation among Asian corporates.
APIs, a geeky term not too long ago, have become ubiquitous. CFOs and treasurers are discovering their utility especially as banks offer them to drive connectivity into core treasury systems. Futu Securities, for example, partnered with several banks including Hang Seng Bank and HSBC in Hong Kong to achieve greater operational efficiency and client experience through end-to-end real-time collection APIs.
Similarly, UOB helped Phillips Securities in Singapore with connectivity via API to PayNow Corporate to provide the firm with greater visibility and control. Indonesia’s PT Asuransi Allianz Life Insurance worked with Deutsche Bank to eliminate returned payments via beneficiary validation API.
As digital payments blossom in China, several government-led projects stood out and have further enhanced the existing payment ecosystem. State Intellectual Property Operation Public Service Platform, administered by China’s State Intellectual Property Office, is offering an online intellectual property trading service. The payment and collection were supported by Bank of Communications. China Import and Export Fair, the largest trade fair in China, adopted Guangfa Bank’s digital payment and collection solution to better service global exhibitors.
With regards to e-payment, India has seen impressive improvement thanks to the government’s digital reform agenda. In 2019, Castrol India integrated its mobile app with Standard Chartered via API, which enabled the processing of incentive credit directly into the registered retailers account by simply scanning a QR code. IndusInd Bank supported UP Housing & Development Board’s transactions powering a new e-auction system for properties.
Apart from payment and collection, digital solutions applying blockchain technology are now being deployed in trade and supply chain finance. DBS and SF Express co-created a blockchain-based supply chain finance programme for multi-level suppliers. Another solution commended as a trailblazer is for Shenzhen MTC. HSBC conducted the first cross-border renminbi denominated letter of credit on the blockchain for the client resulting in a faster exchange of documentation.
More of the best solutions from the more than 300 submitted for The Asset Triple A Treasury, Trade, SSC and Risk Awards 2020 will be featured in the coming weeks.
To see the Best digital solutions please click here.
For more details about the awards, please click here.
For more information about receiving the awards, please contact firstname.lastname@example.org
To revisit some of our previous stories on the solution trends shaping treasury departments in Asia please read more below: