Paying tribute to the best practices in one of the industry’s most volatile periods in recent memory, The Asset last week honoured several leading banks for their outstanding efforts in helping companies deal with the economic fallout from the ongoing Covid-19 pandemic.
For the second year in a row, The Asset hosted its annual Triple A Treasury, Trade, Sustainable Supply Chain and Risk Management Awards in a virtual format, broadcasting to a global audience stories of resilience and out-of-the-box thinking of treasury management professionals throughout 2020.
The event gave recognition to the top transaction banks and the most impactful treasury solutions in Asia-Pacific, which culminated with The Asset’s “Oscar-style” on-air announcement of the winners in the region.
BNP Paribas, for the second year, takes the top prize at the awards ceremony, winning the Best Transaction Bank award in a highly competitive field of institutions. The bank over the review period was able to demonstrate its ability to craft bespoke and meaningful solutions for a wide range of clients. It also received strong testimonials from clients, who cited its ability to be flexible and proactive when it came to client servicing.
The bank also clinches the Best Supply Chain Finance Bank and Best in Treasury and Working Capital – MNCs awards. The bank has remained proactive in offering supply chain financing solutions, presenting a range of structures to provide urgently needed working capital to suppliers.
Singapore-headquartered DBS is another big winner in the virtual awards, scooping a number of important honours including the Best ESG Transaction Bank for the first time. Looking to pivot its business to incorporate sustainability practices, DBS has been hard at work in providing clients with the necessary structures to allow for financial inclusion, such as by helping organic cotton farmers in India with their financing requirements.
The bank, which is already a leader in digital banking, has been proactive in offering small and medium-sized businesses (SMEs) much needed support during the pandemic. DBS wins the Best E-Solutions Partner Bank, Best in Treasury and Working Capital – New Economy, Best in Treasury and Working Capital – SMEs, and Best in Treasury and Working Capital – NBFIs (non-bank financial institutions) awards.
Standard Chartered notches several key wins during the event, including the Best Working Capital & Trade Finance Bank for its efforts in using emerging technologies such as blockchain and machine learning to reshape traditional trade finance practices. The bank again wins the coveted Best Renminbi Bank award for its efforts in promoting the internationalization of the Chinese currency by offering much-needed solutions to corporate customers such as financing of hedging across its global footprint. Standard Chartered also grabs the Best in Treasury and Working Capital – LLCs for its work in helping national champions across Asia improve their treasury processes.
HSBC clinches the Best Treasury & Cash Management Bank award following compelling client testimonials about the bank’s ability to quickly adapt to the complexities of Covid-19 by helping companies do away with physical cash and embrace digital payment options. HSBC also won the Best Renminbi Liquidity Management Bank for helping clients set up cross-border cash pools between mainland China and Hong Kong, among other solutions.
Deutsche Bank receives a number of regional awards such as the Best Liquidity Management Bank, Best Structured Finance Bank and Best Fintech Partner Bank. Among its winning solutions is introducing clients to the most appropriate financial technology partners to help them with a number of treasury pain points such as clarity on FX rates.
The Best in Treasury and Working Capital – Emerging Corporates goes to UOB, which has been able to carve out a very active market segment for itself by providing companies with the necessary treasury tools to better manage their liquidity and financing needs.
Bank of America wins the Best Risk Management Bank award for providing clients with key hedging tools and solutions, very important during the volatile period of Covid-19.
Bank of China wins again the Best Renminbi Settlement Bank for its work in helping corporates settle their renminbi transactions by leveraging on its regional network to get items executed.
For the full list of award winners please go here.
For more information about these awards and how you can participate in the future please go here.