Monday, 20 September 2021

Bank of China Hong Kong and China Duty Free International win Best Cash Management Project in Hong Kong Award for automation of liquidity functions 2020

5 min read

By The Asian Banker

  • Addressed complex challenges on liquidity and treasury management
  • ERP implementation drove automation of financial management functions and cross-border reporting
  • CDF witnessed significant business impact after implementing BOCHK’s solution

22 October 2020, Singapore – Bank of China Hong Kong (BOCHK) and China Duty Free International (CDF) received the award for Best Cash Management Project in Hong Kong at the Transaction Finance and Bankers’ Choice Awards Virtual Ceremony 2020 presented by The Asian Banker.

Addressed complex challenges on liquidity and treasury management

China Duty Free International’s (CDF) treasury team faced challenges on account of large incoming multi-currency transactions across multiple retail consumers and 400 suppliers. This evidently caused lack of control and transparency over foreign account funds, further resulting in lower deposit yields. Cumulatively, the group was looking to enhance its liquidity management in the cash conversion period and support for automating its financial management functions and reporting capabilities across China, Hong Kong, and Cambodia markets.

ERP implementation drove automation of financial management functions and cross-border reporting

Software, manpower and technical input support from Enterprise Resource Planning (ERP) service provider Yonyou and the bank’s Global e-banking platform provided CDF a single-view of more detailed, accurate account information across Beijing, Hong Kong, and Cambodia offices in a timely manner. The tailor-made payment templates as a part of the ERP platform allows faster payment process and reduces time consumed for each payment. CDF’s teams can now view and further analyse account balance, cash pooling reports, payment templates and transaction counterparty details, reducing manual inputs further.

CDF witnessed significant business impact after implementing BOCHK’s solution

With the cash management and automated local cash concentration pool installed by BOCHK, CDF manages to enhance its liquidity management in the cash conversion period and hence perform cash flow forecasts with higher accuracy. This further deepens the strategic partnership between BOCHK and CDF, bringing higher volumes of settlements into the bank. The regional solution broadens the potential cooperation with CDF as it expands to other regions. Quantitatively, CDF’s number of transactions allowed per month grew by 566% after the implementation. Its monthly transaction volume went up 89% from $169 million before implementation to $320 million after the implementation.

For video of Transaction Finance Dialogue and Transaction Finance and Bankers’ Choice Awards Virtual Ceremony, please click https://bit.ly/31wgvuu

About The Bankers’ Choice Awards

The Bankers’ Choice Awards 2020, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific which recognise corporations that have strong financials and demonstrate the ability to use the financial supply chain to add value to their partners in the upstream and downstream activities of their businesses. Recipients of these awards are honoured in a gala event to recognise their efforts in bringing superior products and services to customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/bankers-choice/index.php

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.

For more information please contact:

Sue Kim 

The Asian Banker

Phone: +971 55 8587 992

Email: skim@theasianbanker.com 



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