Kyriba

Banking & Cash Management Challenges in South East Asia

Report date: 
10 Jul 2025

Commentary

ASEAN (The Association of South East Asian Nations) has a population of over 600 million. This is more than the EU (450m) or the United States (340m). Its ten member states provide an impressive level of diversity, for history and culture, but also in politics, economic development and prosperity. The broad range of rules and approaches make it a challenge to manage treasury operations. But the population, economic dynamism and key role in global supply chains make it a crucial player in world trade.

The pattern on this call is not a surprise: Singapore is the most advanced and open economy in ASEAN. For most companies, it is part of their international cash pooling and sweeping mechanisms, along with Hong Kong, Australia and, to some extent, China. The Philippines, Indonesia, Malaysia and Thailand are open economies, but they generally require FX to be executed onshore, and cash pooling is usually via intercompany loans: automated sweeping is not allowed. Vietnam remains more difficult. Myanmar, Cambodia and Laos, continue to be highly regulated and short of hard currency. 

Despite their FX restrictions, several countries have incentives for MNCs to set up Regional Treasury Centres (RTCs). These are usually able to transact outside the exchange controls – usually excluding domestic transactions.

Cash pooling: Singapore is the only country in ASEAN where cross-border cash pooling does not present any issues. Regional cash pools are usually based there or in Hong Kong. Most of the other countries allow domestic pooling and sweeping, though experiences vary. They typically do not allow automated cross border pooling, which is instead achieved by making intercompany loans, usually manually, and subject to various approvals. 

Exchange controls: most ASEAN currencies are convertible, at least for goods imports. However, in many cases (again, excluding Singapore), the FX trade has to be executed onshore, with the USD or EUR then transferred outside the country. These trades are usually done from an offshore location. Thai baht can be paid out of Thailand, but the regulation is not ...

 

Please LogIn /Register to access the full commentary and a further 150+ similar commentaries.
If you receive our newsletter - use your email to LogIn / Request Password Reset

 

Topics covered in this report: 
ASEAN, Bank Relationships, Cash Pooling - cross border, Cash Pooling - domestic, Trapped cash, KYC, Cash Repatriation, FX, Regional Treasury Centre, Regulatory relationships
Service providers discussed in this report: 
JP Morgan, DBS, Standard Chartered, Deutsche Bank, Citi, HSBC, Bank Ayudhya (MUFG), MUFG, Mizuho, Bank of America, Bank of PhilippineIslands, Bank Negara Malaysia, Bangkok Bank, Kyriba, Starfish Digital

Please log in, or create a free account, to read the whole report summary.

Corporate Treasury: Approaches & Experiences with Multilateral Netting

Report date: 
23 Jun 2025

Commentary

The relentless search for efficiency and cost reduction: this is the lot of every treasurer. One of the first, and most obvious, targets is netting – so much so, that it is often taken for granted. This call was an opportunity to check up on what our peers are doing, and the latest developments.

The most obvious – and frequent – area for netting is intercompany transactions. The benefits are clear: the elimination of spreads on FX transactions which are no longer required, the reduction of bank charges and fees, the optimisation of funding, and the imposition of enhanced discipline in settling intercompany invoices.

This basic transaction has been extended: while traditional intercompany netting is cash settled, an increasing number of peers are turning netting into an in-house bank. In this case, all intercompany transactions are booked into an account with the parent company – from the subsidiary’s point of view, this means the invoices have been settled. The in-house bank will decide when, and if, the intercompany accounts are settled. This same account can also be used for third party transactions, under POBO/ROBO arrangements, significantly reducing the number of cash transactions in the subsidiaries.

Also, many peers net transactions with their banks: instead of settling all FX transactions with each bank, some peers use regional treasury centres to settle on each other’s behalf. It is also possible, for example, if there are gains and losses on hedging transactions, to net settle with each bank, or get the banks to settle between each other on behalf of the company. This reduces the.....

Please LogIn /Register to access the full commentary and a further 150+ similar commentaries. If you receive our newsletter - use your email to LogIn / Request Password Reset

 

Topics covered in this report: 
Bank Relationships, Netting, intercompany netting, Intercompany loans, In house bank, POBO/ROBO, Hedging FX
Service providers discussed in this report: 
CoProcess, GTreasury, Kyriba, it2, Finastra, Integrity

Please log in, or create a free account, to read the whole report summary.

Managing Corporate Treasury with Spreadsheets

Report date: 
13 Mar 2025

Commentary

Technology. Treasurers love it – and love to hate it. We depend on it, and appreciate the help it provides. But the treasury technology landscape is complex and changing fast. Treasurers have very different views on the best tools and approaches: it can be a real challenge knowing where to turn.

This call was a departure from the usual discussions on the pros and cons of robots, different TMSs and ERP treasury modules, or how AI can improve your cash forecasting. Instead, we had some very motivated peers who passionately defended the benefits of the second oldest treasury technology (after calculators!): spreadsheets. These peers’ comments bore out the conclusion from our ongoing Treasury Technology Benchmark: spreadsheets are very much alive.

Everyone understands the drawbacks with spreadsheets: they are prone to error, they are often not properly documented and can be changed too easily. They do not automatically provide sophisticated reporting tools, data is often entered manually (and potentially incorrectly), and access control can be a challenge. 

All these issues can be addressed – more below. But the peers stressed that...

 

Please LogIn /Register to access the full commentary and a further 150+ similar commentaries. If you receive our newsletter - use your email to LogIn / Request Password Reset
Topics covered in this report: 
Technology
Service providers discussed in this report: 
360T, Finastra, Kyriba, GTreasury, Bank of America, HSBC, CashAnalytics, ChatGPT, Python, Box, SharePoint, PowerBI, Excel, Trovata, HighRadius

Please log in, or create a free account, to read the whole report summary.

Corporate Treasury : Kyriba TMS User Experiences

Report date: 
10 Jun 2024

In the CXC Treasury Technology Benchmark we gather unfiltered feedback from treasurers who actively use major TMS platforms. Unlike insights shaped by vendors' marketing materials, our approach is akin to independent product reviews, offering candid user experiences in a confidential setting.

This session focused on Kyriba, one of the most frequently discussed TMSs in treasury circles. Given the sensitivities around corporate relationships with providers, we have taken extra precautions to ensure anonymity.

The discussion provided valuable insights into user satisfaction, areas of strength, and recurring challenges. While some features received consistently positive feedback, perspectives varied widely on others. Certain factors emerged as significant concerns for multiple participants, influencing their long-term outlook on the system.

For those considering a TMS or evaluating their current setup, this report delivers a nuanced view of Kyriba from the perspective of experienced users. The full version contains detailed, practical insights that could be instrumental in shaping treasury technology decisions.

Please Login / Register to access this commentary

 

Topics covered in this report: 
Technology
Service providers discussed in this report: 
Kyriba

Please log in, or create a free account, to read the whole report summary.

Corporate Treasury KYC & AML Issues and Approaches

Report date: 
29 Nov 2023
Topics covered in this report: 
AML, KYC
Service providers discussed in this report: 
JP Morgan, Citi, Barclays, Standard Chartered, ING, Santander, BNP Paribas, Bank of America, SWIFT, Kyriba, Ethixbase, CoorpID, HSBC, Avallone

Please email Rupert at rupert@complexcountries.com if you have any comments to add, or discussion points you would like to raise on this topic.

Corporate Treasury Technology Roadmaps

Report date: 
1 Sep 2023

Commentary

Technology is changing the way many businesses work: with online commerce, many traditionally B2B businesses are moving to B2C. Logistics and supply chains are being transformed. Ride hailing and food delivery services operate real time payment systems. Assets we used to buy are increasingly available as a service, often linked to the internet of things.

Where are our banks in this turmoil? And how are treasurers adapting? We wanted to get a first view. Judging by the response we received, we are clearly not alone in being very interested.

This report is long – even the summary takes several pages, and it does not capture all the nuances. It is well worth reading the detail – it clearly lays out the challenges treasurers are facing.

Business transformation

For the time being, treasurers are adopting a wait-and-see approach to business changes. When the business moves to B2C, or becomes a full asset as a service enterprise, treasury will adapt accordingly. In the meantime, treasurers see no need to get ahead of the business, or even necessarily be a change agent.

On the other hand, CXC members who are in the new, online enabled industries are, of necessity, proving to be early adopters of the new technologies.

Communicating with banks

Over the years, centralised global and regional treasury management has been enabled by online banking tools with balance reporting, remote account management and payment initiation.

This has brought enormous benefits to treasury management. But it is not perfect:

  • Mostly, the data is not real time. It is often yesterday’s balance and transactions
  • There are many different tools: host to host, e-banking systems, SWIFT reporting, APIs
  • Security protocols remain a conce

Please Login or Register to access the rest of this free commentary.

If you haven't previously Logged in but receive commentaries via email, simply use your email address to change your password to Log in.

Topics covered in this report: 
API, Technology
Service providers discussed in this report: 
Kyriba, FIS, Reval, Ion, Wall Street Systems

Please log in, or create a free account, to read the whole report summary.

Treasury & FX in Thailand

Report date: 
27 Sep 2022

Commentary

Thailand is a large and relatively prosperous country, with an area close to that of France and a population of nearly 70 million. It has a long tradition of fierce independence – it is the only country in the region which was never colonised. Today, the country participates actively in the global and regional economy – it is a member of ASEAN, but it retains a distinctive approach.

 

The result is a country which is modern and business friendly, but which continues to present some challenges. Generally, our participants find that it works: they are able to do cross-border funding into, and out of, Thailand, and include it in various cash pools. But there are remnants of FX controls – recently relaxed – and it can be challenging to know exactly what the rules are. 

 

Main highlights:

  • It is easy to convert Thai bhat (THB) into foreign currency, usually the USD. Traditionally, there have been documentation requirements, but many participants find these are being relaxed.
  • During the Asian crisis of 1997 to 1998, Thailand forbade the remittance of THB out of the country. This is now allowed, but apparently for the settlement of THB denominated invoices: the consensus was that it.......continues
Please Log in or set up a free registration to read the rest of this commentary Thailand, access all other commentaries and receive occasional free reports.

Topics covered in this report: 
Cash Pooling - domestic, Cash Pooling - cross border, Funding, Intercompany loans, intercompany netting, Investments
Service providers discussed in this report: 
HSBC, JP Morgan, Bank of America, Deutsche Bank, Kyriba

Please log in, or create a free account, to read the whole report summary.

Payment Platforms & Collections in China

Report date: 
22 Jun 2022

Commentary

Cryptocurrency, digital wallets, virtual everything – there is a huge amount of change. China has been at the forefront of a lot of digital trends, partly due to the fact it had an antiquated banking system which has been thoroughly modernised, and partly because the explosion of internet shopping in the country required a digital payments solution. This is a challenge when there are no credit cards. 

This report is based on a Treasury peer Call which explored how this is affecting members’ companies, and how they are adapting to this brave new, digital, world.

  • Most participants are accepting payment using WeChat Pay and Alipay. None is using these tools to make corporate payments.
  • The collections process using these tools is efficient and effective: you work with a third party (usually accessed via a banking provider), who will transfer the funds to your account the following day. One participant did an RFP, with two Chinese and two foreign banks, and found the service was identical – though pricing was different, and not transparent.
  • There was no mention of billbacks, the excessively high fees and acquirors which blight the use of credit cards in other countries
  • The one complaint all participants had was the difficulty linking this process to internal systems, for the reconciliation of receipts or for compliance purposes in terms of identifying the source of cash. The third party companies do provide detailed lists of payors, but it can be difficult to upload these into the ERP system.
  • There was a lot of discussion about....please sign in to continue
Please sign or set up a  free registration to read the rest of this commentary on China and get access to all CXC commentaries together with occasional free reports. (if you receive our updates, use your email to re-set your password)

Topics covered in this report: 
Payments - domestic, Collections - domestic, Bankers Acceptance Drafts, Crypto currency, eCNY, Entrustment loans, T&E Management, Supply Chain Finance, Cash Pooling - cross border, Cash Pooling - domestic
Service providers discussed in this report: 
Alipay, WeChat Pay, Bank of China, ICBC, Deutsche Bank, HSBC, Citi, JP Morgan, Standard Chartered, Concur, Conferma, Kyriba

Please log in, or create a free account, to read the whole report summary.

Pages