OFTEN left out when it comes to the newest banking services, small and medium enterprises (SMEs) are increasingly now the target of banks, not only as a source of additional growth, but also to test digital capabilities across mobile banking or real-time trade financing. With the emergence of Covid-19, this has become even more critical as SMEs turn to digital solutions to address bottlenecks in their finance operations.
While financing relief packages are welcomed by SMEs facing urgent cashflow needs, the coronavirus crisis has also highlighted the need for them to eliminate manual processes and maintain a thorough understanding of real-time funds positions. Over the past year several Asia-based SMEs have taken that step, working alongside their banking partners to craft and deploy solutions that reduce treasury team workload and ensure that funds are instantly credited to bank accounts.
The third set of winners in The Asset Triple A Treasury, Trade, SSC, and Risk Awards 2020 features the standout SME solutions that have adopted digitalization. This year, the board of editors are delighted to showcase key solutions that have been gamechangers for their respective firms.
In Hong Kong for instance, Kai Bo Food Supermarket used Hang Seng Bank’s commercial cards to manage incoming receivables from different sources. Another solution commended as a trailblazer is Malaysia-based AA Pharmacy, which partnered with UOB in automating their payments and centralizing control of their treasury operations from a single interface.
Over in Singapore there were several key SME solutions such as the one for SG5, the main distributor for Asia-Pacific Breweries Singapore. The company worked alongside DBS in eliminating cash in their collections process from customers. SG5 now uses a QR code on Singapore’s PayNow platform to digitally collect payments.
Beyond the deployment of digital channels, SME clients the board of editors engaged with were likewise pleased with the level of all-round support for their business. Neo Group of Singapore, for example, was able to take advantage of a complete package from UOB, helping the company with reconciliation through virtual accounts in addition to benefiting from the bank’s value chain financing.
These SME breakthroughs are part of the standout solutions from the more than 300 submitted for The Asset Triple A Treasury, Trade, SSC, and Risk Awards 2020 showcased throughout May at TheAsset.com.
To see the Best SME solutions, please click here.
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To revisit some of our previous stories on the solution trends shaping treasury departments in Asia please read more below: