Amid cheers from a packed crowd of industry practitioners, The Asset revealed the winners of Triple A Treasurise Awards 2024 in a glittering affair on Tuesday night (May 14) recognizing the most outstanding individuals and institutions in Asia’s treasury and trade community. We were also pleased to see the CFOs and treasurers attending the awards gala alongside their service providers to celebrate their achievements for the past year.
Deutsche Bank wins this year’s coveted top prize as the Triple A Best Transaction Bank, having been a steadfast partner for many CFOs and treasurers determined to transform their respective treasury functions. Over the course of the review period, the bank demonstrated the ability to craft complex and bespoke solutions for clients in multiple sectors, whether it be improving cross-border liquidity or helping companies find off-balance sheet financing solutions.
Deutsche Bank, moreover, like many banks, has committed substantial resources to improving its technology stack, including ramping up efforts in instant payments adoption and AI usage for fraud detection. The bank’s workflow FX solution has been a game changer for clients, allowing for hedging activities in 130 currencies. A testament to the bank’s success over the past year has been the direct feedback from clients either through one-on-one interviews or Asset Benchmark Research’s Treasury Review 2024. Strong testimonials came not only from leading corporates but also from emerging new-economy companies praising the bank’s intimate grasp of local regulations to help them optimize operations.
Winning this year’s Triple A Best ESG Transaction Bank for the second year in a row is Standard Chartered, which continues to expand its sustainability offerings to clients, notching up a double-digit growth of sustainable assets in its sustainable finance portfolio. The bank continues to advise clients on sustainable current accounts while onboarding new clients. Standard Chartered, which has a longstanding relationship with fintech partners across the multiple markets, also worked closely with Linklogis in crafting SCeChain, a supply chain financing tool that integrates ESG evaluation standards from third-party rating agencies. Understanding the complexity of Asia, Standard Chartered also has been a steadfast supporter of transition finance, helping companies pivot to green practices.
DBS takes the award for Best Treasury & Cash Management, recording significant growth over the past year supported not only by the favourable interest rate environment but also the bank’s commitment to pushing the bar when it comes to embedding technology into its offerings. DBS, for example, has pushed forward with its API connectivity channels, enabling real-time visibility for a number of companies. Moreover, the bank has been working on e-CNY collections and tokenized deposits as part of its efforts to stay relevant to clients. DBS was also viewed favourably in Asset Benchmark Research’s Treasury Review 2024 with cash management clients attesting to great satisfaction with the bank’s service.
Winning the Best Working Capital & Trade Finance award is HSBC, which successfully navigated the choppy waters facing the industry. Despite the sluggish global trade volumes, weaker commodity prices, and other challenges, the bank was able to excel, launching meaningful products for client such as Trade Pay, a real-time instant trade loan offering for suppliers to be paid in minutes. HSBC further established its trade finance expertise in key markets such as mainland China, Hong Kong, Malaysia and Vietnam offering an impactful mix of solutions leveraging digital tools or providing guidance on ESG-related financing. The bank is backed by a number of clients across the several markets who engaged directly with The Asset’s board of editors and spoke about the bank’s problem-solving expertise.
BNP Paribas again grabs the Best Supply Chain Finance award for its expertise in crafting bespoke supply chain finance solutions for clients. Whether it be receivables finance or supplier finance, the bank has executed timely solutions and unlock working capital for companies. During the review period, The Asset’s board of editors was presented a number of solutions in which the bank was able to leveragelocal currency financing and credit insurance to get deals over the finish line. BNP Paribas remained proactive closing new programmes and further growing its supply chain finance books. Going forward, the team is looking at cross-currency funding and leveraging syndication capabilities to offer cheaper rates.
Against a field of worthy contenders, Bank of China wins the Best Renminbi Bank award. During the review period, the bank has been proactive in promoting renminbi usage across multiple geographies from Argentina to Malaysia. It has experienced rapid growth in renminbi trade settlement, supporting the growth of Chinese companies internationally while educating local companies on interacting with Chinese counterparts. Bank of China’s renminbi expertise is backed by strong testimonials with several clients voicing deep satisfaction with the bank’s service and advice.
To see the list of winners please go here.
To view photos from the event please go here.
For more information about the Triple A Treasurise Awards please go here.
