There’s never been a more exciting time to be in Treasury Services. With rapidly developing digital products transforming cash management and global liquidity, U.S. multinational conglomerate General Electric has leveraged digital change to increase its business in the MENAT region.
Manish Joshi, GE’s Director of Cash Management and Treasury Services MENAT, identified several key challenges facing the company, including the evolving regulatory environment, the limited availability of foreign exchange tools, and the relative lack of sophistication in available banking products.
Through its long-term partnership with HSBC, GE pinpointed a need to increase its focus on treasury and understand business needs in the region. HSBC’s in-depth knowledge of emerging markets, along with its expertise in treasury transformation, has helped GE to successfully reduce cash in the region and optimise it to the maximum possible extent.
An active collaboration has led to a constant exchange of information, with GE piloting some of the innovations that HSBC is developing and launching. "GE is a very active customer," said Francisco Sanchez-del-Cura, HSBC’s Regional Sector Head, Capital and Automotives, Global Liquidity and Cash Management. "They are always looking for more, and that pushes the bank overall to come up with new solutions to think out of the box, to think creatively."
Joshi views the development of banking infrastructure as an ongoing evolutionary process. "The focus should be on what digital can change for you here and now, which will in turn bring about the large-scale change when it happens in the industry, because digital is here to stay."