DBS global survey reveals Hong Kong emerges as a premier regional treasury centre in Asia | 繁體
Hong Kong.25 Jul 2024
Treasury and Finance drive strategic influence and innovation amidst the rise of globalisation
81% of Hong Kong executives prioritises pursuing decarbonisation and net zero for the next two years
Hong Kong, 25 Jul 2024 - DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) today announced a global survey with Financial Times Longitude uncovering the growing strategic influence of treasury and finance functions within corporations, in shaping the long-term direction of businesses worldwide. Factors such as the city's tax and regulatory framework, financial resilience, and deep talent pool make Hong Kong as a premier regional treasury centre in Asia, together with Singapore and Shanghai.
The report “Pivotal: How treasury and finance enable the new era of globalisation” surveyed 570 senior executives from 15 markets across Asia Pacific, Europe and North America[1], reveals that the top strategic priorities for businesses in Hong Kong over the next two years are improving productivity and operational performance (89%), building topline growth in Asia (81%), and pursuing decarbonisation and net zero (81%).
Notably, 63% of Hong Kong-based executives also see business diversification as a key goal, with many focusing on innovating their products and services, rethinking their sources of financing, how and where they manage the treasury and finance function, and supply chain – 77% cite each of these as a priority.
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Bank Hong Kong, said, “Asia is the epicentre of growth in the new era of globalisation, with businesses seeking new consumer markets and manufacturing capacities in the region’s emerging economies. Within companies in Hong Kong, we see a specific focus on growing topline in the region and decarbonising the business while enhancing productivity. This is creating impetus among treasury and finance to secure more favourable financing arrangements and support further growth across the region.”
Boris Chan, Managing Director and Head of Global Transaction Services, DBS Bank Hong Kong, said, “As businesses navigate the next phase of globalisation, treasury and finance teams are playing a pivotal role in driving this transformation, where many teams are heavily involved in corporate strategy (96%) and digital transformation (84%). Hong Kong, as a key gateway to Mainland China and major global trade and logistics hub, offers a strong environment for regional treasury centers and is well-positioned to capitalise the emerging technologies in helping organisations seizing new opportunities for growth and innovation.”
However, 40% cited access to capital and financing as the chief factor perceived to be hampering growth for Hong Kong-based businesses, along with economic downturn, geopolitical uncertainty and climate risk.
The report also sheds light on the rapidly evolving role of emerging technologies within Hong Kong’s treasury and finance functions. According to the findings, 56% of Hong Kong-based executives said that generative AI is helping them to overcome long-term talent shortages and related challenges within their treasury and finance organisation.
Conclusion
The findings give a deeper understanding into the evolving role of treasury and finance teams amid a new era of globalisation. Companies that embrace this change by upskilling, embracing new technology and embedding the right culture to enable teams, as well as working with a network of trusted partners to adapt to these new responsibilities stand to unlock new opportunities in a dynamic global marketplace.
Read the full report of “Pivotal: How treasury and finance enable the new era of globalisation”: https://go.dbs.com/pivotalglobalreport2024
Hong Kong report factsheet: 2024-DBS-Pivotal-HongKong-Report.pdf
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
The report “Pivotal: How treasury and finance enable the new era of globalisation” surveyed 570 senior executives from 15 markets across Asia Pacific, Europe and North America[1], reveals that the top strategic priorities for businesses in Hong Kong over the next two years are improving productivity and operational performance (89%), building topline growth in Asia (81%), and pursuing decarbonisation and net zero (81%).
Notably, 63% of Hong Kong-based executives also see business diversification as a key goal, with many focusing on innovating their products and services, rethinking their sources of financing, how and where they manage the treasury and finance function, and supply chain – 77% cite each of these as a priority.
Wallace Lam, Managing Director and Head of Institutional Banking Group of DBS Bank Hong Kong, said, “Asia is the epicentre of growth in the new era of globalisation, with businesses seeking new consumer markets and manufacturing capacities in the region’s emerging economies. Within companies in Hong Kong, we see a specific focus on growing topline in the region and decarbonising the business while enhancing productivity. This is creating impetus among treasury and finance to secure more favourable financing arrangements and support further growth across the region.”
Boris Chan, Managing Director and Head of Global Transaction Services, DBS Bank Hong Kong, said, “As businesses navigate the next phase of globalisation, treasury and finance teams are playing a pivotal role in driving this transformation, where many teams are heavily involved in corporate strategy (96%) and digital transformation (84%). Hong Kong, as a key gateway to Mainland China and major global trade and logistics hub, offers a strong environment for regional treasury centers and is well-positioned to capitalise the emerging technologies in helping organisations seizing new opportunities for growth and innovation.”
However, 40% cited access to capital and financing as the chief factor perceived to be hampering growth for Hong Kong-based businesses, along with economic downturn, geopolitical uncertainty and climate risk.
The report also sheds light on the rapidly evolving role of emerging technologies within Hong Kong’s treasury and finance functions. According to the findings, 56% of Hong Kong-based executives said that generative AI is helping them to overcome long-term talent shortages and related challenges within their treasury and finance organisation.
Conclusion
The findings give a deeper understanding into the evolving role of treasury and finance teams amid a new era of globalisation. Companies that embrace this change by upskilling, embracing new technology and embedding the right culture to enable teams, as well as working with a network of trusted partners to adapt to these new responsibilities stand to unlock new opportunities in a dynamic global marketplace.
Read the full report of “Pivotal: How treasury and finance enable the new era of globalisation”: https://go.dbs.com/pivotalglobalreport2024
Hong Kong report factsheet: 2024-DBS-Pivotal-HongKong-Report.pdf
[1] Over 85% of respondents were from companies with an annual revenue of over USD 1 billion. The study was conducted by FT Longitude, the specialist thought leadership division of the Financial Times Group.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
