HSBC Korea’s Veetil spreads word of cash management
The day-to-day movement of capital within a company is much like managing one’s checking account but on steroids. Corporations pay bills and receive payments like any regular individual, but the scale, frequency and complexity of the transactions are greatly multiplied.
But the rapid expansion of Korean corporations into foreign countries has brought additional challenges in managing daily cash flow, which local units of global banks such as HSBC Korea are stepping up to meet.
“If you have a local unit in Vietnam and another in Indonesia, keeping track of your immediate cash flow there can be difficult,” said Sunil Veetil, head of global payment and cash management at HSBC Korea. “Cash management is the number one priority of CFOs, but most of them do not handle it in a very structured and systematic way.”
Veetil, a native of India who has held positions in HSBC’s Indonesian and Middle Eastern units, has landed high-profile clients including Posco and Korean Air in the past year and has been leading HSBC Korea’s cash management business.
Such clients were lured by HSBC Korea’s offer of a one-stop service of managing daily cash flow on a global scale, including immediate visibility of account balances, liquidity management and coordination of payments.
Because HSBC has a local presence in 85 countries, the coordination of cash flow from a company’s headquarters in Korea for units in foreign countries is possible.
Veetil said the rapid expansion of Korean companies made Korea a prime market for a more centralized method of cash management.
By Lee Jung-yoon [firstname.lastname@example.org]