HSBC Malaysia has announced the successful migration of Silverlake Axis Ltd Group’s manual payments to an online solution, that enables multiple banks across seven markets to talk in the same language. This digital transformation will provide Silverlake with USD 50,000 in productivity savings per annum.
By working with HSBC Malaysia and leveraging HSBCnet , Silverlake has consolidated 39 entities with more than 70 accounts across seven markets (Malaysia, Singapore, Indonesia, The Philippines, Vietnam, Thailand and Hong Kong SAR). The consolidation of accounts eliminated the manual processes involved to reconcile multiple bank accounts, payment processes and balance views, providing Silverlake with a reduction in cost and time savings.
Andrew Tan, Group Managing Director, Silverlake Axis Ltd Group said: “By partnering with HSBC Malaysia, we were able to increase operational efficiencies across all seven markets by migrating manual payments to an online consolidated HSBCnet profile. Whilst
improving cross border cash visibility across the Group via a single platform, we were also able to reduce our paper based instructions significantly with a man-hours saving of approximately USD 50,000 per annum. Additionally, we are able to consolidate account balances from all the collection (multiple currency) accounts for interest optimisation including entities in various markets. This has helped in generating income from approximately 40% available cash balances which meets the Group’s financial KPIs.”
Karel Doshi, Country Head of Corporate, HSBC Malaysia said: “Silverlake has experienced rapid growth across Asia but they also faced inherent challenges that can often come with it. In this instance, they were facing a “Tower of Babylon” scenario where its various banking partners’ payment processes spoke different languages. HSBC was able to develop a platform that got these disparate processes translated and harmonised which will provide Silverlake with efficiency, productivity and transparency.”
HSBCnet is a consolidated interface that gives customers a clear picture of all your global cash management, trade and supply
chain, securities and global markets solutions, in one place, wherever and whenever you want it.
