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by Ben Poole
Citi launches 7-day sweeps in Thailand for real-time liquidity management
Citi has launched 7-day sweeps in Thailand, offering a new real-time liquidity management solution with automated 24/7 functionality. Southeast Asian e-commerce platform Lazada is the first company in Thailand to use this service in the local market.
Using the service, cash concentration capabilities can be extended to non-business days. For e-commerce companies in particular, the service reduces liquidity risk and enhances efficiency by meeting the need for 24/7 liquidity.
In Thailand, where majority of payments are facilitated through the domestic PromptPay instant payments scheme, real-time liquidity is critical for online businesses. For Lazada Thailand, 7-Day Sweeps is helping to reduce the need for holding reserves during weekends or outside business hours.
The launch of 7-Day Sweeps in Thailand also marks the inaugural launch of the solution for Citi’s Treasury and Trade Solutions Asia South business.
“The innovative solution addresses challenges in e-commerce, where high order volumes often occur outside of traditional business hours, especially during campaign periods,” said Varitha Kiatpinyochai, Chief Executive Officer, Lazada Thailand. “Our commitment to delivering seamless experiences for both shoppers and sellers drives us to empower local businesses. By offering 24/7 financial access, we're enabling sellers to optimise their operations, scale their businesses and contribute to a vibrant local eCommerce ecosystem.”
HSBC introduces solution to support businesses with international growth ambitions
HSBC has launched Smart Transact, a payments management solution designed to equip ambitious businesses with the capabilities they require for international growth. Businesses can manage their transactions through a simplified, streamlined and flexible payments service delivered through a single platform, and access a suite of HSBC services which provide the core capabilities they require to grow internationally – a current account, domestic and cross border payment capability and HSBCnet.
The bank says the solution is suitable for businesses at any stage of their growth – clients can add additional services as their business needs evolve, such as corporate cards and savings accounts, which can be selected as options to suit specific client requirements. In addition, clients can integrate the bank’s tools and services into their own systems, and access real-time payments tracking and benefit from mobile authentication and security.
HSBC Smart Transact is currently available in India, UK, US, Hong Kong, Singapore, Australia, Ireland, Netherlands and France, with plans to launch in China, the UAE and Germany by the end of the year.
“HSBC Smart Transact is a significant step forward in simplifying payment processes for ambitious clients that are keen to pursue international growth,” said Manish Kohli, Head of Global Payments Solutions at HSBC. “Clients can benefit from a more simplified, efficient, and flexible payments service combined with local market solutions, all delivered through a single platform.”
Services contribute to easing inflation in Singapore
The Monetary Authority of Singapore has announced that MAS core inflation declined to 2.1% on a year-on-year (y-o-y) basis in October from 2.8% in September. This was due to a moderation in services, electricity & gas, and retail & other goods inflation. On a month-on-month (m-o-m) basis, core CPI fell by 0.3%.
CPI-All Items inflation eased to 1.4% y-o-y in October from 2.0% in September. This was driven by slower accommodation inflation and a steeper decline in private transport costs, in addition to lower core inflation. On a monthly basis, CPI-All Items fell by 0.3%.
Although global energy prices have been volatile in recent weeks, they have, on average, remained below the levels a year ago. Meanwhile, in tandem with easing global inflation and the gradually strengthening trade-weighted S$ exchange rate, Singapore’s imported manufactured goods prices have also continued to be on a broad decline. On the domestic front, unit labour costs are projected to rise more gradually alongside moderating nominal wage growth and improving productivity. Correspondingly, services inflation, which has been on an easing trend, should slow further over the rest of 2024.
MAS core inflation is expected to remain at around 2% through to the end of 2024. Core inflation is projected to average 2.5–3.0% in 2024 as a whole and step down further to 1.5–2.5% in 2025.
Meanwhile, accommodation inflation is forecast to come in lower next year. This should partly offset an anticipated pickup in private transport inflation amid the firm demand for cars. Taking these factors into account, CPI-All Items inflation is expected to come in at around 2.5% for the whole of 2024 and average 1.5–2.5% in 2025.
Risks to the inflation outlook are relatively balanced. Domestically, stronger-than-expected labour market conditions could lead to a slower easing in unit labour cost growth. An intensification of geopolitical tensions may lead to higher commodity prices and add to imported costs. Conversely, a significant downturn in the global economy could induce a greater easing of cost and price pressures, causing domestic inflation to come in lower than expected.
Greenwashing risks rising as global regulatory scrutiny intensifies
KPMG Law has released The Challenge of Greenwashing: An International Regulatory Overview, a study examining how companies must navigate an increasingly complex regulatory landscape. The report analyses greenwashing regulations and enforcement mechanisms across 25 jurisdictions, including the US, providing new insights into emerging compliance challenges.
“Organisations face a critical turning point in corporate environmental accountability,” said Maura Hodge, KPMG US Sustainability Leader. “With intensifying regulatory oversight and growing stakeholder demands for transparency, unsubstantiated sustainability claims now carry significant legal and reputational risks.”
The study highlights how environmental claims are increasingly subject to global regulatory frameworks that impact US companies' operations worldwide. Key among these is the European Union's Corporate Sustainability Due Diligence Directive (CSDDD), which extends responsibility through companies' entire chain of activities and requires organisations to identify and mitigate environmental risks throughout their supply chains. This cross-border approach means that US companies doing business internationally must adapt to stricter standards for substantiating green claims and demonstrating tangible sustainability progress.
The report includes an analysis of common greenwashing practices, including unsubstantiated claims, dubious environmental labels, and misleading advertising. There is also an examination of enforcement mechanisms, including FTC oversight and potential civil penalties. Included in the report is a framework for identifying greenwashing risks across product, entity, and counterparty levels, as well as an overview of emerging regulatory requirements and compliance strategies.
“The message is clear: organisations must implement robust compliance mechanisms to verify and substantiate their sustainability initiatives,” Hodge added. “Companies need to ensure their environmental claims are backed by clear evidence and accurate data to meet rising stakeholder expectations and regulatory requirements.”
RAM and OWI Group launch deep tier supply chain finance strategy
Record Asset Management (RAM), part of Record Financial Group (Record plc) and OWI Group, a global institutional sharia compliant investment platform, are to launch the world’s first deep tier supply chain sharia-compliant fund with a target of US$1bn.
The new fund will be managed by RAM with support from Khalij Group, an Islamic investment and advisory boutique, authorised and regulated by the FCA. Khalij is headquartered in the UK and has a global clientele and footprint.
This fund will draw upon a mix of international investors including family offices and development financial institutions and will be made available for distribution in several European, Asian, and Middle East countries.
The fund’s approach aims to help bridge the trade finance gap by directing much-needed liquidity to underserved borrowers with high-quality credit and attractive return profiles. The strategy aligns Sharia principles with the UN Sustainable Development Goals, providing a solution that expands Islamic financing access for deeper-tier suppliers. This approach specifically supports SMEs in tiers 2, 3, and 4 of global supply chains, driving inclusive growth and resilience in underserved markets.
Rumble announces Bitcoin treasury strategy
Rumble, a video-sharing platform and cloud services provider, has announced that its board of directors has approved a corporate treasury diversification strategy of allocating a portion of the company’s excess cash reserves to Bitcoin. This move emphasises Rumble’s belief in Bitcoin as a valuable tool for strategic planning and is designed to accelerate the company’s expansion into cryptocurrency. Rumble’s Bitcoin allocation strategy will include purchases, at the discretion of the company, of up to $20m.
“We believe that the world is still in the early stages of the adoption of Bitcoin, which has recently accelerated with the election of a crypto-friendly US presidential administration and increased institutional adoption,” said Rumble Chairman and CEO Chris Pavlovski. “Unlike any government-issued currency, Bitcoin is not subject to dilution through endless money-printing, enabling it to be a valuable inflation hedge and an excellent addition to our treasury.”
The actual timing and value of Bitcoin purchases, if any, under the allocation strategy will be determined by management in its discretion and will depend on several factors, including, among others, general market and business conditions, the trading price of Bitcoin and the anticipated cash needs of Rumble.The allocation strategy may be suspended, discontinued or modified at any time for any reason.
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