Deutsche launches tool for currency-restricted Asia treasurers
The Covid-19 pandemic has prompted corporates to look afresh at automation and efficiency in their processes. Deutsche Bank sees a gap – even in currency-restricted markets.
Deutsche Bank has launched an Asia-developed treasury tool aimed at automating workflows for clients in countries with capital restrictions. Driven by the increased interest in automation and efficiency prompted by the Covid-19 pandemic, GEM Connect aims to simplify treasury processes in Asia even in countries where the movement of currencies is complex or restricted.
“Asia is a complex mix of markets with varying levels of documentation, automation, regulation and, in many markets, restricted currencies,” says David Cooper, transactional FX sales head for Asia Pacific at Deutsche. “Automating the workflow through that complexity has never really been dealt with; treasurers have considered it too hard to do.”
The pandemic really did bring more attention to some of the pain points
That changed with the arrival of the globally disruptive virus, he says.
“The pandemic really did bring more attention to some of the pain points that existed across Asian markets.