Cash management: Mizuho’s expanding horizons
The bank has come a long way in the GTS business in a short time – it took the top spot in Japan last year, and the last 12 months have been about establishing itself in the rest of Asia.
Mizuho is still a relative newcomer to the global transaction services business. Before 2015, it largely focused on its domestic market in Japan, where it provided basic products including payments, payroll and FX. But that year it took the strategic decision to invest more in the business, to expand both the scope of the products it offered and its coverage across Asia.
Today, unlike some banks that take an all-or-nothing approach to the cash management business, Mizuho is flexible and can adapt its offering to suit the needs of the client, offering individual products without requiring customers take the full suite.
Clients obviously appreciate its approach enough to push the bank up in the Euromoney cash management survey to 12th globally, from 21st in 2016. The bank also makes the top five for global best service, putting it ahead of many others with larger client bases.
Although Mizuho is a Japanese bank, its strategic focus is on Asia more broadly, prioritizing clients domiciled in Asia, as well as US and European businesses doing business there. It has operations in 14 countries in Asia, including some, such as Myanmar, where few other large banks are present, giving it unparalleled coverage in the region.