As the global economy recovers in fits and starts, many multinational businesses are resuming their expansion around the world. Some are looking to sell their products or services in new markets. Others are beginning to source materials and supplies from unfamiliar foreign locales. Those that really want to gain a toehold in a new geography are engaging in cross-border mergers and acquisitions. Whichever approach they choose, wise organizations are moving cautiously.
Now more than ever before, successful global growth demands strong leadership from a visionary corporate treasury team. It's a reality exemplified by the winners of the 19th annual Alexander Hamilton Awards in the category Cash Management & Liquidity Optimization, sponsored by Kyriba, FiREapps, and Deloitte.
One of this year's winners pioneered a means of repatriating cash earned in China. Until recently, when global manufacturer Dover Corporation generated excess cash in China, the money would remain trapped there for months. That's why Rachel Miao, Dover's finance director for Asia, and Brian Moore, the company's vice president and treasurer, got creative. They designed a system for automatically sweeping renminbi between cash pools in Shanghai and Singapore, then sold the People's Bank of China (PBOC) on their plan. "We could see the project would take a fair amount of work, but that the end result would be worth it," Moore says. "You have to be open-minded and creative to take advantage of an opportunity like this."
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
