HSBC Global Payments and Cash Management has been appointed to provide cash management services to Crocs Asia Pte Ltd (Crocs) across 9 countries including Australia, China, Hong Kong, India, Japan, Korea, New Zealand, Singapore and Taiwan.
With regional Headquarters in Singapore, Crocs is a designer, manufacturer and retailer of performance casual footwear for men, women and children under the Crocs™ brand. Prior to awarding their cash management business to HSBC, Crocs had been using both local and international banks. HSBC’s solution allows for a single point of contact, as well as increased visibility across their cash positions. Also included in the solution are a new Cheque Outsourcing Solution (COS) and other payments services delivered via the Bank’s Internet-based electronic banking platform, HSBCnet, integrating with Croc’s back office platform and streamlining operations for more efficient processing.
“HSBC has shown commitment and high standards in their service level that support the growth of our business,” says Annie Yong, senior regional finance director, Asia Pacific at Crocs. “Understanding our requirements and with their presence and capabilities in the region, we believe that HSBC will be able to partner us across Asia Pacific as our business grows and evolves.”
“Our consultative approach was essential in working with the Crocs team to understand their business and identify cash and working capital management opportunities,” says Iain Taylor, head of global payments and cash management for HSBC in Singapore. “This approach enabled the HSBC team to design a bespoke cash management solution that enables Crocs to meet their objectives to streamline their cash management processes. We are therefore delighted with Crocs appointment of HSBC as its Asia Pacific cash management bank and look forward to evolving our working partnership as the company continues to expand its business across the region.”
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