Doosan Vina appoints Standard Chartered as cash management bank

April 12, 2013 | 11:15
Standard Chartered Bank (Vietnam) Limited announced successful implementation of the cash management mandate for Doosan Vina including electronic banking integration solution of Straight2Bank Access with Oracle ERP in Vietnam.

Doosan Vina is the only power plant facilities manufacturer in Vietnam and was jointly established in February 2007 by South Korea’s Doosan Heavy Industry Inc. and Doosan Engineering and Construction in central coastal Quang Ngai province’s Dung Quat Economic Zone. Doosan Vina’s main business divisions are boiler, heat recovery steam generators, desalination, material handling equipments and chemical process equipments.

Doosan Vina’s objective was to achieve automation and streamline their payment and account reconciliation processes. With Standard Chartered’s unique Oracle-certified system integration solution, they are able to achieve payment efficiency and a comprehensive two-way straight-through reconciliation between the company’s finance and treasury functions. The solution greatly benefits Doosan Vina with much improved payment processing, enhanced visibility over their cash flow, and a more sophisticated control and risk management system.

Lee Byung Hui, chief financial officer of Doosan Vina said: “We are very impressed with Standard Chartered’s wide range of cash management capabilities, knowledge of the team, and comprehensive understanding of our business requirements. We were pleased with the team’s professionalism during the entire implementation process and their commitment to execute and deliver a solution in a timely manner to help us achieve our objectives.”

 “We are always delighted to get recognition from our clients and proud to provide Doosan Vina with a cash management solution. Doosan Group has a strong relationship with our Bank across many markets including Korea, India and the Middle East. It reflects our distinctive strengths across our international network and demonstrates our brand promise: Here for good," Haroon Anwar, head of Transaction Banking at Standard Chartered Bank (Vietnam) said.

By Hoang Anh

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