Thien Long Group (TLG), in cooperation with its long-term banking partner HSBC, is accelerating the pace of its digitalisation journey by developing a fully automated Integrated Payables Solution and a seamless Integrated Receivables Management Solution.
The new digital solutions will enable TLG – a major Vietnamese stationery business with a presence in over 70 countries –to save time and resources by performing auto-reconciliation and simplifying payables and receivables management.
HSBC’s Integrated Payables Solution connects TLG’s Enterprise Resource Planning (ERP) with HSBC’s system, providing automation from payment creation to authorisation while following internal governance. Once the final authorisation is sent to HSBC via the system, the bank can immediately arrange payment through domestic and international linkages, reducing processing time by half.
HSBC is also providing TLG with an Integrated Receivables Management Solution, which is equipped with Virtual Account Payer Identification for more than 8,000 buyers. The collected receivables are automatically recorded and reconciled on TLG’s ERP system.
“Our digital solutions have supported TLG in improving human-intensive, time-consuming, inefficient practices, and introduced faster, smarter, more secure ways of doing business. It's a hugely exciting solution for the group’s digitalisation agenda," says Ahmed Yeganeh, country head of Wholesale Banking of HSBC Vietnam.
Nguyen Duc Hanh, Chief IT Officer of Thien Long Group, said, “HSBC’s integrated solutions are another step in Thien Long Group’s digital transformation journey. These solutions help us optimise cash flow management, save time and human resources, as well as improve our efficiencies.”
HSBC's relationship with TLG dates back to 2004. Since then, HSBC has accompanied and supported TLG's expansion by introducing the corporation to a diverse range of products, loans, and services.
This new venture marks another level in the strategic relationship between TLG and HSBC Vietnam, while also reaffirming the bank’s position as a top choice for businesses with a digital agenda. HSBC Vietnam recently received two accolades from The Asset Triple A Treasuries Client Awards 2023, winning Best Payments and Collections Solution in Vietnam, and Best in Treasury and Working Capital for MNCs/LLCs in Vietnam.
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