Citi Perspectives Fall 2023: Transforming Treasury

38 | Treasury and Trade Solutions Citi Perspectives Q. Once the merger and IPOwere complete, what were your priorities and primary objectives in transforming your treasury function to meet the future needs of the Group? A. With the findings of Citi’s Treasury Diagnostics in hand, we engaged with the bank’s Client Advisory teamover a period of 12months through a series of workshops, meetings and whiteboarding sessions. The aimwas to develop a treasury strategy for the combined Group, including a roadmap with the top ten key projects/ initiatives. We found that while most advisory services focus on a more traditional model of “people, process and technology,” Citi combined this with a pragmatic solution approach. As a result of this process, we are now focused on executing the top recommendations that are aligned with GoTo’s priorities. These include: • Centralizing our treasury activities for better operating efficiency, control and scalability • Rationalizing bank accounts to improve liquidity management, operational efficiency and control • Improving overall group liquidity and working capital management • Streamlining systems across our treasury and finance functions to ensure the smooth, secure and timely flow of funds and data • Restructuring our foreign exchange risk management framework “We have an established, trusted relationship with Citi that is closely aligned with the fast-growing, multifaceted and digital-first nature of GoTo’s business.” Jacky Lo CFO, GoTo Group Q. Why did you opt to work with Citi on your treasury transformation, and what benefits has the relationship brought? A. We have an established, trusted relationship with Citi that is closely aligned with the fast- growing, multifaceted and digital-first nature of GoTo’s business. In addition to the breadth and quality of the bank’s solutions and platforms, we recognized that Citi offered a unique proposition as a banking provider. We were impressed by the bank’s strong advisory capabilities, pragmatism, vision and the expertise of both experienced treasurers and product experts with a deep insight into best-in-class cash management solutions. The combination of these elements was critical for the treasury transformation that we were working toward. While Citi’s Client Advisory teamworked with us over the course of a year to help develop and deliver on our vision of treasury, the relationship is long term, and based on trust, common objectives and pragmatic delivery. Unlike other advisory processes that tend to be short term, we are able to access Citi’s expertise in key areas such as liquidity management, payments, collections, financial risk management and connectivity on an ongoing basis, while implementing the bank’s solutions to deliver on our treasury ambitions. We also rely on Citi to offer solutions to meet our changing business needs across our footprint, including Singapore, Vietnam, and India, which many banks are not able to offer. Q. Are there any elements of your transformation that particularly stand out in terms of innovation or outcomes, and why? A. The success of our transformation so far has been based on a combination of centralization discipline, innovation, and process efficiency. Strong and consistent senior sponsorship from the beginning helped to inspire a common purpose and the confidence and vision to achieve it. A formal policy and robust risk management approach to underpin the new treasury function — and rigorously observing it —was essential. Technology plays an enormous role, leveraging innovation and efficiency opportunities to automate processes, provide effective controls, help in decision-making and achieve the scalability and agility that are so important for our business. However, execution is essential, so