Beijing, China (Vocus) March 24, 2010
Matthew Chen, vice president and head of corporations for SunGard China, said, “In the coming year, many corporations in China will be taking steps to modernise their treasury operations by finding ways of promoting centralisation, achieving connectivity with overseas operations and establishing best practices for cash and risk management.”
A recent survey conducted by EuroFinance Research Services in collaboration with SunGard, finds that Chinese companies are expanding the role of the treasury to support overall company growth, preserve capital and manage risk. The report, Treasury’s future in China: Time to act?, illustrates the need for treasury departments in China to centralise and streamline treasury activities in order to help improve visibility, lower operating costs and extend resources.
Three Trends in China driving adoption of Treasury Technology:
- Internationalisation: large corporations in China are expanding internationally, where competitors already use modern treasury technology.
- Centralisation: corporate treasuries are no longer viewed as isolated departments, requiring integration of systems and processes that can facilitate improved management and visibility into cash flow, as well as offer better control over liquidity across the financial supply chain.
- Global Economic Uncertainty: economic uncertainties in North America and Europe are prompting companies in China to enhance risk mitigation when operating across borders.
Huang Xiaofeng, general manager, Treasury Department, CNOOC Limited, said, “At the end of 2008, we made the decision to centralise the treasury operation of CNOOC Limited. By improving automation through the treasury management system, we have reduced the need for staff to spend time on routine tasks, so they can be more profitably employed on skilled activities. It is easier to monitor the company’s cash, and management reporting can be produced more quickly and accurately.”
About CNOOC Limited
CNOOC Limited is China’s largest producer of offshore crude oil and natural gas and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in oil and natural gas exploration, development, production and sales. The Group has four major production areas offshore China, which are Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. It is one of the largest offshore crude oil producers in Indonesia. The Group also has certain upstream assets in regions such as Africa and Australia.
CNOOC Limited incorporated in Hong Kong in August 1999, was listed on the New York Stock Exchange (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 0883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. As at 31 December 2008, the Group owned net proved reserves of approximately 2.52 billion BOE and its average daily net production was 530,728 BOE. The Group had 3,584 employees and total assets of approximately RMB 206.7 billion.
About SunGard’s AvantGard
SunGard’s AvantGard is a leading liquidity management solution for corporations, insurance companies and the public sector. AvantGard provides chief financial officers and treasurers with real-time visibility into cash flows and increased operational controls around receivables, treasury and payments. AvantGard helps companies drive free cash flow and reduce inefficiencies across the EcoSystem of suppliers, buyers, banks and other trading partners. For more information, visit http://www.sungard.com/avantgard.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and IT services company.
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