HSBC is offering treasurers self-managed virtual account management capabilities in Hong Kong and Singapore, pipping Citi whose solution only extends as far as Europe
New regulations have put the future of notional pooling in question. But Asia's capital controls mean treasurers at some multinationals still see it as key to handling trapped cash in the region.
Singapore might have the pedigree and Hong Kong the proximity to China, but fast-emerging corporate hubs in Southeast Asia are snapping at their heels.
Last May, Hong Kong passed significant tax savings to lure corporates to set up their treasury hubs in the city. All eyes are now on corporate tax filings due in August.