Bridgestone awarded Best in Class Regional/Global Treasury Solution
(From left) Mr Daniel Teo, Chief Financial Officer, Bridgestone Asia Pacific, Mr Masahiro Rikitoku, Managing Director, Bridgestone Treasury Singapore, and Ms. Lillian Sim, APAC Head of Corporate Sales and Ms. Minako Stryer, Executive Director, MNC Corporate Sales, Payments, J.P. Morgan
Singapore (December 01, 2022) — Bridgestone Asia Pacific Pte. Ltd. (Bridgestone), a subsidiary of Bridgestone Corporation, a global leader in tires and rubber building on its expertise to provide solutions for safe and sustainable mobility, is proud to announce that it has clinched the Best in Class Regional/Global Treasury Solution award at the prestigious Adam Smith Awards Asia 2022 for its efforts at implementing best-in-class treasury and banking infrastructure.
The recognition marks an important milestone in the company’s vision of becoming a sustainable solutions company. Specifically, it aligns with the values of Efficiency and Economy in “Bridgestone E8 Commitment”*1 by maximising the economic value of business operations as well as enabling the company to monitor cash positions with ease, allowing visibility and control to optimise cash liquidity with risk management and investment yield improvement.
This multi-year treasury transformation started in 2020 with Bridgestone bringing in banking partners, J.P. Morgan and another bank. Together, they engineered a best-in-class solution that improves cash visibility and to optimise cash efficiency and consolidates Bridgestone’s regional cash across ten markets in Australia, China, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan, Thailand and Vietnam.
The approach focused on centralisation, automation, optimisation and governance. Some of the key benefits resulting from this transformation are increased automation, reduced risk, amongst others.
“We are extremely proud that our unique solution, engineered with the help of J.P. Morgan and another bank, won us the Best-in-Class Regional/Global Treasury Solution Award at the Adam Smith Awards Asia 2022. The recognition is a key milestone achievement for Bridgestone as we continue to drive a progressive organisational culture. We look forward to continuing to streamline our treasury processes and help connect some of our largest markets in China, Thailand, Australia, New Zealand and Singapore,” said Daniel Teo Thiam Guan, CFO, Bridgestone Asia Pacific Pte. Ltd.
The Adam Smith Awards Asia is globally recognised as the industry benchmark for best practice and exceptional solutions in treasury. This renowned industry awards programme is currently in its ninth year. The full list of winners can be found here.
*1 The Bridgestone Group established its corporate commitment, the "Bridgestone E8 Commitment," to help it realize its vision: "Toward 2050, Bridgestone continues to provide social value and customer value as a sustainable solutions company." This commitment will serve as the Group's axis to drive management while earning the trust of future generations. The "Bridgestone E8 Commitment" consists of eight uniquely Bridgestone values starting with the letter "E" (Energy, Ecology, Efficiency, Extension, Economy, Emotion, Ease, and Empowerment) that the Group will commit to creating through distinctly Bridgestone purposes and processes, together with employees, society, partners, and customers to help realize a sustainable society.
About Bridgestone Corporation:
Bridgestone is a global leader in tires and rubber building on its expertise to provide solutions for safe and sustainable mobility. Headquartered in Tokyo, the company employs approximately 130,000 people globally and conducts business in more than 150 countries and territories worldwide. Bridgestone offers a diverse product portfolio of premium tires and advanced solutions backed by innovative technologies, improving the way people around the world move, live, work and play.
The regional office Bridgestone Asia Pacific Pte. Ltd. In Singapore oversees the operations of tyre production and sales facilities, and supplies its products to more than 20 countries in the region. Bridgestone Asia Pacific Pte. Ltd. and its subsidiaries across the region offers a diverse portfolio of original equipment and replacement tyres, tyre-centric solutions and mobility solutions that deliver social value and customer value. Guided by its corporate commitment "Bridgestone E8 Commitment", Bridgestone is dedicated to shaping a sustainable future of mobility and improving the way people move, live, work and play.