Thailand — 257 respondents
1. Top treasury and FX priorities
What are your organisation’s three most important treasury, funding or foreign-exchange priorities over the next 12 months?
Select up to three.
- Improving cash visibility and liquidity forecasting; (61%)
- Protecting earnings, margins or portfolio value against FX volatility; (54%)
- Improving FX hedge-policy design, governance or hedge effectiveness
- Reducing the cost of FX execution, hedging or bank spreads
- Managing interest-rate risk on debt, deposits or investments (36%)
- Optimising surplus cash, short-term investments or money-market returns
- Securing funding, refinancing or improving capital-structure resilience: (36%)
- Improving access to multicurrency accounts, cross-border liquidity or cash pooling
- Centralising treasury operations, bank relationships or dealing activity
- Improving real-time treasury data, dashboards and risk reporting
- Integrating ERP, TMS, investment systems or bank platforms through APIs (44%)
- Automating exposure capture, confirmation, settlement or reconciliation
- Managing commodity-price risk alongside FX and interest-rate exposures (35%)
- Strengthening fraud, counterparty, cyber and operational-risk controls
- Using AI, advanced analytics or scenario modelling in treasury
- Other
2. Greatest treasury or FX challenge
Which single issue currently creates the greatest strategic or operational challenge for your treasury, finance or investment team?
Select one.
- Inaccurate cash-flow, liquidity or funding forecasts (21%)
- Limited visibility of group-wide currency exposures (21%)
- FX volatility and uncertainty over when or how much to hedge (16%)
- Inadequate hedge policy, governance, accounting treatment or board approval
- High FX spreads, hedging costs or insufficient pricing transparency
- Interest-rate volatility or refinancing risk (11%)
- Limited access to credit, derivatives, collateral or hedging facilities
- Fragmented bank portals, platforms and dealing channels (14%)
- Manual processes in exposure capture, confirmation, settlement or reporting (10%)
- Difficulty integrating bank systems with ERP, TMS or investment platforms
- Counterparty, settlement, fraud or cyber risk
- Shortage of treasury expertise, systems capacity or internal resources
- Other (7%)
3. FX exposure scale
Approximately what is your organisation’s annual gross foreign-currency exposure from revenues, costs, debt, investments, dividends, intercompany flows or other financial obligations?
Please select a range. Responses will be reported only in aggregate and will not be linked to an individual organisation.
- Less than US$1 million (7%)
- US$1 million to less than US$5 million (16%)
- US$5 million to less than US$25 million (28%)
- US$25 million to less than US$100 million (28%)
- US$100 million to less than US$250 million (14%)
- US$250 million to less than US$500 million (5%)
- US$500 million to less than US$1 billion (2%)
- US$1 billion to less than US$5 billion
- US$5 billion or more
- We do not currently quantify exposure centrally
- Prefer not to say
Note: “Gross foreign-currency exposure” means the aggregate, pre-hedging value of material currency exposures over a 12-month period. It may include forecast transaction exposures, recognised balance-sheet exposure, foreign-currency debt, portfolio holdings, investment commitments and intercompany positions.
4. Exposure profile and hedging coverage
Which of the following are your organisation’s most material foreign-exchange exposures?
Select up to three.
- Export or foreign-currency sales receivables (56%)
- Imported goods, raw materials or supplier payables (48%)
- Foreign-currency borrowing or lease obligations (27%)
- Offshore investments, funds or securities holdings
- Foreign-currency operating costs, payroll or overseas subsidiaries
- Intercompany loans, dividends, royalties or management fees (19%)
- Foreign-currency acquisition, capital-expenditure or project commitments
- Commodity-linked revenues or costs with an FX component (22%)
- Overseas investor distributions, fund subscriptions or redemptions
- We have limited or no material FX exposure
- Other
What proportion of material forecast FX exposure is normally hedged under your policy or current practice?
Select one.
- No formal hedging (16%)
- Less than 25% (24%)
- 25% to less than 50% (29%)
- 50% to less than 75% (21%)
- 75% to 100% (7%)
- Coverage varies substantially by currency, business unit or market condition (3%)
- Not applicable or prefer not to say
5. Hedging instruments and approach
Which FX and interest-rate risk-management tools does your organisation currently use, and which do you expect to use or expand during the next 24 months?
For each item, select “Currently use”, “Plan to use/expand”, “Aware but no current plan” or “Not familiar”.
- Spot FX transactions — Currently use (81%); Plan to use/expand (6%)
- FX forwards — Currently use (51%); Plan to use/expand (27%)
- FX swaps — Currently use (19%); Plan to use/expand (20%)
- Non-deliverable forwards
- FX options or option structures — Currently use (13%); Plan to use/expand (19%)
- Cross-currency swaps
- Interest-rate swaps, caps or collars — Currently use (14%); Plan to use/expand (18%)
- Natural hedging through matching revenues, costs, debt or assets — Currently use (41%); Plan to use/expand (27%)
- Multicurrency accounts and internal netting — Currently use (21%); Plan to use/expand (25%)
- Centralised dealing desk or in-house bank
- Electronic FX trading platform — Currently use (30%); Plan to use/expand (32%)
- Algorithmic execution or execution analytics
- External hedge advisory, outsourced dealing or overlay management
- Commodity hedging integrated with FX management
- AI or analytics-assisted exposure forecasting and hedging
6. Bank relationship model and selection criteria
Which statement best describes your organisation’s current treasury and FX banking model?
Select one.
- One primary bank handles most liquidity, funding and FX requirements (16%)
- We use a lead treasury bank supported by specialist local, regional or global banks (43%)
- We use multiple banks, with no clearly dominant treasury or FX provider (25%)
- Individual countries, subsidiaries, portfolio managers or business units select banks independently (8%)
- We are actively consolidating, reviewing or re-tendering treasury and FX banking relationships (8%)
- We expect to add banks, non-bank liquidity providers, fintechs or specialist advisers in the next 12 months
What would most influence a decision to appoint, retain or expand a treasury or FX bank relationship?
Select up to three.
- Competitive FX pricing, spreads, transparency and execution quality (57%)
- Credit appetite, derivative limits, collateral terms or funding capacity (39%)
- Local-currency, cross-border and emerging-market FX capability (45%)
- Global market access, liquidity and product breadth
- Treasury advisory, market intelligence and hedge-policy support (40%)
- Digital dealing platform, APIs and integration with ERP/TMS/investment systems (48%)
- Risk analytics, exposure dashboards, scenario modelling and reporting
- Cash management, liquidity, deposits and short-term investment capability (35%)
- Interest-rate, commodity and cross-asset hedging capability
- Operational service, implementation quality and 24-hour support
- Counterparty strength, credit quality, balance sheet and resilience
- Regulatory, hedge-accounting, documentation and compliance expertise
- Custody, collateral management, financing or securities-services capability
- Sustainability-linked treasury, investment or risk-management solutions
7. Technology, data and execution maturity
How would you assess your organisation’s current treasury and FX technology capability?
| Capability | Largely manual | Partly automated | Mostly automated | Mostly automated |
| Consolidation of group cash, debt, investments and liquidity positions | ○ | ○ | ○ | ○ |
| Identification and aggregation of FX exposures | 28% | 42% | 23% | 7% |
| Forecasting of cash flows, currency exposures and hedge requirements | ○ | ○ | ○ | ○ |
| Connectivity between ERP/TMS/investment systems and bank platforms | ○ | ○ | ○ | ○ |
| FX execution, confirmation, settlement and reconciliation | 25% | 42% | 25% | 8% |
| Management reporting, scenario analysis and hedge-performance measurement | ○ | ○ | ○ | ○ |
This lets the bank identify whether a client needs foundational connectivity, workflow automation, integrated FX execution, data/analytics or a more advanced TMS and risk-management proposition.
8. Risk outlook and unmet bank needs
Which risks or treasury needs would you most like a bank, adviser or technology provider to help your organisation address over the next 12–24 months?
Select up to three.
- Currency volatility and protection of operating margins or portfolio values (51%)
- Interest-rate volatility and debt-service risk (30%)
- Liquidity stress testing, contingency funding and cash buffers
- Cross-border cash concentration, pooling or intercompany funding (28%)
- FX exposure forecasting, hedge-policy design or board reporting (45%)
- Lower-cost or more transparent FX execution (39%)
- Access to derivatives, credit lines, collateral or structured hedging
- Settlement, counterparty, fraud or cyber-risk controls
- Hedging of restricted, illiquid or emerging-market currencies
- Commodity, energy or freight-price hedging
- Hedge accounting, documentation and regulatory support
- Treasury technology, APIs, real-time data or AI-enabled analytics (35%)
- Short-term investment, yield enhancement or money-market solutions
- Portfolio currency overlay, asset-liability management or investment-liquidity support
- No major unmet need
- Other
9. Planned actions and provider-switching intent
Over the next 12–24 months, what actions is your organisation most likely to take in treasury, funding or FX risk management?
Select all that apply.
- Review or revise FX hedge policy, hedge ratios or tenor
- Increase use of forwards, swaps, options or other derivatives (31%)
- Increase use of natural hedging, netting or multicurrency structures
- Expand interest-rate hedging
- Improve cash-flow, liquidity or FX-exposure forecasting (39%)
- Implement or upgrade a treasury-management system
- Connect ERP, TMS or investment systems to banks through APIs or host-to-host links (30%)
- Centralise treasury operations, dealing, funding or bank relationships (23%)
- Review or issue an RFP for treasury, FX or markets banks (26%)
- Add specialist FX providers, fintechs, electronic platforms or advisers
- Consolidate the number of treasury or FX banking relationships
- Expand FX execution through electronic platforms (44%)
- Establish or expand an in-house bank, payment factory or regional treasury centre
- Introduce AI, data analytics or automated risk-monitoring tools
- Make no major change (11%)
- Not sure