Citi launches 7-day sweeps in Thailand 26 November 2024Thailand Reporter: Clelia Frondaroli
Image: Iakov Kalinin/stock.adobe.com
Citi has announced the launch of 7-day sweeps in Thailand as the latest offering to provide 24/7 automated liquidity in the local financial services market. Lazada, a Southeast Asia e-commerce platform, will be the first company in the region to use the service.
Utilising 7-day sweeps means cash concentration capabilities can be extended to non-business days. This is said to reduce liquidity risk as well as enhance efficiency for e-commerce firms by meeting the need for 24/7 liquidity.
Narumon Chivangkur, country officer for Citi Thailand, comments: “With 7-Day Sweeps, we are enabling our clients’ business models by availing real-time liquidity with automated and secure cash concentration capabilities.”
“We look forward to expanding our 24/7 real-time liquidity solutions to more markets in Asia South as we support clients in the age of digital and global commerce,” adds Rupa Mankad, head of liquidity management solutions, Treasury and Trade Solutions Asia South at Citi.
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Image: Iakov Kalinin/stock.adobe.com 