As you may well be aware, Kyriba recently opened its latest office, in Singapore. What excites me the most about bringing Kyriba to Southeast Asia and Hong Kong is the opportunity to lead a market revolution. While I have been focused on the Asian treasury space for nearly a decade, the point of entry remained too high for many of the companies who are in dire need of a system.
Huge license fees, big implementations, hardware purchases, cost of maintaining and upgrading the system have left a high percentage of Asian companies managing their treasury business on spreadsheets. This is the reality of many and it needs to stop before it is too late. Spreadsheets are great tools for displaying and formatting information, but should never be the source of information as the operational risk to the company is severe. One incorrect reference or mistake while manually manipulating data and the company is making decisions on bad data. Bad data led to the $6.2b London Whale loss and many other notable corporate losses closer to home in Asia.
With Kyriba, I am finally able to help corporate treasurers move away from the huge risk of managing their business on spreadsheets without the hurdle of large capital expenditure. Kyriba’s full Software-as-a-Service (SaaS) deployment means that other than implementation, the only cost is an affordable, monthly subscription fee. No hardware cost. No license fees. No upgrade charges or hassle.
Now we are rapidly building our team and partnerships across the region to help companies to bring automation and visualization to aid cash visibility, forecasting and risk management, payments automation and connectivity, bank account management, hedge accounting, in-house banking and supply chain financing.
We will be hosting launch events in May across Singapore, Hong Kong and Malaysia to meet with those companies ready to change as well as those with existing TMS tired of shelling out large sums of cash for license renewals, upgrades or ongoing maintenance of the system and hardware.
This is a game changer and this is what excites me.