Today, treasury functions are no longer confined to traditional cash management and risk mitigation. They are turning into strategic, data-driven operations that demand agility, foresight, and technological sophistication. 

To provide more insights on this, HSBC has launched the report titled “Redefining Treasury in Asia Pacific: Voices of Treasury 2025”. It analyses survey outcomes from over 460 treasury and finance professionals across eight major markets in the Asia Pacific region. The report highlights a clear trend: the emergence of real-time treasury is a critical response to the challenges posed by market volatility and economic unpredictability.

At the heart of this transformation is the ambition to achieve what HSBC terms “real-time treasury” – a digital-first, always-on model that leverages real-time, accurate data to inform decision-making and operational execution. This shift is a fundamental redefinition of treasury excellence. Treasurers are now key players in strategic discussions and help their organisations handle complex challenges with more accuracy and confidence.

The imperative of real-time treasury

The report reveals changing attitudes toward technology in treasury. Currently, only 8% of treasury professionals see artificial intelligence (AI) as extremely useful, but 52% believe it will be essential in the next three years. This reflects increasing awareness of AI’s ability to enhance forecasting, detect fraud, and spot unusual data patterns, which can lower costs and improve treasury effectiveness. 

However, achieving real-time treasury is challenging. Nearly half of the respondents identify a lack of skilled resources as a major obstacle to new technology implementation. Additionally, about 38% face budget constraints that make it difficult to secure investment approvals. These issues indicate that treasury transformation is a long-term process requiring ongoing commitment and strategic focus.

Market volatility as the defining context

Market volatility is a major concern globally, especially in foreign exchange and interest rates, driven by economic uncertainty and geopolitical tensions in the Asia Pacific. More than 60% of treasury professionals identify financial market volatility as the foremost risk over the next 12 months, closely followed by concerns about a potential economic slowdown or recession. This uncertainty has tangible effects on corporate strategy. 

Expansion into new markets and segments, once a top priority, now ranks lowest in urgency for seven of the eight surveyed markets, reflecting the dampening effect of geopolitical tensions and unpredictable trade environments on long-term strategic initiatives.

Yvonne Yiu, HSBC’s Head of Global Payments Solutions for Greater China, captures this dilemma stating that, “Companies have shown that they can plan around a public-health crisis. They are telling us that they can plan around tariffs too — even if they’re high. But what they’re unable to do is long-term business-plan around a high degree of uncertainty and unpredictability.”

Treasury transformation across the Asia Pacific regions

Asia Pacific is a key area for economic activity and innovation, making it important for treasury transformation. The region has diverse markets, with developed economies like Singapore and Hong Kong alongside rapidly growing ones like Indonesia and Malaysia. 

This regional complexity mirrors broader global trends. As companies worldwide contend with supply chain disruptions, geopolitical tensions, and technological disruption, the lessons from Asia Pacific’s treasury evolution offer valuable guidance. 

The table summarises key data points and insights from the report on regional distinctions in treasury priorities, challenges, and digital adoption.

This shows that digital adoption varies widely. Mature financial centres like Singapore and Hong Kong lead in embracing AI, real-time treasury, and digital money innovations, while emerging markets such as Indonesia and Thailand face infrastructure and resource challenges that slow transformation.

Talent shortages and budget constraints are common barriers, cited by approximately half of respondents, underscoring the need for investment in skills development and organisational change management. 

Digital money and the future of treasury

The report discusses the growing importance of digital money, including tokenised deposits and stablecoins, which have the potential to revolutionise cross-border payments by addressing the persistent challenge of settlement delays.

HSBC’s Tokenised Deposit Service, available in Hong Kong, Singapore, Luxembourg, and the UK, demonstrates this innovation. It allows for real-time, 24/7 payments without cut-off times or time-zone issues. Tokenised deposits show a future where treasury operations can operate beyond regular banking hours and geographical boundaries.

Manoj Dugar, Head of Global Payments Solutions for Asia ex Greater China at HSBC, stated that, “Tokenised deposits represent a major step forward in the future of transaction banking. Its global rollout reflects our commitment to connect cutting-edge innovation with our international network to meet the changing needs of our clients.”

Additionally, while technology is central to this transformation, the report reminds us that treasury evolution depends equally on people and processes. The shortage of skilled resources to implement and manage new systems points to an urgent need for talent development and organisational change management.

Read the full report here.