Corporate Treasury Center
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1 Corporate Treasury Center
2 Topic Role and scope of Treasury Center (TC) Benefits of operating TC Summary of relaxation Regulations of TC Qualification and application for TC license Reporting 2
3 Role & Scope of business Role A Thai juristic person set up to manage foreign currency funds for its Group Companies both in Thailand and overseas. Scope of business Payment and collection of foreign currency reciepts and obligations regarding international trade and services for Group Companies (Reinvoicing / Agent) Netting of foreign currency receipts and obligations with counterparties abroad Purchase or sale of foreign currencies for Group Companies including foreign exchange risk management FX Liquidity management 3
4 Benefits 1. Reduce transaction costs and help increase companies efficiency and competitiveness - Cash pooling - Netting 2. Facilitate MNCs in FX management business in Thailand and support the government policy in promoting Thailand as International Headquarters (IHQ) 3. Enhance skills in financial management 4
5 Summary of relaxation Previous Liquidity management - TC needs to segregate foreign currency deposit account (FCD) opened with domestic FIs into 2 types of accounts: - FCD foreign source - FCD domestic source - TC can maintain the outstanding balance of USD 500 million for - FCD (domestic sources) opened with domestic FIs - FCD opened with FIs abroad - debt securities investment abroad TC can borrow baht from only foreign entities in Vietnam and neighboring countries. TC can lend to its Group Companies up to 1 year. New - Allow TC to open one type of FCD (foreign sources) with domestic FIs in which TC can deposit FX from both foreign and domestic sources. - TC can purchase FX up to USD 500 million per year for the following purposes: - deposit into the FCD opened with domestic Fis without having documents of underlying transactions - deposit with FIs abroad - debt securities investment abroad - TC can maintain the outstanding balance of USD 500 million for - FCD opened with Fis abroad - debt securities investment abroad TC can also borrow baht from any Group Company abroad. TC can lend to its Group Companies more than 1 year. 5
6 Summary of relaxation Previous FX transactions and risk management TC can freely unwind hedging transactions for goods and services. Document TC must keep its own documents of underlying transactions and those of its Group Companies. Others Holding company is not allowed as a Group Company. TC is an agent of its group companies for collection and payment of goods and services and can net those transactions. New TC can also unwind hedging transactions for lending or borrowing in foreign currency or for Group Companies direct investment. - TC may let Group Companies keep their own documents of underlying transactions. Holding company is allowed as a Group Company. TC is also allowed to act as an agent of its group companies for collection and payment of FX related to return on investment i.e. dividend and can also net those transactions. 6
7 Definition Group company Parent company, subsidiary and branch which authorize TC to provide treasury management function Must undertake an international trade or service business which are not related to financial service Affiliated company Parent company, subsidiary and branch which do not authorize TC to provide treasury management function 7
8 I. Payment and Collection Agent goods/services/dividend Group Company in Thailand and abroad $ or TC $ or Counterparty Re-invoicing goods/services Group Company in Thailand and abroad Re-Invoice $ or TC Re-Invoice $ or Counterparty 8
9 II. Netting of FX Transactions TC can net FX transactions prior to payment to Group Companies in Thailand and abroad or counterparties abroad. Eligible Transactions for netting International trade and services* of Group Companies in Thailand and abroad TC s FX transactions under its scope of business i.e. FX lending and borrowing *including dividend 9
10 III. FX Transactions & Risk Management Domestic FIs Purchase /Sale/ Hedging 1/ TC Group Companies in Thailand and abroad TC submits a copy of treasury center license. 2/ TC checks underlying transactions of the Group Companies in Thailand e.g. invoices for goods and services, loan agreement. TC may let Group Companies keep their own documents of underlying transactions. 1/ TC can purchase/sell/ hedge FX with domestic FIs for itself and its Group Companies in Thailand and abroad. 2/ In case of lending to group companies abroad or hedging of investment and loans, TC is also required to submit a letter of affirmation to domestic FIs (yearly submission). 10
11 III. FX Transactions & Risk Management (2) For payment of goods, services and other purposes such as loans, TC can purchase FX up to the amount of the underlying transactions. TC can purchase FX up to an aggregate amount of USD 500 million per year for the following purposes: deposit into the FCD opened with domestic Fis without having documents of underlying transactions deposit with FIs abroad debt securities investment abroad 11
12 IV. Liquidity Management Thailand Abroad Group Companies in Thailand Borrow FX Borrow FX FIs, Group Companies, affiliate companies or other juristic persons abroad Domestic FIs Borrow FX TC Borrow THB 1. Juristic persons in Vietnam and neighboring countries 2. Group companies abroad TC can borrow Thai baht from domestic FIs, Group Companies in Thailand or other juristic persons in Thailand without restriction. 12
13 IV. Liquidity Management (2) Thailand Abroad Group Companies in Thailand Domestic FIs Lend FX Deposit FX TC Lend FX Lend THB Group Companies or affiliated companies abroad Group Companies or affiliated companies in Vietnam or neighboring countries Deposit FX Invest FX FIs abroad Debt securities abroad Outstanding : up to USD 500 million 13
14 Foreign Currency Deposit TC can open foreign currency deposit accounts (FCD) with domestic FIs and deposit the following funds: Funds originated from abroad FX purchased or borrowed from domestic FIs FX transferred from Group Companies in Thailand and abroad 14
15 Foreign Currency Deposit (2) Transfers of FX from TC to its Group Companies in Thailand Eligible transactions Payment and collection relating to trade and services TC s FCD Foreign source Group Companies FCD Foreign source Domestic source (with and w/o obligation) FX lending or selling to Group Companies for payment of obligations abroad Foreign source Domestic source (with obligation) TC checks underlying trade and investment of Group Companies. 15
16 Foreign Currency Deposit (3) Transfers of FX from Group Companies in Thailand to TC Eligible transactions Payment and collection relating to trade and services Foreign currencies lending or selling to TC Group Companies FCD Foreign source Domestic source (with and w/o obligation) Foreign source TC s FCD Foreign source Foreign source 16
17 Practices of Financial institutions 1. FX transactions with the TC : FIs request a copy of treasury center license (proof of underlying obligation not required) * 2. TC s FCD Account opening : Specify for treasury center business in TC s account name Account transfer : Request documents from TC or Group Companies TC Group Companies in Thailand Group Companies in Thailand TC Copy of BOT s letter indicating lists of its Group Companies Documents indicating the beneficiary s FCD account is the account of the TC FIs shall comply to regulations on resident FCD upon deposit into or withdrawal from Group Companies FCDs. *In case of TC s lending to group companies abroad or hedging of investment and loans, FIs shall also request a letter of affirmation from TC (yearly submission). 17
18 Practices of Financial institutions (2) Reporting Foreign Exchange Transaction Form exempted for TC Report all FX transactions relating to TC to BOT specified purpose code Treasury Center report TC s FCD as foreign source 18
19 Qualification of Applicant 1. A juristic person registered in Thailand 2. A company operating as TC and its Group Companies shall be affiliated companies 3. Managing FX for Group Companies that have the following qualifications: 3 group companies in Thailand, Vietnam and neighboring countries 2 group companies in Thailand, and 2 affiliated companies in other countries Parent Company Parent Company A B C TC * (in Thailand) A B TC * (in Thailand) C D Thailand, Vietnam, neighboring countries Thailand Overseas 4. Sufficient international trade volumes of Group Companies * TC could be a business unit in any Group Company
20 TC licensing application A company submits application & related documents BOT processess application MOF approves and grants the license TC receives the license from BOT together with BOT s letter indicating list of Group Companies TC registers Treasury center business with the MOC International Headquarter (IHQ) wishing to provide financial management services to their affiliated companies is required to apply for TC license as well by submitting application and related documents at BOT 20
21 Application Documents An application form Copies of the applicant s and Group Companies registration certificates Copies of Memorandum of Association and shareholder list of the applicant Copies of Memorandum of Association and shareholder lists of Group Companies Audited financial statements of the affiliated companies abroad to which the TC would lend 21
22 Reports TC shall submit monthly reports to BOT Scope Cross Border Payment with FIs Report FX purchase/sale, deposit into /withdraw from FCD and non-resident baht account with domestic FIs Cross Border Transaction (Netting) Liquidity management Details of FX transactions of TC and Group Companies - Borrowing, lending, and loan repayment report - Investment in foreign debt securities - Foreign currency deposit account overseas Risk management FX forward transactions between TC and FIs 22
23 Website: >> Foreign Exchange Regulations >>Treasury Center General Inquiries : FOG_ECST@bot.or.th FX_ADMSV_NB@bot.or.th Tel : , ,
24 Q&A
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