Standard Chartered Malaysia  has been appointed as the partner for Astro Malaysia Holdings Berhad’s In-House Bank (IHB).

IHB is a sophisticated treasury operations model which is designed to deliver banking services such as cash and foreign exchange management, funding and working capital to business units within an organisation.

The partnership enables Standard Chartered Malaysia to provide Astro with an integrated solution to further digitise its payables and receivables function for shorter processing time. Additionally, both parties also collaborated on reducing manual processes to improve Astro’s operational efficiency.

“We have made significant investments in technology and services that can greatly assist the efficient operation of Astro’s In-House Bank.

“In a fast-paced business environment, streamlining processes is a crucial part to ensuring transactions are done in the most efficient and secure manner and we are pleased to be able to help Astro do just that,” said Standard Chartered Malaysia head of transaction banking, Wong Hooi Ching, adding that the appointment serves as a testament to the Bank’s capabilities and client-centric approach.

Latifah Mohamed Yusof, Group Treasurer, Astro Malaysia Holdings Berhad explained, “An In-House bank model will benefit Astro in terms of savings on foreign exchange and remittance costs as well as increased process standardisation, higher efficiency, improved visibility and better control over its cash position.

“We are pleased to partner with Standard Chartered due to the bank’s ability to integrate with our existing treasury management system, clear end-to-end implementation approach and commitment to deliver of an experienced team”.

The Bank also established within Astro some of its latest banking offerings such as virtual accounts with an automated reconciliation structure, which is an effective way to simplify liquidity management, reduce physical bank accounts and at the same time, streamline resources.

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