Building a scalable treasury hub for Toll Group
Discover how Toll Group mobilised liquidity, reduced borrowing and supported growth through its Singapore hub and multi-entity pooling.
For multinational organisations operating across fragmented markets, liquidity is often visible but not always usable. Toll Group transformed trapped and dispersed cash across Asia into a strategic source of resilience, efficiency, and growth by establishing a regional treasury hub and fit-for-purpose liquidity structures.
Working with Standard Chartered, Toll Group has built a more connected liquidity framework anchored in Singapore under its Finance and Treasury Centre (FTC) structure. The solution combines multi-entity notional pooling, regulator-approved RMB liquidity mobility between China and Singapore, and treasury modernisation linked to its SAP S/4 HANA multi-year implementation roll-out.
This approach helps treasury teams improve cash visibility, reduce unnecessary external borrowing, mobilise liquidity across regulated corridors, and create a scalable operating that supports growth without adding complexity.
Results
- Clearer cash visibility and control across Asia for Toll Group.
- Unnecessary borrowing reduced by deploying Toll’s internal liquidity more efficiently.
- Toll Group’s controls strengthened across currencies, entities, and regulated markets.
- Singapore treasury hub set up to meet EDB operational and compliance requirements.
About Toll Group
Toll Group is a global logistics provider with more than 130 years of history, serving more than 20,000 customers worldwide from around 300 sites in over 30 markets, and a forwarding network spanning 140 countries. Toll is part of Japan Post.
With a strong presence in Singapore, Toll has positioned the city as a strategic hub for treasury and organization operations through Toll (Asia) Pte Ltd, supporting its global operations efficiently.
With a core treasury management team based in Singapore, the company invested further to establish its Finance and Treasury Centre (FTC) here, as awarded by the Economic Development Board.
The strategic challenge
Toll Group faced fragmented liquidity across entities and markets, which led to inefficiencies in cash utilisation, and limited the Group’s ability to offset surplus and deficit positions efficiently. Where internal liquidity could not be mobilised quickly enough Toll Group had to rely on unnecessary external borrowing, which cost.
The company also needed to navigate regulatory complexities moving liquidity across borders, particularly for RMB flows between China and Singapore.
Toll Group also wanted to operationalise its Singapore FTC to ensure compliance with requirements set by the Economic Development Board; and in a way that would demonstrate governance, value, and scalability.
The company was seeking a fit-for-purpose liquidity structure to improve cash management and scale its regional treasury ambitions.
The solution
Standard Chartered worked with Toll to translate its treasury ambition into an executable framework. The engagement combined advisory, structuring, regulatory navigation and implementation support across multiple markets and currencies.
- A liquidity architecture built around significant business flows: The solution was designed around Toll’s entity structure, currency needs, operating footprint, and regulatory approval for cross-border movement between China and Singapore. By not starting with a generic pooling model, this allowed the treasury team to determine which balances could be pooled, where liquidity should be anchored and how internal funding could be deployed more.
- Implemented multi-entity notional pooling arrangements across USD, HKD, SGD, MYR, and RMB that allow surplus and deficit positions to be managed more efficiently without requiring each entity to borrow or invest independently.
- Enables regulated RMB mobility between China and Singapore: The RMB structure was enabled through regulatory approval for cross-border movement between China and Singapore. This ability to support cross-border RMB liquidity movement in a way that met regulatory requirements is a practical differentiator. It helped Toll connect RMB deposits in China and Singapore more effectively, while maintaining governance over documentation, approvals, and execution.
- Designed with Toll’s treasury transformation programme in mind: The liquidity framework was aligned with Toll’s broader SAP S/4 HANA transition and thus its operating model evolution. It supports the journey to stronger cash flow forecasting, migration to, active foreign exchange management, and overall treasury control.
The solution balances operational efficiency with risk management while enabling improved internal funding across entities and reducing reliance on external borrowing. For the FTC, it also enhances visibility, control, and efficiency in managing liquidity across Asia.
Outcomes and business impact
Clearer visibility
Toll Group’s treasury team a stronger view of where cash is held, where funding is needed and how liquidity can be mobilised across Asia.
Reduced funding drag
Better deployment of group liquidity helps reduce unnecessary external borrowing caused by fragmented cash positions. This in turn helps lower funding costs and improve internal capital efficiency.
Greater control across currencies
The liquidity framework strengthens Toll’s ability to manage surplus and deficit positions across USD, HKD, SGD, MYR, and RMB. Faced with China-Singapore cross-border complexities, Toll can now mobilise corridor liquidity confidently, with the right approvals and controls in place.
Scalable treasury model
By combining liquidity structures with the Singapore Finance and Treasury Centre structure, Toll has a strong platform for treasury transformation, centralisation, process standardisation, and growth.
We are proud to be an approved FTC company which further cements Singapore as a central hub for Toll Group's global treasury operations. Partnering with our banking partners especially Standard Chartered on this treasury transformation has been a game-changer for Toll.
Irene ThngExecutive Vice President and Group Treasurer, Toll Group
Irene also mentioned that the suite of liquidity solutions that were put in place has provided them tangible benefits of greater liquidity optimisation, visibility and efficiency. More importantly, the collaboration has helped them navigate complex regulatory requirements with confidence. They now have a treasury hub in Singapore that not only meets the needs of our group entities but also positions Toll and Japan Post for sustainable growth in the region.
Interested to know more? Read our client interview with Irene Thng, Group Treasurer at Toll Group, where she reflects on practical progress, trusted leadership and finding opportunity in uncertainty.
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