Transforming Treasury Operations in the Middle East: Fujairah Gold's Shift to an Integrated Treasury solution

Fujairah Gold FZC; a $20.5 Mn company, operating in Precious Metal Refinery and a Continuous Cast Copper Rod Plant is strategically located at Fujairah, UAE. It is a part of Vedanta Resources Limited, a globally diversified natural resources company with interests in Zinc, Lead, Silver, Copper, Iron Ore, Aluminum, and Oil & Gas. The company's strategic location and state-of-the-art refining facilities enable it to serve both regional and international markets efficiently. Fujairah Gold Limited plays a crucial role in Vedanta's global metals and mining operations.

Challenges

• Managing treasury operations through spreadsheet

• Lack of transparency for top management, as obtaining a real-time view of data was a major pain point.

• Manual accounting entries into the ERP system

• Underlying exposures were maintained manually

• Consolidating data was challenging

• Manual tracking of due dates

Benefits

• Consolidated view – 360-degree visibility offered by the solution

• Complete shift of manual operation of treasury into a seamless integrated platform

• Optimum utilization of limits by continuous monitoring and generation of the MIS reports through the system

• Auto accounting for all treasury transactions through seamless Integration with ERP

• Single Point of Truth

• Strong Governance in Treasury transactions

• Identify, measure, and monitor risk across the lifecycle of business transactions and protect business value.

• Enhance business value by enabling corporates to take value-accretive decisions on their financial and banking transactions.

• Audit Trails, Email Alerts and Notifications

• Intuitive Dashboards, Analytics & Reporting

Client Feedback:

Bhuvish Aggarwal, CFO, Fujairah Gold Limited

"It's a comprehensive and user-friendly solution that seamlessly integrated with our current IT infrastructure and familiar services. The customization options tailored to our business needs significantly enriched our ecosystem. With IBSFINtech platform, our team can seamlessly keep track of interest-free days and consistently review the outstanding limit on a regular basis, which is instrumental in preserving Fujairah Gold's interest savings. The industry best practices and robust features, enhance our control over entire treasury functions like Trade Finance by automating numerous manual tasks."