Brandix was awarded the highest accolade under the ‘Best Liquidity & Investment Solution’ category at The Asset Triple A Awards 2020 for its global Interest Enhancement (IE) solution facilitated by HSBC.

The IE solution, effective across Australia, India, Hong Kong, Mauritius, Singapore, Sri Lanka, United States and the United Kingdom, provides Brandix with an innovative and best-in-class solution to optimise its cash and interest yields globally within complex regulatory settings. It also enables Brandix to increase visibility and control globally via a single banking platform for all payments and collections, including standardised processes for effective management. This transformation took place following the centralisation and setting up of Brandix’s Treasury hub, collections and trading arm in Singapore, during which HSBC played an integral role as the company’s consultative partner as well.

Priyanke Perera, Head - Global Treasury of Brandix commented on the achievement, “We are honoured to be recognized at The Asset Triple A Awards 2020 for our efforts towards excellence in operational efficiency and optimisation of cash through the IE solution. HSBC has been our trusted advisor for over twenty years now and has a good understanding of our financial infrastructure and requirements. When exploring the option for a flexible and scalable solution to meet our unique business model, HSBC provided us with a solution leveraging their global network, capabilities and technology to best suit our needs. As a result, we are better able to centralise liquidity globally across Asia Pacific, United States and the United Kingdom with automated payments and reconciliation.”

Stuart Rogers, Head of Wholesale Banking HSBC Sri Lanka and Maldives commented on the recognition, “Our warmest congratulations to Brandix on winning the highest accolade awarded by The Asset Triple A Award 2020 under the Best Liquidity & Investment Solution category. We are very proud of this global recognition and the role HSBC played in setting up of their treasury, collection and trading hub based out of Singapore, especially the IE (Interest Enhancement) solution for global liquidity requirements. This is a landmark achievement in our decades long partnership with Brandix. We look forward to working together for many years more, supporting them with the strength of our expertise and the backing of our global network.”

Harish Venkatesan, Singapore Head of International Subsidiary Banking, Commercial Banking, HSBC also commented on the award, “Congratulations to Brandix for winning The Asset Triple A Best Liquidity and Investment Award. We continue to journey together with Brandix and work closely as Brandix’s operate its treasury hub, collections and trading arm in Singapore for operational efficiency. This is attestation to the strong strategic relationship between Brandix and HSBC, between Sri Lanka and Singapore corridor, to help Brandix across their operations on a global scale. With new developments in the treasury digital space and cash optimisation, Brandix would reap greater benefits from their automated liquidity management solution.”

Interest Enhancement (IE) has benefited Brandix by allowing 100% utilisation of HSBC's operating balances participating in the service; as a result, IE improved Brandix’s yield for credit balances. It is well suited to both open as well as more restrictive markets with capital movement or FX controls, where regulation permits. The solution provides total transparency from a pricing and taxation perspective and ensures operating risk and cost are properly managed in the process without affecting the underlying banking structure and working capital requirements.

The Asset Triple A Treasury, Trade, SSC (Sustainable Supply Chain) and Risk Management Awards are industry excellence recognitions awarded annually to companies and financial institutions that have launched or helped implement initiatives in corporate treasury management, trade finance, supply chain and/or risk management. They are awarded to corporates (Triple A Client Awards) and financial services providers (Triple A Service Provider Awards), on in-country/territory as well as regional levels in Asia Pacific, the Middle East, Europe and North America.

Mr. Basil Rajapaksa, Special Representative of the President and Head of the Presidential Task Force on Economic Revival and Poverty Eradication, symbolically handed over the first batch of face masks from a production of 200 million face masks for export by Brandix, to U.S. Ambassador to Sri Lanka and Maldives Alaina B. Teplitz.

The handover took place at the Brandix Headquarters on 14th May 2020 in the presence of Mr. A. Sukumaran – JAAF Chairman, Mr. Ashroff Omar - Brandix Group Chief Executive Officer and Ms. Ranga Ranmadugala – Board Member of Brandix Apparel Limited.

U.S Ambassador to Sri Lanka and Maldives Alaina B. Teplitz expressed her appreciation to Mr. Basil Rajapaksa and Brandix. “As the world combats this global pandemic, the long friendship between the United States and Sri Lanka is helping both our countries overcome this challenge. Our collaboration has resulted in quality products that can help mitigate the spread of COVID-19. Impressively, the fabric used for the face masks was produced in Sri Lanka, while the chemicals used for the antimicrobial finish were made in the United States, demonstrating a synergy that benefits all. We look forward to continuing our cooperation with the Sri Lankan Government and Brandix to sustain the global supply of PPE.”

Mr. Basil Rajapaksa, Special Representative of the President and Head of the Presidential Task Force on Economic Revival and Poverty Eradication said, “We are proud that products manufactured in Sri Lanka such as these 200 million face masks are being exported to nations like the US, where it will play a vital role in combatting the COVID-19 pandemic. This collaboration between the two countries has resulted in sustaining our national economy, in addition to paving way for global customers to reach out to Sri Lanka for quality products in the months ahead. We are glad that a leader in apparel like Brandix utilized its resources to lead the way in this journey, giving the global market a glimpse of the advanced infrastructure and agility that is already in place within Sri Lanka, in order to meet the current and future market demands.”

The face masks produced by Brandix have been manufactured combining the efforts of over 15,000 of the company’s Associates and an extended network of several supply chain partners in the country. The face masks, produced as 3-ply and of cotton-based fabric with antimicrobial finish, is stretchable for better fit and meet stringent hygiene standards.

Speaking on the endeavour, Ms. Ranga Ranmadugala – Board Member of Brandix Apparel Limited commented, “The apparel industry is a key export revenue generator in Sri Lanka, generating $5.6 billion of exports in the last fiscal year itself. However, the unavoidable decline in trade and production output resulting from the COVID-19 crisis, has left the industry facing its toughest predicament in recent times, impacting Sri Lanka’s positioning against other apparel export markets. In this daunting background, the production of a large volume of face masks for export to the US is truly heartening as it reaffirms the continued trust and partnership the two nations uphold.” She added, “Despite the challenging conditions and the tough road ahead, the industry will continue to do its part to combat potential long-term impacts of the pandemic and bring in revenue to replenish the national economy. We are also happy that we can continue to sustain livelihoods through continued production as well. As a leader in apparel, we assure the Government of Sri Lanka that we will do our utmost to support the journey ahead.”

Brandix conducted the ‘Ran Daru Thilina’ initiative for the fifth consecutive year, providing over 8,500 children of the company’s Associates with schoolbags and stationery items for the new school year in an effort to inspire their education.

Since its inception in 2016, ‘Ran Daru Thilina’ has enriched the lives of over 28,000 children of Brandix Associates from nursery age to Grade 5. The schoolbag for children between Grade 3 – 5 contains exercise books, drawing books, colouring and standard pencils, rulers, glue and other essential items, while the schoolbags of younger children also include modelling clay, scissors and crayons.

Employees of the Executive cadre of Brandix too extended their support towards the distribution of schoolbags to children at their respective facilities, ensuring Group-wide involvement towards this endeavour.

Commenting on the initiative, Anusha Alles, Head of Corporate Social Responsibility of Brandix Apparel Limited said, “Ran Daru Thilina is a CSR initiative that is very close to our hearts. The cost of a child’s booklist for the year is a daunting expense for most to bear, and we felt the need to step in and help alleviate this burden for our Associates. In continuing this commitment for the past five years, it has been truly fulfilling to witness the development of these children as they pursue their education unhindered on a journey to become well-rounded, educated citizens of Sri Lanka.”

This year, children of 6,800 Brandix Associates employed across 25 facilities in Sri Lanka benefitted from the Brandix ‘Ran Daru Thilina’ initiative. Additionally, Brandix also facilitates the ‘Ran Daru Scholarship’ scheme, under which financial assistance is extended to Grade 5 children of Associates. This is also part of Brandix’s mission to inspire the education of children and improve the quality of life for its employees.

Brandix, the single largest employer in Sri Lanka’s Export industry and adjudged ‘Exporter of the Year’ at the 2018/19 Presidential Export Awards, operates apparel manufacturing units in Sri Lanka, India, Bangladesh, Haiti and Cambodia. On a journey to deliver Inspired Solutions at every point of its operations, the company continues to develop, manufacture and market end-to-end apparel solutions to world-renowned brands, whilst inspiring sustainable development in the communities it operates.