Case Study: Government of Sharjah achieves centralized cash visibility, automation and cost savings with Kyriba

Harnessing the Power of Emerging Technology

The Government of Sharjah’s Finance Department (SFD) sought to centralise treasury operations, tighten financial controls and gain visibility over more than 250 accounts held with 16 banks to optimise liquidity and reduce borrowing costs. Heavy reliance on manual payment and reconciliation processes made it difficult to manage cash efficiently and implement a Single Treasury Account (STA) across the emirate.

Working with HSBC and fintech Kyriba, SFD implemented a cloud-based Treasury Management System integrated with HSBCnet and HSBC Connect, enabling consolidated MT940 statements, electronic payments via the UAE Direct Debit system and straight-through processing. The automation now processes around 70% of transactions electronically, delivers full cash visibility, faster processing and operational cost savings that have offset implementation costs, and won SFD recognition as Best in Class Treasury Solution in the Middle East.

Government of Sharjah

Sean De Silva

Cash Management Section Head, Sharjah Finance Department