Tourism Development & Investment Company (TDIC), master developer of major tourism, cultural and residential destinations in Abu Dhabi, has been recognized for best practice and innovation in the corporate treasury arena at this year’s Adam Smith Awards 2013, the largest corporate treasury awards programme globally. TDIC has been announced as one of the top three highly commended companies in the ‘One to Watch’ category at this year’s Adam Smith Awards Lunch which took place in the City of London on June 20, 2013. The award was received by Harish C S Pai, Manager – Treasury Operations on behalf of TDIC Treasury Department.

The award recognizes the treasury department at TDIC for creating the first-of-its-kind innovative paperless payment approval system in the UAE, using the organisation’s internal electronic platform. This system was created in 2012 in partnership with Abu Dhabi Commercial Bank (ADCB) to streamline the process of submitting remittance instruction payments between the two organisations.

“Prior to creating this system, whenever we needed to collect signatures, the process would not only generate unnecessary duplication as the documents travel between different departments, but was time consuming when a signatory was unavailable. Nowadays, everything is done online automatically, which allows us to maximise our efficiency, with a good audit trail. As a result, the system has won considerable support,” said Shaun O’Connor, Chief Financial Officer at TDIC.

Running in its sixth edition, this year’s Adam Smith Awards had attracted over 200 nominations across industry sectors and from 25 countries. The awards are globally recognised as the ultimate benchmark for true treasury talent and a programme that looks for innovation, creativity, outstanding insight and real business impact across organisations. The ‘One to Watch’ category looks at any solution which is in the pipeline or has been implemented as a direct result of macroeconomic events, or even a green solution.

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