Topcast transformed its financial operations to fuel global expansion

Introducing Topcast

As the world’s leading distributor of aviation parts and services, Topcast trades over one million types of aviation components and offers maintenance services. Acting as a strategic link in global aviation logistics for multinational corporations, Topcast’s sales network spans 22 countries and regions, including Greater China, Asia Pacific, Europe, Middle East, and the Americas, with a supplier and client network in nearly 100 countries.

Operating across diverse regions, time zones, and cultures, Topcast’s global supply chain faced a new challenge with its continued expansion: the increasing complexity and rising costs of managing multi-currency transactions.

The challenge

Fragmented financial operations hinder global expansion

To collect payments from clients worldwide and pay suppliers across nearly 100 countries, Topcast traditionally had to open local bank accounts in every market where it operates.

This tedious process of opening and managing multiple bank accounts not only slowed down business expansion, but also resulted in fragmented transaction records, making it challenging for management to get real-time visibility into the company’s cash flow.

Moreover, traditional banks impose hefty cross-border transaction fees, exposing Topcast to the risks of foreign exchange rate fluctuations, which can significantly impact its profits and cash flow. Furthermore, for some suppliers in the Middle East and the Americas, traditional banks typically only support major currencies like EUR, GBP, USD, and RMB, making transactions in non-major currencies even more costly and complex.

Cumbersome employee expense management increases administrative burden

To keep pace with its global expansion, Topcast needed to explore more efficient ways to manage employee expenses and procurement due to a continuous rise in new recruits.

Previously, Topcast’s team had to pay out of pocket before going through the reimbursement process. This time-consuming procedure not only added unnecessary administrative costs, but also complicated effective business budget management. Moreover, the significant time spent by the team on processing reimbursement documents meant less time for sales activities, ultimately impacting business performance.

Noel Lui, Global Director of Human Resources at Topcast, shared, “As we expand globally and grow our team, it’s crucial to streamline our internal workflows to enhance employee efficiency. We need solutions that free up our team to focus on core business activities, rather than administrative burdens like expense management.”

The solution

Plug-and-play financial transformation with Airwallex

Airwallex’s all-in-one financial solutions enabled a far more efficient and quicker financial transformation for Topcast, streamlining processes that would otherwise extend over years.

Topcast can now quickly set up Global Accounts in over 20 currencies through the online platform, including USD, HKD, EUR, CNY, CHF, and more. This enables them to receive payments from over 60 countries using local account details, avoiding forced currency conversions.

With Airwallex’s robust financial infrastructure, multi-layer security measures, strict compliance with international standards, and advanced fraud detection systems, Topcast’s data and transactions are thoroughly protected.

Centralised platform for global transaction management

Airwallex’s FX & Transfers enable Topcast to efficiently make payments to close to 100 countries where its suppliers are located. Transfers are processed in as fast as one business day, eliminating the need to rely on traditional banking systems. 

For transactions involving non-major currencies, Topcast can convert currencies at Airwallex’s market-leading rates, with fees as low as 0.2% above ‌interbank rates. 

“We've achieved significant improvements in our cash flow management, largely attributable to Airwallex’s Global Account and its highly competitive FX rates. Their payment solutions have effectively streamlined the complexities of supplier payments, leading to enhanced operational efficiency. Collectively, these two solutions have enabled us to realize a substantial 50% reduction in our annual international transaction fees,” says Joanne Chan, Chief Financial Officer at Topcast. 

Simplified employee expense management with employee Visa cards

Topcast is looking to streamline employee expense management by issuing employee cards through Airwallex’s all-in-one platform. They can set individual spending limits for each card, effectively managing budgets while eliminating unnecessary administrative tasks. All employee expenses are automatically recorded on Airwallex, allowing the accounting team to complete monthly reconciliations with just few clicks.

This solution not only reduces administrative costs, and prevents budget overruns, but also enables the team to focus on business development, enhancing overall operational efficiency.

The result

With Airwallex, Topcast is no longer constrained by traditional banking systems. They can now easily open local bank accounts in multiple countries from a single platform, manage transactions in multiple currencies, and align their financial operations with global expansion. 

Topcast unlocks global business potential with the following advantages:

• Multi-currency accounts created instantly: Topcast can quickly create local currency accounts in over 20 currencies in more than 60 countries

• Low-cost transfers: Topcast can make payments to suppliers across nearly 100 countries in more than 60 trade currencies, avoiding forced conversions and saving 50% in international transaction fees annually

• Simplified global financial management: Topcast can now manage global transactions through a single platform, gaining real-time control over cash flow

Joanne shares a clear message for businesses with international aspirations: “In the face of global growth, we look forward to continuing our partnership with solution providers like Airwallex, as we explore new business opportunities worldwide.”