Şişecam issues first Working Capital Note™ under multi-million dollar facility, launching new phase of liquidity strategy
This is a Press Release from our Partner, ETR Digital London / Istanbul – January 21st Şişecam, the specialist glass and chemicals manufacturer, has completed the issuance of its first Working Capital Note™ (WCN) under a multimillion-dollar working capital facility. The transaction took place on 30 December 2025 and was financed by İşbank, issued via the Faturalab platform and enabled by ETR Digital’s award-winning Flownote™️ technology. It represents the first live use of this structure within Şişecam’s treasury operations and establishes the framework for further issuances as the programme scales. WCNs are digital instruments designed to help buyers optimise payment terms while delivering faster and fuller settlement to suppliers, compared to traditional invoice finance. Backed by verified trade and invoice data, WCNs delivered through Flownote™️ provide a more flexible and efficient alternative, particularly for multicountry operations. Barış Gökalp, Treasury Director at Şişecam, said: “Şişecam operates within a highly dynamic structure shaped by multiple markets, a broad and diverse supplier ecosystem, and varying payment terms. To manage our working capital more proactively across this complex landscape, we were looking for a scalable and modern financing instrument. Working Capital Notes provide exactly that — a flexible, data-driven solution that aligns with the way our global business operates. This inaugural issuance marks only the first step; we expect the program to expand significantly in the coming period as we continue to embed this structure across our international footprint.” With 43 production facilities in 12 countries and a global workforce of over 23,000 employees, Şişecam collaborated closely with its banking and technology partners to deploy the WCN structure rapidly and reliably, demonstrating how effectively the instrument can function in real operational environments. Volkan Guran, Director of Corporate & Trade Finance, İşbank London, commented: “We are delighted to work alongside Şişecam, Faturalab and ETR Digital in pioneering working capital innovation. From a bank’s perspective, the WCN structure is compelling because it combines legal certainty with high-quality, verified data. It allows us to support Şişecam using a familiar risk framework, while benefiting from the efficiency and transparency of a fully digital instrument.” The WCN was structured and executed through Faturalab, which acts as the orchestration layer between corporates, banks and digital instrument infrastructure. By embedding the instrument directly into existing accounts payable workflows, Faturalab enables scalable deployment of digital working capital solutions with minimal operational friction. Emre Aydin, CEO, Faturalab, said: Manufacturers have traditionally struggled to access affordable working capital finance, especially in the Turkish market. Thanks to our partnership with ETR Digital, Faturalab now enables approved invoices to be converted into digital instruments that banks and other funders can finance in real-time. Şişecam has proved this works in practice, with the whole project being delivered in just 10 working days. Kudos to Baris and his team for blazing the WCN trail – other corporates and SMEs across the globe can now deploy the same scalable solution.” Dominic Broom, CEO, ETR Digital, added: “Şişecam’s leadership has shown what’s possible when treasury teams embrace innovative digital technology like Flownote to solve real-world liquidity challenges. WCNs are relatively new to the treasury toolkit, but they enable companies to optimise their working capital and finance 100% of the instrument value, while giving them immediate access to deep pools of liquidity on an as needs basis. We look forward to working further with Şişecam and our partners in 2026, as well as helping more companies to unlock value across global supply chains in a way that’s scalable, practical, secure, and affordable.” Additional WCN transactions are expected in the coming months as Şişecam continues to roll out the facility across its international operations. Patrick Kunz, Treasury Masterminds Founder/Board Member, added: Working capital & trade finance are two of the last tasks in treasury to digitalise and automate. It was dependent on paperwork or manual upload/transfer of documents. With these notes, it will be easier for companies to turn company-specific invoices and trade into standard financing instruments. Easier for banks to issue and finance. Both locally and later also internationally. I hope to see more such deals in the future. Opening up the market for more trade and working capital financing, not only for big multinationals with complex structures and strong creditors. Great trend, worth following. Notes to Editors About Şişecam: A global industrial group specialising in flat glass, glassware, glass packaging and chemicals, Şişecam is headquartered in Türkiye. The company has 43 production facilities in 12 countries and sells to customers worldwide across a wide range of industrial and consumer markets. About İşbank: Türkiye’s largest private bank, İşbank provides corporate, commercial and trade finance services to clients across domestic and international markets. About Faturalab: Faturalab is a working capital and supply chain finance platform that embeds digital financing tools into operational workflows, connecting corporates, suppliers and financial institutions. About ETR Digital: ETR Digital is a UK-based fintech specialising in digital working capital finance. Its Working Capital Note™ solution enables companies to enhance liquidity, reduce operating costs, and improve EBITDA by optimising working capital. Source: Şişecam issues first Working Capital Note™ under multi-million dollar facility, launching new phase of liquidity strategy Also Read Join our Treasury Community Treasury Masterminds is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below. Notice: JavaScript is required for this content.
Franklin
Can Stablecoins Fix FX Risk?
Written by Sharyn Tan (Views are my own) Stablecoins are often positioned as a breakthrough for cross-border payments and treasury operations. By enabling near-instant, programmable settlement, they dramatically shorten settlement times — and with that, surely too the window for foreign exchange (FX) risk. But here’s the harder question: Similar to liquidity traps, do stablecoins actually eliminate FX risk — or do they also simply move it somewhere else? The answer, unsurprisingly, sits somewhere in between. Where stablecoins could help: FX risk compression In traditional finance, FX risk largely arises from time — the gap between when a transaction is initiated and when it finally settles. That gap can stretch from days to weeks, especially across borders, and hedging it adds cost, complexity, and operational overhead. Stablecoins materially improve this dynamic. By settling transactions in seconds rather than days, they compress FX exposure windows to near zero for many use cases. This could be especially powerful in: Recent developments — such as atomic swaps between USD stablecoins and local-currency variants — go a step further. By ensuring payment-versus-payment execution on-chain, they eliminate settlement risk in the classical sense. From a treasurer’s standpoint, this is not as frequently cited (yet) as a benefit of stablecoins. It won’t just be moving money faster — stablecoins could meaningfully reduce transactional FX risk. Where FX Risk Doesn’t Disappear — It Evolves That said, FX risk doesn’t vanish just because settlement is instant. It reappears in different forms, some of which are less familiar — and potentially harder to manage. 1. Conversion and On/Off-Ramp Friction Despite experimentation with non-USD stablecoins, the ecosystem remains overwhelmingly dollar-centric. For non-USD users, FX exposure still exists at the edges: These ramps introduce slippage, fees, timing risk, and liquidity constraints — especially in thin or volatile currency pairs. For treasurers managing true multi-currency portfolios, this may mean FX risk is reduced, but not eliminated. 2. Depegging as “Synthetic FX Volatility” Stablecoins introduce a new risk that looks suspiciously like FX volatility: depegging. Even well-capitalized, regulated stablecoins have experienced temporary dislocations during periods of stress. When confidence in reserves or issuers wavers, a stablecoin can trade below par — functionally equivalent to a sudden currency devaluation. From a treasury lens, this matters…. a lot. A depeg behaves like FX risk in disguise: the asset you assumed was stable suddenly buys less than expected, precisely when liquidity matters most. 3. Structural FX Effects at the Macro Level At a systemic level, widespread use of USD-pegged stablecoins can accelerate currency substitution, particularly in high-inflation economies. While this protects individual users, it can: For global corporates, this introduces second-order risks — regulatory, political, and operational — that don’t appear on a simple settlement cost comparison. The core insight: FX risk isn’t solved by faster payments alone. Stablecoins are exceptional at compressing time-based FX exposure, but FX also depends on: Today, those still largely sit with banks. Open stablecoin networks excel at programmability and settlement. Banks excel at FX pricing, balance sheet strength, and compliance. If these two worlds remain separate, FX risk simply shifts — it doesn’t disappear. What would actually “fix” FX risk? A credible digital FX future would require: Treasurer’s Verdict Stablecoins don’t eliminate FX risk — they significantly compress it for the right use cases. For USD-centric flows and high-friction corridors, the benefits are already tangible. For truly global, multi-currency treasury operations, stablecoins are a powerful component of the solution — but not the whole answer. The real breakthrough won’t come from stablecoins alone, but from hybrid FX infrastructure — where banks and open networks interoperate to deliver speed and depth, automation and trust. That’s where FX risk stops being merely shifted — and starts being structurally reduced. Also Read Join our Treasury Community Treasury Mastermind is a community of professionals working in treasury management or those interested in learning more about various topics related to treasury management, including cash management, foreign exchange management, and payments. To register and connect with Treasury professionals, click [HERE] or fill out the form below to get more information. Notice: JavaScript is required for this content.