TOMATO CATCH-UP - Newsletter Issue 285 - March 2026

Your monthly resource on working capital, process optimization, and issues related to the world of corporate treasurers, IT professionals, and bankers!

This newsletter is bilingual, English or German, depending on the source.

Introduction

Spring is here, and just like nature, we’re buzzing with activity. Two new team members have joined our team, and you can read all about it at point 1.

This season isn’t just for cleaning closets; it’s also the perfect time to tidy up your strategies, mindset, or everyday practices. In this edition, we’ll help you declutter outdated approaches and embrace fresh ideas in your everyday work and not only. It’s time to spring into action!

This edition includes topics such as Tomato New Team Members, Treasury Policies, IFRS 18, Stablecoins & CBDCs, Swiss Stocks & Bonds Performance, KPMG Tech Report 2026, Psychological Safety & AI, and more.

Remember that for any challenge related to your financial issues, you can ask Martin Schneider for a discussion that will clarify it. Contact Martin via email or call +41 44 814 2001.

Contents

  1. Tomato New Team Members for Treasury Interim, Fluent in DE, FR & EN
  2. Building Stronger Treasury Policies Today
  3. Neue Strukturen bei IFRS-18 sind in 2026 zu erfüllen
  4. Stablecoins and CBDC for Corporates?
  5. Banque Pictet: Swiss Stocks & Bonds Performance since 1900-2025
  6. KPMG Global Tech Report 2026 – Key Insights
  7. Fostering Psychological Safety When AI Erodes Trust
  8. Book Tip – Your Best Meeting Ever: 7 Principles for Designing Meetings That Get Things Done 
  9. Termine & Events
  10. From the Desk of Tomato

 

1. Tomato New Team Members for Treasury Interim, Fluent in DE, FR & EN

In English: Tomato is excited to introduce two new team members for Interim Treasury: Hervé Schall and Hans-Peter Fekter, who are trilingual: DE, FR & EN. Hervé (who also speaks Dutch) and Hans-Peter are based near the German-French border, in Saar / Luxembourg and Offenburg, respectively. https://www.tomato.ch/en/people.html

Note: for advice on the IFRS 18, contact Hervé!

En Français: Tomato a le plaisir de vous présenter deux nouveaux membres de l'équipe chargée de la trésorerie par intérim. Hervé Schall et Hans-Peter Fekter sont trilingues : allemand, français et anglais. Hervé (qui parle également le néerlandais) et Hans-Peter sont basés près de la frontière franco-allemande, respectivement en Sarre/au Luxembourg et à Offenburg. https://www.tomato.ch/en/people.html

In Deutsch: Tomato freut sich, zwei neue Teammitglieder für den Bereich Interim-Treasury vorstellen zu dürfen. Hervé Schall und Hans-Peter Fekter sprechen drei Sprachen: Deutsch, Französisch und Englisch. Hervé und Hans-Peter sind in der Nähe der deutsch-französischen Grenze ansässig, nämlich im Saarland/Luxemburg bzw. in Offenburg. https://www.tomato.ch/people.html Hervé spricht auch Holländisch.

Please get in touch and say hi! Be ready for the future by scheduling a quick team meet and greet in advance. Who else is fluent in three to five languages and serves in Treasury and Interim?

All our three Project Team Members have in-depth work experience in these countries and languages: FR, DE, NL, EN, and IT.

Check out their resumes and more details on our website: https://www.tomato.ch/en/people.html

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2. Building Stronger Treasury Policies Today

Insights from a paper by the European Treasury Consultant Zanders, as read in the US American “Association for Financial Professionals”.

Treasury policies are crucial for controlling complexity and lowering exposure to financial risks such as fraud, liquidity gaps, and FX volatility. The whitepaper offers recommendations for developing and putting into practice efficient treasury policies that promote risk management, corporate governance, and operational effectiveness. It describes best practices for developing policies, stakeholder accountability, and ongoing policy evolution.

You’ll learn how to:

  • Match policies to organizational goals, governance practices, and risk tolerance.
  • Create enforceable policies effortlessly.
  • Use RACI models to define roles, duties, and accountability.
  • Make sure that policies adapt to organizational changes, market situations, and regulatory updates.
  • Make use of outside expertise to strengthen governance structures and evaluate risk levels.
  • To assist you in getting started, sample policies are also provided.

Download the report at FinancialProfessionals.org (credentials are required).

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3. Neue Strukturen bei IFRS-18 sind in 2026 zu erfüllen

Ein Bericht von Tomato: Neue Strukturen in GuV (Gewinn und Verlust Rechnung) mit den Kategorien Betrieb, Investition, Finanzierung, Ertragsteuern und nicht mehr gültige Geschäftsbereiche.

  • Verpflichtende Zwischensummen
  • Im Anhang ausweisen: Alternative Leistungskennzahle, genannt Management-defined Performance Measures (MPMs
  • Bessere Leitlinien zur Gruppierung von Informationen in den Abschlüssen, gerannt Aggregation und Desegregation
  • Geldflussrechnung Bei der indirekten Methode ist das betriebliche Ergebnis der Ausgangspunkt. Zins- und Dividendenzahlungen werden strenger klassifiziert.

Unternehmen verbuchen Absicherungsgeschäfte/Hedgin teilweise nach dem EBIT und teilweise vor dem EBIT. Neu soll dies nur vor den Ebit Zahlen erfolgen. Möchten Sie mehr dazu wissen?

Unser Kollege Hervé Schall weiss mehr dazu.

Details auch unter KPMG https://kpmg.com/ch/en/insights/reporting/ifrs-18.html. To keep details at glance, scroll down to the blue background, as this pictured below:

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4. Stablecoins and CBDC for Corporates?

An article by DerTreasurer in German that we’re interpreting here in English for all readers.

In Tomato articles Newsletter Oct-2025 and Jan-2026, we touched upon the topic of stablecoins’ readiness for treasury:

Martin’s findings:

  • Stablecoins are pegged to established reference currencies and operate as a closed user group (CUG).
  • Due to their stability, they could be attractive to businesses and finance departments.
  • Funds can be transferred between different regions with no cut-off times.
  • A wallet is not a bank account; it is not subject to deposit insurance systems.

Details in Deutsch in PDF bei DerTreasurer auf Seite 3

Interested in CBDCs?

An article on CBDC: BRICS+ (including Egypt, Ethiopia, UAE) continue to invest time and resources in their CBDC (Central Bank Digital Currencies) in the long term to enable trade within these countries and without trade and time barriers. These countries represent ca. 45% of the world population and 35% of global GDP. In 2025, Brazil led the BRIC organization; in 2026, it is India’s turn.

Many corporations are active in Brazil and India; would it be worthwhile for Treasurers to invest time to follow CBDCs? In 2020, Darko Pilav, back then working for Digital Assets, Zurich, explained CBDC in short and concise terms. Today, Darko works at Ubyx, the US-based clearing system in Zurich. Review of CBDC on Wikipedia

BRICS countries seem most advanced when it comes to CBDCs:

  • India’s e-Rupee: in 2025, around 50 million users were testing the digital currency, with a focus on distributing subsidies and facilitating government transfers. Additionally, India is collaborating with the United Arab Emirates to enable bilateral trade using CBDCs.
  • China’s e-CNY has been operational since 2023 and was used in around 20% of bilateral trade with Russia in 2025. China is also conducting tests with Brazil and Saudi Arabia to use the e-CNY in commodity trading.
  • Russia’s Digital Ruble was launched in January 2025 and is a response to SWIFT-related sanctions. It has also signed agreements with China and India to use CBDCs in energy transactions.

Details in English at BRICSBrazil.com

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5. Banque Pictet: Swiss Stocks & Bonds Performance since 1900-2025

Back in January 2024, Tomato NL reported on the oldest data series on stock market returns in Switzerland by the Geneva-based private bank Pictet:

On March 2nd, Banque Pictet released the updated edition of its study; the analysis now extends back to 1900 (previously 1926).

The origins of the Swiss stock market can be traced back to the founding of stock exchanges in Geneva (1850), Zurich (1873), and Basel (1876). Switzerland has since become the ninth-largest stock market in the world, accounting for 2.1% of global stock market capitalization.

Since 1900, Swiss stocks have achieved an annual return of 6.8%. The healthcare and consumer staples industries today account for half of the SPI's market capitalization, making the Swiss stock market one of the most defensive in the world. With an average inflation rate of 2.1% during the last 126 years, Switzerland has maintained the Swiss franc's position as the strongest currency in the world.

The Swiss stock market achieved positive performance for the third consecutive year in 2025, with the SPI recording a gain of 17.8% (in CHF), including dividends. Measured in US dollars (USD), this corresponds to an increase of 34.7% and is above the returns of the S&P 500 at 17.9% and the MSCI AC World Index at 22.9% (both on a USD basis). More stats in the graphs below.

More details at Pictet in English and German

Further in English and German, Pictet’s Senior Managing Partner Marc Pictet offering insights into investment strategies and explains which foreign bank Switzerland should seek to attract

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6. KPMG Global Tech Report 2026 – Key Insights

KPMG’s latest tech report is based on a survey of 2,500 tech executives from 27 countries (43% EMEA, 29% ASPAC, 28% Americas), 31% of the respondents active in the financial services industries.

Key insights:

  • When talking about tech maturity, 11% of firms say they’re fully scaled and work on continuous improvement.
  • 36% are on pace to scale up and have funding and support for their strategies.
  • 32% have obtained funds for their plans, but they are encountering difficulties in putting them into action.
  • 55% of tech executives struggle to demonstrate and communicate the value of AI to stakeholders and shareholders.
  • While 74% of organizations report that their AI use cases are providing business value, only 24% say they are achieving ROI across multiple use cases (7% decline from the last survey).
  • While 80% of C-suite leaders say they have a clear organizational-wide AI strategy, only 68% of senior tech managers agree.

Further reading the KPMG PDF 29 pages

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7. Fostering Psychological Safety When AI Erodes Trust

An article by HBR (Harvard Business Review) discusses the hidden dangers of AI when it comes to psychological safety in team dynamics. Overall team performance is declining despite anticipated productivity gains from integrating AI tools.

Understanding human-AI team dynamics is crucial for preventing the erosion of team trust. Studies show that long-term use of AI erodes professionals' trust in their capacity to question AI recommendations, even when they are qualified to do so. All this threatens the psychological safety that’s foundational to team learning and performance.

When a human colleague makes an error, teams often engage in mutual learning and accountability exploration that can actually strengthen team bonds. In contrast to human teammates, AI is unable to recognize contextual clues, modify its communication style, or participate in the casual relationship-building that fosters productive teams. Moreover, human team members may become overconfident in AI’s capabilities, which can lead to a reduced sense of accountability and critical engagement.

Solutions to increase psychological safety:

  • Reframe AI integration as a learning process, not an execution process.
  • Position AI deployment as ongoing experimentation with hands-on learning.
  • Create explicit space for human-only discussions about team dynamics and AI integration challenges.

Details at HBR Harvard Business Review

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8. Book Tip – Your Best Meeting Ever: 7 Principles for Designing Meetings That Get Things Done

Rebecca Hinds, an organizational expert who helped Fortune 500 companies fix their collaboration issues, provides a bold blueprint for tackling the workplace’s biggest time-wasters: meetings.

Drawing on decades of research from companies like Google, Salesforce, YouTube, and Dropbox, the book shows how you can transform your meetings into powerful tools for collaboration. The secret is to treat meetings like products and use seven product design principles that will turn your meetings into well-designed products that drive work forward. You’ll learn:

  • How to plan a "Meeting Doomsday" and why every organization needs one to restart teamwork.
  • How to improve your communication system so that meetings are a last resort, not a default.
  • Which meeting metrics are important?
  • How to bring joy to your meetings.
  • When to use technology in meetings to improve teamwork.

Link to the book on Amazon.

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9. Termine & Events

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10. From the Desk of Tomato

When we are in Teams communication with clients, suppliers, or banks, we usually see people with company-branded backgrounds. But what do they see before them? What is the window view on the opposite side of their desktop? We consider inviting you to participate in a “What our desktops look like” photo gallery.

Pictured here is Tomato’s video room for Teams Meeting. For our meetings, the Tomato Team (this is Esra Kummer and me) needs a relaxed environment. Here is a typical photo when we meet on Teams. We have to admit: landing airplanes do not disturb us anymore; we’ve been in this building for over 30 years, on the 6th floor, very close to the Zurich Airport.

During telephone calls, we use headsets and wander around the Tomato office. This also helps to gain some physical distance when other team members are on calls.

In Teams Meetings, we enjoy the special video room to be relaxed and concentrated for our clients.

Enjoy from the Tomato Team Atelier

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