Adam Smith Awards Asia 2019 winner group photo

Adam Smith Awards Asia

Congratulations to our winners

Adam Smith Awards Asia 2019 logo

2019 Overall and Highly Commended Winners

Congratulations to all the Overall Winners and Highly Commended Winners of the Adam Smith Awards Asia 2019.

Overall Winners

Photo of Linda Wu, Agilent Technologies Singapore (Holdings) Pte Ltd, Parag Bidarkar, Citi, Wai Kiat Yeo, Sally Shung, Nicholas Kwok, Eunice Chin, Hansheng Wang, Ben Oh, Ann Lee, Miliati Komaladi, Angelina Zhang and Carrie Oh, Agilent Technologies Singapore (Holdings) Pte Ltd. Absent due to leave – Christina Khong

Treasury Today Asia’s Top Treasury Team 2019

Overall Winner: Sally Shung, Agilent Technologies Singapore (Holdings) Pte Ltd

For a business that generated revenues of US$4.91bn in 2018, this global leader in life sciences, diagnostics and applied chemical markets certainly knows how to employ a successful business formula.

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Photo of Sophie Jackson, Rashmi Joshi, Castrol India Ltd and Meg Coates

Woman of the Year

Overall Winner: Rashmi Joshi, Castrol India Ltd

Rashmi Joshi has more than 25 years of experience in the finance departments of FMCG, pharmaceutical, consumer durable and lubricants industries. Her expertise has seen her play a key role in creating and implementing a five-year growth strategy and vision for India and South Asia for Castrol India, whilst leading the India finance team and working to develop talent for India and the wider BP company, of which Castrol is a subsidiary.

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Photo of Saurabh R Gupta, Citi and Ramana Konda, Mondelez International AMEA Ltd

Judges’ Choice

Overall Winner: Ramana Konda, Mondelēz International AMEA Ltd

Mondelēz’s regional treasury centre covers the diverse markets of both Asia Pacific, Middle East and Africa (AMEA).

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Photo of Jörg Bermüller, Merck KGaA and Mahesh Kini, BNP Paribas

Best Cash Management Solution

Overall Winner: Jörg Bermüller, Merck KGaA

Merck KGaA set out a strategic roadmap for the company transformation from 2016 to 2020 to achieve its target organic growth for its three key businesses.

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Photo of Freddy Ong, Standard Chartered, Damien Tan, Citi, Aditya Renjen, Jayant Parande and Naveen Subramanium, Olam International Limited

Best Working Capital Management Solution

Overall Winner: Jayant Parande, Olam International Limited

In a six-year strategic plan released by Olam earlier this year, it set a clear goal of being a global food and agri-business that delivers food, feed and fibre, along with innovative solutions to its customers within the next five years.

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Photo of Sophie Jackson and Rahul Daswani, Microsoft

Best AP Solution

Overall Winner: Rahul Daswani, Microsoft

As more and more enterprise customers looked to leverage Microsoft cloud to make new revenue streams possible, Microsoft India’s strategic focus was to grow its cloud business. However, despite being offered terms of between 30 and 60 days for software purchases, Microsoft’s customers constrained by working capital often request longer payment terms to finance any deal.

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Photo of Monika Nelwan, United Parcel Service Philippines and Erica Gong, J.P. Morgan

Best AR Solution

Overall Winner: Monika Nelwan, United Parcel Service Philippines

The Philippines consists of more than 7,600 islands. For a logistics business, this can be a challenging market, not just for delivering packages, but also for collecting payments.

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Photo of Akansha Sharma and Vikram Mehta, QuEST Global

Best Card Solution

Overall Winner: Akansha Sharma, QuEST Global

At QuEST, the treasury team based in India takes care of corporate credit card administration for the entire organisation across the globe. From looking after employee spend requirements and building great relationships with banking partners, to managing liquidity while enabling quick resolution of business-related expenses, corporate credit cards play a vital role in the company.

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Photo of Parag Bidarkar, Citi, Aditya Renjen, Jayant Parande and Naveen Subramanium, Olam International Limited

Best Funding Solution

Overall Winner: Jayant Parande, Olam International Limited

Between 2015 and 2016, Olam undertook a series of acquisitions to build up its mid/downstream capabilities, including acquiring ADM’s cocoa business for US$1.2bn, US peanut sheller McCleskey Mills for US$176m, and wheat milling assets in Nigeria for US$275m.

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Photo of Dino Albuquerque, Bank of America and Roger Sun, Johnson Controls International

Best Supply Chain Finance Solution

Overall Winner: Roger Sun, Johnson Controls International

Like many growing companies, Johnson Controls International (JCI) has a focus on working capital and had decided to use supply chain finance (SCF) as a way of freeing up cash from its supply chain. In North America, the firm had put in place a programme with a specialist SCF technology vendor. As a listed company, the investors would pay a lot of attention to their working capital metrics and efficiency.

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Photo of Chandra Mohan Grover, IBSFINtech and Jayant Parande, Olam Agro India Ltd

Best Risk Management Solution

Overall Winner: Rama Ramarathinam and Anil Kumar Jena, Olam Agro India Ltd

Olam India is one of the leading commodity companies across the sub-continent and enjoys a pan-Indian footprint for ten key products. The company enjoys a strong reputation for managing one of the most diversified agri-commodity supply chains in India. Owing to this position, the company is exposed to significant foreign exchange (FX) and commodity price exposures.

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Photo of Avril Tan, Bank of America and John Ng, Medtronic

First Class Relationship Management

Overall Winner: John Ng, Medtronic

The global healthcare solutions provider Medtronic had worked in partnership with Bank of America for many years, but the relationship began to strengthen in 2015 after the company acquired Irish-headquartered Covidien for US$42.9bn.

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Photo of Jonathan Leong and Gary Jubb, JERA Global Markets Pte Ltd and Calvin Yeo, J.P. Morgan

Best Liquidity Management Solution

Overall Winner: Siang Chee Chew, JERA Global Markets Pte Ltd

Following the consolidation of its global trading activities and the inception of JERA Global Markets Pte Ltd (JERAGM), the newly-appointed Head of Treasury – Siang Chew – conducted a thorough review of the group’s overall liquidity management, treasury funding, business operations and treasury systems.

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Photo of Zhaojun Deng, Guazi and Kheng Leong Cheah, J.P. Morgan Asset Management

Best Short-Term Investing Solution

Overall Winner: Jim Huang and Zhaojun Deng, Guazi.com (parent company Chehaoduo Group)

Guazi’s rapid expansion created a cash placement challenge for the treasury function. Its operating cash was unpredictable, whilst its liquidity needs were extremely high. The company has huge outlays to acquire used cars (worth approximately 80% of the cars’ value), receiving cash back only at the point of sale.

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Photo of Li Chengyuan, ByteDance Inc and Gina Lim, DBS

Harnessing the Power of Technology

Overall Winner: Li Chengyuan, ByteDance Inc

As part of its business model, ByteDance needed to pay thousands of individuals and businesses in the ByteDance ecosystem across many geographies. Due to the nature of its business, ByteDance had a very high frequency of payments on a daily basis and each ticket size varied widely. Its existing cross-border payment solution via wire transfer was unable to satisfy user expectations in terms of settlement time, costs and the user-experience.

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Photo of Mou Xiaomin, Hutchison MediPharma Limited and Cathy Dou, Bank of America

Best Sustainable Finance Solution

Overall Winner: Qi Kui, Hutchison MediPharma Limited

Research on the scale undertaken by Hutchison MediPharma (HMP), with revenues from the new drugs still in the future, requires substantial investment and HMP relies on regular injections of funding from outside the People’s Republic of China (PRC) to ensure stable development for various projects onshore. These could take the form of shareholder loans, capital injections and fundraising in offshore capital markets.

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Photo of Gourang Shah, J.P. Morgan collects the award on behalf of Tencent Financial Technology Group

Best Foreign Exchange Solution

Overall Winner: Wenlong Huang, Tencent Financial Technology Group

Tencent Financial Technology Group’s digital wallet service, WeChat Pay, has expanded rapidly into overseas markets to support the growing number of Chinese outbound tourists. As of August 2019, WeChat Pay is accepted by retail merchants in 62 markets outside of China.

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Photo of Nitin Jain and Vishal Vijay, Agrocorp International and Bastavee Barooah, DBS

Best Fintech Solution

Overall Winner: Vishal Vijay, Agrocorp International

Agrocorp faced three key challenges and wanted to overcome them using blockchain technology. First, the large number of paper documents it exchanged for every trade, across processing plants, truckers, shippers, banks, insurance companies and ports created significant costs and inefficiencies.

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Photo of Nitin Sethi and Nitin Kokane, Bridgestone India Private Limited and Minako Stryer, J.P. Morgan

Best in Class Treasury Solution in India

Overall Winner: Nitin Sethi, Bridgestone India Private Limited

Bridgestone imports the majority of its raw materials from global suppliers and distributes final goods to its wide network of local dealers in India. Prior to August 2018, the company’s cash management processes were extremely manual.

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Photo of Oliver Li, FMC Corporation and Rodney Chan, J.P. Morgan

Best in Class Treasury Solution in China

Overall Winner: Oliver Li, FMC Corporation

Prior to November 2018, FMC’s approach to liquidity management in Asia Pacific was inefficient. The company operated a highly decentralised treasury structure in the region with each of its 13 markets managing its own cash balances through multiple local banks. This resulted in high levels of idle cash in each market that generated low yields on local currency balances.

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Photo of Jason Weiguang Han, General Electric

A Rising Star

Overall Winner: Jason Weiguang Han, General Electric

Having graduated from the Singapore Management University with a Bachelor of Business Management, Jason Han began his career as an Operations Specialist for Citco Fund Services. After a few moves, including positions as a Senior Analyst, International Treasury, Asia Pacific (APAC) at SABIC Capital, and Treasurer at Michelin APAC, Jason is now the Assistant Vice President, Regional Liquidity and Banking, APAC at General Electric (GE), Singapore.

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Highly Commended Winners

Photo of Bikash Mukherjee, Jeyanthi Vadivilu and Praveen Juyal, Amway India Enterprises Private Limited

Treasury Today Asia’s Top Treasury Team 2019

Highly Commended Winner: Bikash Mukherjee, Amway India Enterprises Private Limited

The Amway India treasury team is based at its Head Office in Gurugram Haryana with nine dedicated resources to support the day-to-day business. It has 136 physical shops which include 600-plus cashiers. Amway’s treasury team focuses on projects and new innovations and liaises with cross-functional teams including its manufacturing unit in Madurai. It maintains its banking relationships and collection costs, designs new solutions for placing orders online and offline via ABOs (Amway Business Owner) and delivers working capital and cost optimisation initiatives.

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Photo of Meg Coates and Latifah Mohamed Yusof, Astro Malaysia Holdings Berhad

Woman of the Year

Highly Commended Winner: Latifah Mohamed Yusof, Astro Malaysia Holdings Berhad

Latifah Mohamed Yusof has been with Astro for over 20 years, with a two-year secondment to the position of CFO of Astro GS Shop Sdn Bhd (AGSB), a joint-venture company between Astro Malaysia Holdings Berhad and GS Home Shopping Inc. of Korea. Prior to this she held roles as the Group Finance Assistant Manager at UMW Corporation Sdn Bhd, a Finance Executive at UMW Toyota Motor Sdn Bhd, and an Audit Assistant at Coopers & Lybrand. To say she has spent her career dedicated to finance is an understatement.

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Photo of Adrian Ong, UOB collects the award on behalf of Ban Heang (M) Sdn Bhd

Best Cash Management Solution

Highly Commended Winner: Lee Kal Pin, Ban Heang (M) Sdn Bhd

With 12 outlets in Malaysia, biscuit company Ban Heang needed better account visibility for its cash positions, specifically on incoming and outgoing cash. Being a family-run business since it was founded 22 years ago, payments via cheque were the preferred option, rather than online payments. However, the cheque payment method was tedious and ineffective, especially when many payments have to be made to various recipients.

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Photo of Jason Cheong, ANZ and Gevin Lee, Surbana Jurong Pte Ltd

Best Cash Management Solution

Highly Commended Winner: Gevin Lee, Surbana Jurong Pte Ltd

Based in Singapore, Surbana Jurong (SJ) is a multidisciplinary urban infrastructure and management services consultancy firm with a successful track record in project delivery. In recent years it has been rapidly expanding its urban and infrastructure capabilities and extending its geographical reach through organic growth, acquisitions and partnerships.

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Photo of Priyanka Ghosh, Bavani Prakhesh, Victor Grado and Przemek Cupryniak, Hewlett Packard Enterprise Company and Sridhar Kanthadai, J.P. Morgan

Best Cash Management Solution

Highly Commended Winner: John Donegan, Hewlett Packard Enterprise Company

Since its reorganisation in 2015, the Hewlett Packard Enterprise Company (HPE) has been evaluating solutions to transform its treasury architecture which was becoming sub-optimal, due, in part, to the changing treasury and banking landscape, coupled with restructuring activities over the years.

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Photo of Abhay Adukia and Saumil Chogle, Cipla

Best Working Capital Management Solution

Highly Commended Winner: Saumil Chogle, Cipla

At the heart of Cipla’s philosophy is a commitment to innovation in order to outperform its competitors and deliver on shareholder expectations. This commitment spans its entire business including its treasury team, which wanted to find ways to improve overall working capital performance.

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Photo of Berliza Laurente, activpayroll Ltd and Vikrant Rana, HSBC

Best AP Solution

Highly Commended Winner: Alison Sellar, activpayroll Ltd

When a leading shipping client needed to make small payments to its employees across the world, it approached activpayroll to take on the challenge. The client had a request to make payroll disbursements to all its seafarers, as well as the accompanying statutory payments.

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Photo of Mandar Kulkarni, KPIT Technologies Ltd and Wei Liang Ng, DBS

Best AR Solution

Highly Commended Winner: Mandar Kulkarni, KPIT Technologies Ltd

KPIT Technologies went through a very complex structure of merger and demerger in 2018 and the new company started in January 2019. The management set a target to become a debt-free company by the following year, and to bring improvement in days sales outstanding (DSO) and discipline in the overall management of receivables management.

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Photo of Saurabh R Gupta, Citi, Abdullah Al-Otaibi and Nina Zhang, SABIC

Best Card Solution

Highly Commended Winner: Jiawen Xue, SABIC

Conventionally, SABIC operates its enterprise resource planning (ERP) system for procurement activity, utilising purchase requests, purchase orders, invoices and payment by the finance function across its leading Asian operations, which spans Singapore, India, Australia, Malaysia, Taiwan, Hong Kong, Thailand and Indonesia.

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Photo of Steve Sibly, Sensis and Janice Dang, Bank of America

Best Card Solution

Highly Commended Winner: Steve Sibly, Sensis

Sensis is an Australian digital marketing company, specialising in digital platforms and search engine marketing, as well as providing listings for businesses in both digital and phone book directories. Its well-known brands include the Yellow Pages and White Pages.

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Photo of Li Bing, Juneyao Airlines Co Ltd and Benjamin Che, Standard Chartered

Best Funding Solution

Highly Commended Winner: Cao Hongli, Juneyao Airlines Co Ltd

The icon of Juneyao Airlines Co Ltd (hereinafter referred to as Juneyao Air) as an enterprise is an Auspicious Phoenix, an international interpretation of Chinese traditional cultures to express a century-old company and its devotion to providing the best service for its customers at home and abroad.

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Photo of Edwin Tey, GLP Pte Ltd and Damien Tan, Citi

Best Funding Solution

Highly Commended Winner: Edwin Tey, GLP Pte Ltd

GLP Pte Ltd incurred US$2.1bn of incremental debt following its privatisation event which closed in January 2018. GLP was subsequently downgraded to “negative outlook” by Moody’s, reflecting the significant increase in debt incurred post-privatisation and GLP’s acquisition of a European logistics portfolio, Gazeley.

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Photo of Saurabh R Gupta, Citi, Valerie Heng, Joseph Chua, Sriladda Chalermkarnjana, Lenovo and Stanley Chan, BNP Paribas

Best Funding Solution

Highly Commended Winner: Joseph Chua, Lenovo

Since 2005, Lenovo has been financing its distributor receivables portfolio through IBM Global Financing (IGF), a captive financing subsidiary of International Business Machines Corp (IBM). The IGF financing platform handles credit underwriting, dispute resolution and collection services, with approximately 400 people.

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Photo of Adrian Ong, UOB collects the award on behalf of Coca-Cola Refreshments Malaysia Sdn Bhd

Best Supply Chain Finance Solution

Highly Commended Winner: Melvin Tan, Coca-Cola Refreshments Malaysia Sdn Bhd

Coca-Cola Refreshments Malaysia’s principal activities include marketing and distributing over 20 products, ranging from Classic Coke and zero-calorie sparkling beverages, to zero-calorie juices, teas and water.

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Photo of Sriladda Chalermkarnjana, Lenovo (Singapore) Pte Ltd and Nigel Lim, BNP Paribas

Best Supply Chain Finance Solution

Highly Commended Winner: Sriladda Chalermkarnjana, Lenovo (Singapore) Pte Ltd

Lenovo needed to restructure its existing trade receivables securitisation programme. However, the process would result in Lenovo being unable to utilise the programme for an expected timeframe of approximately three months.

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Photo of Mark Evans, ANZ and Jaime Chan, Carlsberg India Pvt Ltd

Best Supply Chain Finance Solution

Highly Commended Winner: Pradyumna Maheshwari, Carlsberg India Pvt Ltd

As one of the most recognised and established brewers in the world, one of Carlsberg’s key objectives was to support its suppliers (mostly SMEs), by providing access to a lower cost of funds. It also wanted to extend SMEs payable days for improving liquidity, ratios and better balance sheet management.

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Photo of Saurabh R Gupta, Citi, Stanley Liu and Vibhash Joshi, General Electric

Best Risk Management Solution

Highly Commended Winner: Manu Taneja, General Electric

Over the past three years, General Electric (GE) has embarked on a global, multi-phased cash and risk transformation project. The aim of the programme was to unlock and repatriate cash from across the business and identify and manage risk more effectively at a group level.

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Photo of Mario Tombazzi, J.P. Morgan collects the award on behalf of SAIC Motor HK Investment Ltd

Best Risk Management Solution

Highly Commended Winner: Wu Weihua, SAIC Motor HK Investment Ltd

As SAIC Motor expanded into new regions, managing its liquidity and working capital funding across the different markets became increasingly challenging.

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Photo of Sylvia Selvaralu and Latifah Mohamed Yusof, Astro Malaysia Holdings Berhad and Jessica Fon, Standard Chartered

First Class Relationship Management

Highly Commended Winner: Shafiq Abdul Jabbar and Latifah Mohamed Yusof, Astro Malaysia Holdings Berhad

In 2016, Astro Malaysia’s Group Treasurer and her team started to assess the set-up of an in-house bank (IHB) to further enhance working capital and the transparency of financial flows and cash positions.

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Photo of Mahesh Kini, BNP Paribas collects the award on behalf of SPCC JV

First Class Relationship Management

Highly Commended Winner: Giuseppe Grassi, SPCC JV (On behalf of Saipem S.A. and CTCI Corporation)

PTT Public Company Limited is a Thai state-owned SET-listed oil and gas company. Founded in 1978, it owns extensive submarine gas pipelines in the Gulf of Thailand, a network of LPG terminals throughout the kingdom and is involved in electricity generation, petrochemical products, oil and gas exploration and production, and gasoline retailing businesses.

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Photo of Florian Benda and Jörg Bermüller, Merck KGaA

Best Liquidity Management Solution

Highly Commended Winner: Florian Benda, Merck KGaA

Implementing a fully-automated cross-border cash pooling structure is an extremely challenging task at the best of times, but more so in Korea, due to the strict cross-border inter-company lending requirements and related FX regulations. Such cross-border cash pooling solutions, especially automated ones, are uncommon in the Korean market.

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Photo of Terica Traazil, Element Solutions Inc and Ai Chen Lim, HSBC

Best Liquidity Management Solution

Highly Commended Winner: Denis Bräuer and Sean Burgers, Element Solutions Inc

Element Solutions Inc (ESI) was formerly part of Platform Specialty Products Corporation (PSP), a global and diversified producer of high-technology speciality chemical products. Between 2013 and 2015 PSP went through a period of rapid growth, making six acquisitions totalling US$9bn. In July 2018, PSP announced its separation into two units: Arysta, which was sold to UPL, and the remaining PSP performance materials business, which was renamed ESI. The split was completed in early 2019.

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Photo of Adrian Ong, UOB, Gary Wong, Wilson Koh, Tew Woon Chong and William Low, Grab

Harnessing the Power of Technology

Highly Commended Winner: Wilson Koh, Grab

As Grab scales its transport, food and mobility businesses, the company has a unique opportunity to be a financial omnibus for its customers, drivers and merchants who are connected to the platform. The Grab platform sustains a dynamic ecosystem, connecting Grab seamlessly with its partners and consumers and enabling its drivers and merchants to be paid instantly, to access credit, to move from cash to cashless and to access seamless banking services.

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Photo of Saurabh Chakravarty and Girish Bajaj, UltraTech Cement Ltd and Sunil Alva, Fourth Signal

Harnessing the Power of Technology

Highly Commended Winner: Saurabh Chakravarty, UltraTech Cement Ltd

Saurabh Chakravarty, Jt President, Finance defined the aim as “transforming the treasury management function of India’s largest cement company – creating a robust but flexible digital platform to support our organic and inorganic growth.”

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Photo of Vasanth Jeyapaul, CAMS and David Koh, HSBC

Harnessing the Power of Technology

Highly Commended Winner: Vasanth Jeyapaul, Computer Age Management Services (CAMS)

Computer Age Management Services (CAMS) oversees the complete lifecycle of approximately 60 million mutual fund investment accounts for asset management companies (AMC). Handling a large volume of electronic disbursements and systemic periodical collections is thereby a critical component of the company’s daily operations, and accuracy is imperative.

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Photo of Pang Ying Ying, SITC International Holdings Company Limited and Benjamin Che, Standard Chartered

Best Sustainable Finance Solution

Highly Commended Winner: Yang Xianxiang and Guo Zhiyun, SITC International Holdings Company Limited

SITC needed to arrange bank financing for two new 2400 TEU container ships, featuring high fuel efficiency and an eco-design with low emission, which had been ordered from Yangzijiang Shipbuilding Group.

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Photo of Priyanka Bhojani, Hindustan Unilever Limited and Ai Chen Lim, HSBC

Best Sustainable Finance Solution

Highly Commended Winner: Priyanka Bhojani, Hindustan Unilever Limited

Hindustan Unilever Limited (HUL) operates a major CSR programme called Project Shakti to deliver financial empowerment and create livelihood opportunities for rural women. Shakti means ‘power’ or ‘empowered’, and the programme’s success has brought a new level of respect for many women, who are known as Shakti ‘Ammas’, or ‘mothers’, especially in communities where the norm was traditionally for men to be responsible for any sort of commercial enterprise.

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Photo of Wang Ningning, Haier Group and Bruce Nie, Refi nitiv

Best Foreign Exchange Solution

Highly Commended Winner: Shao Xinzhi, Haier Group

In financial markets where black swan and grey rhino events have occurred more in recent years, FX volatility is increasing and becoming much more unpredictable, posing a severe challenge for FX risk management. The management of global FX risk exposures now plays a much more important role. This requires a step-change in company levels of professionalism, automation and use of information in their FX workflows globally.

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Photo of Monika Nelwan, United Parcel Service Korea and Manoj Dugar, J.P. Morgan

Best Fintech Solution

Highly Commended Winner: Monika Nelwan, United Parcel Service Korea

For corporates in South Korea, the process of accounts reconciliation is a daunting task and UPS were no different.

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Photo of Pradeep Nair, Standard Chartered collects the award on behalf of Digital Guangdong Co Ltd

Best Fintech Solution

Highly Commended Winner: Echo Mia, Digital Guangdong Co Ltd

Digital Guangdong (Digital GD) wanted to improve the way it managed its accounts payables along its supply chain to multiple suppliers.

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Photo of Anand Bhadkamkar and William Vaz, Dentsu Aegis Network Group India and Saurabh R Gupta, Citi

Best in Class Treasury Solution in India

Highly Commended Winner: Anand Bhadkamkar, Dentsu Aegis Network Group India Pvt Ltd

Dentsu Aegis Network Group (DAN) India has 26 operating entities in India, which have varying cash positions with changing surpluses and deficits, leading to significant debit interest loss because of overdraft borrowing and loss of investment opportunities due to idle balances. Given the volume and value of underlying transactions, DAN India was looking for a bespoke automated pooling solution, which would help it to achieve optimal cash positions across entities and be compliant with pooling regulations in India by restricting the number of pooling transactions.

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Photo of Aziz Parvez, Bank of America and Vinit Mishra, Louis Dreyfus Company India Pvt Ltd

Best in Class Treasury Solution in India

Highly Commended Winner: Vinit Mishra, Louis Dreyfus Company India Pvt Ltd

For such a large entity operating across a range of sectors, Louis Dreyfus Company (LDC) India had a growing need to improve the way payables and receivables were being managed across each part of the business. The company also wanted to reduce the number of bank accounts being operated and gain efficiency over its cash management activities, as business execution within a limited time period is key to maintaining a leading position in a highly competitive and evolving commodity industry.

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Photo of Erik Emilsson, Citi and Steve Wong, Adient (China) Investment Co Ltd

Best in Class Treasury Solution in China

Highly Commended Winner: Steve Wong, Adient (China) Investment Co Ltd

Adient was looking for options to manage its idle cash maintained in China and optimise its global non-restricted liquidity efficiently and cost effectively.

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Photo of Stefan Leijdekkers, Bank of America, collects the award on behalf of Linamar Corporation

Best in Class Treasury Solution in China

Highly Commended Winner: Novax Mao, Linamar Corporation

Linamar wanted an integrated treasury and trade solution to facilitate its increased working capital needs in China.

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