Recognition of the value derived from a comprehensive working capital approach is found with the recent award of Best Treasury and Finance Strategy in Asia Pacific, bestowed upon Cipla, C2FO and HSBC at the 2019 Corporate Treasurer Awards in Singapore.
A healthy set of corporates, capital providers and technology companies vied for top placement in several treasury and finance categories, including supplier financing, liquidity management, global risk management, receivables and payables onboarding, and debt restructuring and financing strategies.
The Cipla, C2FO and HSBC win was awarded on the strength of Cipla’s early pay supplier financing program. Utilizing a combination of supplier financing solutions from technology provider C2FO and banking partner HSBC, Cipla offered the entirety of its supply chain with options to increase the speed of invoice payments. Program adoption rates and positive supplier feedback, plus Cipla’s working capital improvements, are cited as results that led to the award win.
Cipla is but one example of corporates in Asia Pacific and across the globe who are marrying the working capital solutions of C2FO with those of their banking partners. The combination of these programs not only provide more financing options to support suppliers in all categories and spend levels, but also improve the working capital metrics for corporates. Suppliers are increasingly showing their appreciation for the flexibility of these new solutions via usage rates and vocally sharing their appreciation to customers on the willingness to partner on payment solutions.
This year’s Corporate Treasurer award entries were met with scrupulous review, as the judging panel remodeled their methodology to increase the rigor and depth of the submission review process. Judges were comprised of treasury experts across the Asia Pacific region with years of technical experience, who included Gogo Ko Yung-lai, President of the IACCT (China) and deputy general manager of YU XIU Enterprises, Damian Glendinning, ex-group treasurer of Lenovo and former president of ACTS, and Aron Akesson, principal of Triple A Treasury Ltd. and former Asia-Pacific head of treasury at Carlsberg.
Submissions were evaluated against the following criteria:
- Unique working elements with broad working appeal
- Context of origin and sophistication of marketplace
- Geographic scope and variety of solution types
After evaluation, the judging panel narrowed the field of entries to a shortlist of the top 20. Ten of those on the shortlist received awards for their achievements in various categories.
Winners of the 2019 Corporate Treasurer Awards were announced Wednesday, 24 April at the Swissôtel in Singapore. Attendees included practitioners, media, corporate banks and financial technology providers, who were also in attendance at the CTWeek conference – a two-day industry-leading event that brings together treasury and finance leaders from Asia Pacific to share best practices and case studies. C2FO participated as a guest speaker during CTWeek, sharing insights on the role corporates play in the future of working capital and liquidity management.