MMK was named the winner in the category of Project of the Year in Improving Treasury Functions at the award ceremony for the Treasurer of the Year 2020 award, which took place in Moscow.
The Treasurer of the Year award is one of the most prestigious awards in the financial community, recognizing outstanding achievements in the field of management and development of the treasury function.
The expert council of the award, which includes financial sector professionals as well as heads of major Russian banks and corporations, recognized MMK's financial resources department for conducting the first successful project on the Russian financial market to carry out a double combination of factoring and dynamic discounting transactions on the KPMG Platform for financing supply chains.
Maria Nikulina, Head of Financial Resources at MMK, commented:
"This is a unique project for the market, which was developed by our team in close cooperation with KPMG. Thanks to its implementation, payment transactions to suppliers in advance of the contract date of deferred payment can now be carried out on the KPMG dynamic discounting platform not only with the use of MMK's free cash, but also by attracting funds from factor banks. This tool makes it more affordable to obtain early financing for MMK's suppliers, ensuring that the optimal level of working capital is maintained."
The award was organized by Russiaís Association of Corporate Treasurers, the first national professional community of corporate treasurers. The mission of the Association is to create unified high standards among the treasury departments of Russian companies and to facilitate communication and exchange of experience between professionals in this area.