Equate Petrochemicals Company, a global producer of petrochemicals, said its integrated financial systems earned the company the “Best in Class Treasury Solution in the Middle East” award at the Adam Smith Awards 2018, organised by Treasury Today.

During a ceremony in London, UK, the award was received by Equate’s Treasury Specialist, Nayef Al-Smairi, said a statement from the company.

Through the efforts of Equate’s treasury, the world's second largest producer of ethylene glycol went from managing its treasury using basic tools to developing and devising its own state-of-the-art treasury solution with scalable and integration capabilities, it said.

Equate’s chief financial officer Dawood Al-Abduljalil said: “Our treasury transformation, progress and development is per global best practices as an independent capable organisation.”

“This treasury transformation will strengthen our group’s financial performance as a holistic petrochemical enterprise with presence in various parts of the world,” he said.

“We look forward to continue our growth and advancement in all relevant fields as part of the Group’s continuous achievements,” he added.

The solution enables the group to centrally manage all global bank accounts, trade with banks, submit payments, in addition to empowering it with more governance and control.

Furthermore, this strategic solution integrates the treasuries of the Equate Group, including MEGlobal’s subsidiaries. Equate developed the solution in partnership with a number of banks and other financial organisations, including Swift, FIS, 360T, Serrala, Accenture, Zanders, Citi Bank, and Deutsche Bank, it stated. – TradeArabia News Service