Building Global Finance: A Conversation with Anton Moshkalov, Chief Financial Officer of MD Finance

In August 2025, Anton marks a professional milestone – five years with MD Finance. From his early days in economic studies to leading a global financial function, his path combines deep technical expertise, sharp strategic thinking, and a willingness to take on challenges far beyond the CFO’s standard job description.

We spoke with Anton about his career journey, the transformation of MD Finance, and the passions that keep him energized outside the office.

From University To CFO In 4,000-employee Holding

You started your professional path in economics, but your early interests were broader. Why economics?

– I studied in Donetsk, Ukraine, starting with foreign economic activity and later switching to international economics at Donetsk National Technical University. In my first two years, I was constantly around programmers – I even attended their lectures as my girlfriend was studying there. I knew Pascal, Basic, and even some Assembler. But back then, economics seemed the more promising career route, with clear opportunities to enter the job market.

Where did your career begin?

– In banking – in operational risk, which was a rare area in Ukraine at the time. This was the Basel II era, with a focus on access rights, business continuity, and risk mapping. A year later, I moved into planning and economic analysis. There were 3 people doing manual data transfers and formatting to Excel from different automated systems to prepare information for analysis and regulator submission. My programming background said clearly – it can be automated, and yes – one month later, only one of these 3 people left, covering another scope of duties.

When did CFA come into the picture?

– Around that time. The CFA (Chartered Financial Analyst) certificate is a three-level exam in finance and investment analysis – the average candidate takes about five years to pass all levels. I completed mine in three. My motivation was part professional challenge, part curiosity, and partly to prove to my first boss (who didn’t finish his) that I could. I studied before work, from 5 to 7 a.m., plus 5-6 hours on weekends. The knowledge opened doors: CFA was my ticket to higher roles in multi-sector holdings and strategic finance.

What other experience do you have before joining MD Finance?

– After banking, I worked in a multi-sector holding in Donetsk – food production, real estate, oil processing – and then at DTEK in the Strategy Department (investments analysis, strategic plans, M&A analysis). My next big step was joining BEREG Group as head of department, later becoming CFO. The scope included planning, unit economics, and managing financial processes across diverse businesses: manufacturing, trading, commercial real estate, jewellery stores, pawn lending, online lending and more.

What are the most memorable cases from that period?

– We implemented complex hedging strategies with derivatives – specifically, non-deliverable currency forwards and gold options. And basically, it was my own result not achievable without CFA.

One example: our group had sizeable UAH-denominated loans, but we measured business performance in USD. By locking in future exchange rates with NDF (non-deliverable forwards), we protected against currency devaluation while also creating an upside scenario. In one case, the exchange rate stayed stable through the contract term, allowing us to realise a gain equivalent to about one-third of the company’s annual EBITDA – a remarkable outcome for a single financial instrument, and a single man's contribution.

With gold, the challenge was volatility in monthly margins from selling refined jewellery scrap. By buying and selling call and put options, we could stabilise margins regardless of market swings, protecting the business from sudden downturns while still capturing some upside.

Another case was a high-stakes negotiation to resolve a 50/50 ownership deadlock between partners in a joint venture. They had completely stopped speaking to each other, with no contractual mechanism to break the stalemate. Over three years, I acted as a facilitator – filtering the emotional, often confrontational exchanges into constructive proposals, aligning each side on financial terms, and maintaining enough trust to keep the talks moving. Eventually, we closed a deal to transfer ownership, ending years of gridlock.

MD Finance: Building Financial Function From Scratch

Do you remember your first day in MD Finance 5 years ago?

– Yes, I came in formal office wear, which I had become accustomed to over the years of working in holdings, and walked into a room full of developers in shorts and sandals. We were about 45-50 people in the Kyiv headquarters, just coming back from remote work after COVID-19. The culture was more democratic than my previous roles, and I liked that.

Your first big goal?

– To build a centralized financial function from scratch. That meant implementing group-level management reporting – before that, financial performance was more of a rough mental calculation. I also opened Cyprus banking accounts and built a small but focused finance team.

Did you have any unconventional responsibilities?

– Plenty. When the CEO role was vacant, I worked closely with our founder and country heads to design growth budgets and keep them on track. Then, moving the head office to Cyprus in 2022. Leading the risk department during the launch of our credit line product and helping recover its economics after a rough start. Handling compliance, including two successful central bank audits in Romania, and resolving “people issues” sometimes to keep key teammates on board.

What are you most proud of in building the finance function?

– Establishing a clear process of management reporting – P&L, balance sheet, and cash flow – closed by the 5th-6th of each month, without heavy automation. Also, successful audit reports year after year, with no qualifications. 6 people in the Finance team at HQ for a group of 250+ employees, 5+ jurisdictions and 3+ business lines – is also a good benchmark compared to peers. Few companies at our stage can match that.

How has MD Finance changed in five years?

– We’ve grown about fourfold in turnover, expanded our team and C-level executives, and become more structured. Documentation and processes have scaled with us. Personally, I miss the energy of a fully in-office setup due to remote mode, but we’re a bigger, more experienced, and more systemized company now.

Motorbike Lover and Rock Dad

Motorbikes – your passion or just transport?

– A passion. My Honda cruiser stays in Kyiv and my 65+ years old Dad drives it now. I first wanted one after seeing a businessman on a Yamaha V-MAX at DTEK’s office parking lot. I bought mine in the winter after that – off-season discounts – and learnt to ride when spring arrived.

Cyprus seems more about the sea than the road for you now.

– Yes, it’s more about SUP boarding, diving, and freediving. I live a minute walk from the water, and I dive and freedive together with my elder son from time to time.

What other hobbies are you into?

– Rock music is a big part of my life, and I’ve been raising my kids on it. With my elder son, we visited concerts of rock legends like Metallica, Deep Purple, Manowar, Rammstein, and AC/DC. He plays guitar, keyboards, and is now taking singing lessons. He somehow convinced his friends and his girlfriend to form a rock band. They rehearse in a mini-studio I set up at home. The rule was: I cover half the cost of the equipment, they fund the other half from their own money. It was all about their motivation, and it worked. Their setlist includes Metallica, Ghost, and even tracks from Cyberpunk 2077’s Samurai band. And it is very cool to have rock concerts at your home with a band that you help.

Would you let your son buy a motorbike?

– If he earns it himself. Passion is great, but so is responsibility.

Takeaways

Anton’s story is one of building – from processes and teams to businesses and even bands. Five years at MD Finance have brought challenges across continents and functions, but also results he’s proud of. And, as in music or motorbiking, it’s about keeping the right rhythm – and knowing when to accelerate.