Citi bags multi-country cash mandate from Raffles Education

Raffles Education appoints Citi to streamline payments from 12 countries in Asia-Pacific.

Citi has won a cash management services mandate from Singapore-based Raffles Education Corporation. Under the mandate, Citi’s global transaction services GTS business will provide the private education group with a solution to efficiently centralise payments processes in 12 countries. According to Citi, the deal is unique in Asia’s education industry.

“Citi’s cash management solution is extremely important to support the rapid expansion of our business in Asia,” said Kenneth Ho, chief financial officer at Raffles Education. The tertiary education provider operates 38 colleges in 14 countries, including Australia, Bangladesh, Cambodia, China, India, Indonesia, Malaysia, Mongolia, New Zealand, the Philippines, Singapore, Sri Lanka, Thailand and Vietnam.

Ho believes...

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