Raffles Education Adopts Citi’s Cash Management Services in 12 Countries Across Asia Pacific
Hong Kong - June 23, 2011 – Citi’s Global Transaction Services has announced that it will be providing cash management services to Raffles Education Corporation Pte Ltd ("RafflesEducationCorp" or "the Group"), the largest private education group in Asia. This is the first deal of its kind in Asia’s education industry and will allow RafflesEducationCorp to consolidate its banking requirements in 12 countries with one bank, to drive both operational and financial efficiencies.
In the past, RafflesEducationCorp banked with multiple local and multinational banks across the region, which required the Group to navigate different reconciliation processes and multiple platforms. The Group’s head office in Singapore also had to exercise significant manual oversight over all bank balances which in turn entailed the deployment of additional manpower and resources. These will be markedly reduced with the adoption of Citi’s solution, allowing the RafflesEducationCorp team to focus on more value-added treasury activities.
Citi’s solution is highly customized for RafflesEducationCorp. It includes a comprehensive, innovative receivables solution to streamline the reconciliation process for fees being collected from local and international students; and the deployment of the CitiDirect® online banking platform. CitiDirect® will enable the Group to standardize payment processes, while allowing payment processing to be left decentralized, giving its head office team complete visibility over accounts in all 12 countries.
Citi’s Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients.
Mr Kenneth Ho, Chief Financial Officer at RafflesEducationCorp said, "Citi’s cash management solution is extremely important to support the rapid expansion of our business in Asia. Today, RafflesEducationCorp has 38 colleges across 35 cities in 14 countries and the use of such a robust system will be an invaluable resource to our Group’s treasury management function. Citi’s solution will enhance our efficiency and enable us to focus our efforts on more important areas, including furthering our business development across the region."
Mr Sanjeev Chatrath, Regional Head, Asia Pacific, Client Sales Management, Treasury and Trade Solutions, Global Transaction Services, said, "We are proud to have our cash management solutions adopted by RafflesEducationCorp. Citi continues to extend its market leadership in transaction services in Asia by providing innovative solutions to our clients. Effective receivables management is a key focus area for most corporations as they look to this region for their business growth. With its embedded presence across Asia Pacific and a globally consistent delivery platform, Citi is uniquely positioned to help support these objectives. The award of this mandate from a leading education group in the region is testimony to the quality of our solutions."
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com.