Asia's largest private education group chooses Citi

Raffles Education partnership involves the use of sophisticated and highly customized solution across 12 countries

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Raffles Education Corporation Pte Ltd, the largest private education group in Asia, selected Citi Global Transaction Services for its consolidated cash management services in June.

The partnership is the first of its kind in Asia's education industry and will involve the use of a sophisticated and highly customized solution that will operate across 12 countries in the Asia Pacific region.

Tools include an innovative process for reconciling all fees collected from local and international students, as well as the use of Citi's online banking platform CitiDirect. RafflesEducationCorp can now standardize payment collection across the Asia Pacific region while keeping processing decentralized in each country.

At the same time, its Singapore-based head office team will have complete visibility over accounts in all 12 countries.

Partnership with a single bank across all its territories will create substantial efficiencies for RafflesEducationCorp, both operationally and financially. Previously, different partnerships were in place with a range of local and multinational banks in each country of operation. This required multiple platforms and reconciliation processes, as well as extensive manual oversight of all bank balances – a significant drain on manpower and resources.

With Citi's solution, the RafflesEducationCorp team will now be freed up to concentrate on more value-added activities.

"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 RafflesEducationCorp. "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."