Raffles Financial Shareholders Update

Singapore, Singapore--(Newsfile Corp. - April 11, 2022) - Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTCQX: RAFFF) ("RFG" or the "Company") The Company wishes to give its shareholders an update on the audit status and business development of the Company.

China and Hong Kong are still facing tightened COVID-19 restriction measures in light of the surging Omicron variant cases. China's authorities are accelerating efforts in mass locking down several major cities to curb the recent outbreak. We believe that the zero COVID-19 policy ramping up by the China authorities will further hinder the progress of our audit.

As previously announced, we have yet to reach to an agreement on some outstanding audit matters in relation to the deployment of funds for our strategic supplier in China including, amongst others, the scope of the additional appropriate audit action, the procedure and logistic of the action, the workaround for certain limitations, as well as the additional audit fee. Considering the importance of filing the audit financial statement at the earliest possible time, we are now trying to approach different qualified auditors who could provide a more effective solution to resolve the aforesaid audit issues in China.

Apart from this, in compliance with health protocols, the Raffles Financial Group is observing the avoidance of in-person visits and continues to work from home with the deployment of online communication tools. We envisage the effectiveness of our service level to our clients will be affected albeit the cases in our deal pipeline that need immediate attention and the fulfilment of their public listing expectation.

Nevertheless, we have utilised the deep local representations and client's networks of the two technology operators Bruce Ventures Private Limited and Dayou Investment Limited (Now renamed as Raffles Financial Technology (Asia) Limited and Raffles Financial Technology (China) Limited respectively) to expand our Finlass business unit. Under the enhanced Finalss segment, we are working closely with HuDuoBao Network Technology Company Limited), our cloud-based system master solution and service provider, to provide to merchants with our one-stop e-commence integrated solution for a fee. This segment is expected to generate positive cash flows to the Group.

We will keep shareholders duly informed on the progress of our business and the audit matter.

About Raffles Financial Group Limited (CSE: RICH) (FSE: 4VO) (OTCQX: RAFFF)

Raffles Financial Group is listed on the Canadian Securities Exchange Purchasable under the stock symbol (CSE: RICH), the Frankfurt Stock Exchange Purchasable under the stock symbol (FSE: 4VO) and the OTC Markets under the stock symbol (OTCQX: RAFFF).

On behalf of the RFG Board of Directors

Monita Faris
Corporate Secretary
Phone: 604-283-6110
Email: monita@rafflesfinancial.co
Website: www.RafflesFinancial.co

The CSE has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute "forward-looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in Canadian securities laws. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events.

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