Singapore – October 23, 2025 – Raffles Financial Group Ltd (CSE: RICH) (“Raffles Financial”), a diversified financial services company listed on the Canadian Securities Exchange, today announced a strategic collaboration with CICADA Finance, a leading on-chain asset management protocol. Together, the two firms will launch the Raffles Reserve Treasury (“RRT”), an innovative digital asset designed to integrate high-growth cryptocurrencies into trade finance for IPO-ready companies.

A New Era of Digital Trade Finance

This collaboration bridges traditional corporate finance and decentralized finance (DeFi), creating a unique model for tokenized trade finance. The initiative combines Raffles Financial’s track record in public listings, compliance, and corporate finance with CICADA Finance’s expertise in tokenomics, Web3 asset structuring, and decentralized asset management.

Under this cooperation, both organizations will advance the structuring of tokenized assets, Real World Assets (RWA), smart contract issuance, token circulation mechanisms, settlement systems, and security and risk control frameworks. The goal is to unlock the exponential demand for crypto assets and decentralized financial markets while providing robust, institutional-grade financial products.

The Proposed Raffles Reserve Treasury (“RRT”)

The RRT will be issued through a Singapore-incorporated special purpose vehicle, leveraging Singapore’s progressive digital finance framework. As exemplified by Token2049, the world’s largest cryptocurrency conference, being held in Singapore during the first week of October.  The conference brought together over 25,000 global investors to Singapore.

The RRT is designed to serve as a core value carrier, offering governance participation, platform access, and economic incentives to its holders. Inspired by strategies adopted by pioneers like MicroStrategy, Gamestop, the RRT will issue perpetual bond units to fund a diversified Cryptocurrency Treasury (CT) portfolio across assets such as Bitcoin, Ethereum, Ripple, Solana, and Chainlink.

The CT portfolio will act as collateral for both stablecoin issuance and revolving trade finance credit facilities, ensuring IPO-ready clients can accelerate growth while preparing for North American listings. For investors, this model generates value through arrangement fees and opportunities to purchase clients’ IPO shares at pre-IPO discounts.

Leadership Commentary

Dr. Charlie In, Chairman of Raffles Financial Group Ltd, said:

“The Raffles Reserve Treasury combines the rigor of traditional finance with the innovation of DeFi, enabling IPO-ready clients to secure scalable capital and stronger valuations for North American listings.”

Dr. In is a seasoned capital markets leader with decades of experience guiding companies to IPOs across Asia and North America.

Gary Yang, CEO of CICADA Finance, commented:

“The RRT is more than a digital treasury—it’s a bridge between institutional finance and decentralized ecosystems, opening new pathways for sustainable crypto-backed trade finance.”

Mr. Yang is a veteran investor with 15 years in venture capital and funds-of-funds, having backed over 120 companies and 15 funds globally.

Iris Yu, Incubation Investor at CICADA Finance, added:

“The RRT offers a new liquidity framework, allowing clients to leverage crypto assets for trade finance while building momentum toward IPOs on North American exchanges.”

Ms. Yu is a blockchain pioneer and early investor in Binance and Bybit, with a portfolio of 100+ projects spanning exchanges, infrastructure, and DeFi.

About Raffles Financial Group Ltd (CSE: RICH)

Raffles Financial Group Ltd is a diversified financial services company listed on the Canadian Securities Exchange. Headquartered in Singapore with global reach, the Company provides corporate finance advisory, IPO facilitation, and investment services to high-growth companies seeking access to international capital markets. Raffles Financial specializes in structuring innovative financing solutions, helping clients achieve successful listings and capital expansion, particularly across North America and Asia.

About CICADA Finance

CICADA Finance is a leading on-chain asset management protocol that bridges liquid assets and liquid funds through real-yield instruments. By combining real-yield underlying assets with ecosystem incentive yields, CICADA Finance delivers layered yield strategies for institutional and retail investors alike. The platform focuses on revolutionizing emerging bond markets, offering secure DeFi-based stablecoin financing, tokenized risk assessment, and blockchain transparency.

Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking statements.” All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Contact Information

Raffles Financial Group Ltd, Investor Relations, Email: monita@rafflesfinancial.co

CICADA Finance Email: admin@cicada.finance

Company name: Raffles Financial Group Ltd

Contact name: Faralynn Wong

Email: mani@astracapital.asia

Phone number:+6598391300

Website: https://www.rafflesfinancial.co.

Address and Zip Code: Suite 1100 – 1111 Melville St Vancouver V6E3V6 British Columbia, Canada

Country and City: British Columbia,

Canada