Raffles Financial signs MOU with Canadian Resource

Executive Summary

• Raffles Financial Group Ltd. signed a Memorandum of Understanding (MOU) with Canadian Resource Capital Corp. (CRCC) to provide strategic advisory support for CRCC's application to incorporate "Canadian Resources Bank" as a federally regulated financial institution in Canada.
• Raffles Financial will leverage its corporate finance and regulatory expertise to guide CRCC through the three-stage bank licensing process managed by the Office of the Superintendent of Financial Institutions (OSFI).
• The proposed bank aims to serve underserved communities, including indigenous populations, temporary foreign workers, and international students, with a governance structure that includes indigenous leaders.

Key Details

• Parties Involved: Raffles Financial Group Ltd. (CSE-listed advisory firm) and Canadian Resource Capital Corp. (CRCC).
• Agreement Type: Memorandum of Understanding (MOU) dated August 22, 2025.
• Objective: Support CRCC’s application for letters patent to incorporate Canadian Resources Bank as a federally regulated financial institution (FRFI) under Canadian federal banking legislation.
• Raffles Financial's Role:
  • Provide strategic support and regulatory advisory services.
  • Guide CRCC through Canada's rigorous three-stage bank licensing process:
    1. Pre-application review.
    2. Formal submission to the Minister of Finance.
    3. Final regulatory approval.
  • Leverage cross-border regulatory experience and capital markets expertise to streamline submissions with OSFI.
• CRCC Background:
  • Initiated banking initiative in 2019.
  • Submitted initial application to OSFI in January 2019.
  • Has already secured provisional approval for the names "Canadian Resource Bank" and "Banque De Ressources Canadienne."
• Bank Mission & Governance:
  • Focus on financial inclusion for underserved groups: indigenous populations, temporary foreign workers, and international students.
  • Governance structure includes indigenous leaders to ensure alignment with community needs.
  • Commitment to diversity and inclusion in corporate governance and shareholder base.
• Next Steps: Prioritization of documentation, compliance, and strategic submissions to meet OSFI regulatory requirements.

Notable Quotes

• "This partnership aligns with our strategy to back high-potential ventures. Our advisory capabilities will be critical in navigating OSFI's stringent approval process." — Dr. Charlie In, Chairman of Raffles Financial.