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Financial Assets at Fair Value Through Profit or Loss
 6 Months Ended
Jun. 30, 2024
Financial Assets at Fair Value Through Profit or Loss [Abstract]  
Financial assets at fair value through profit or loss

6. Financial assets at fair value through profit or loss

 

   June 30,
2024		   December 31,
2023		 
Current items:        
Financial assets mandatorily measured at fair value through profit or loss        
Investment in a rent-a-captive company  $1,544,045   $995,101 

 

During the year ended December 31, 2022, the Group entered into a protected cell rent-a-captive arrangement with an insurance company and made investment of $1,105,540 in a rent-a-captive company, which was established by the insurance company, and the Group recognized gain and losses on financial assets at fair value through profit or loss amounting to $548,944 and $78,128 for the six months period ended June 30, 2024 and 2023, respectively. In a rent-a-captive structure, an insurance company establishes a rent-a-captive company and provides services related to insurance to the Group. The Group participates in the captive insurance agreement by investing certain capital and retaining the premium to insure itself against future losses and the premium will be kept in the rent-a-captive company for future claims payments. The insurance company agrees to cause dividends of the rent-a-captive company to be declared and paid to the Group only as approved by Board of Directors of the insurance company.