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Related party transactions | 3 Months Ended
--- | ---
Mar. 31, 2025
Related Party Transactions [Abstract] |
Related party transactions | 7 Related party transactions
| (a) | Related parties
Name of related parties |  | Relationship with the Company
Dr. Ronnie Hui |  | Chief Executive Officer of the Company
Mr. Alexander Kong |  | Chairman of Seamless Group
Regal Planet Limited |  | Ultimate holding company
Sino Dynamic Solutions Limited |  | Company controlled by a director of the Company
GEA Limited |  | Company controlled by a director of the Company
PT Walletku Indompet Indonesia |  | Investment held indirectly by the Company
Ripple Labs Singapore Pte. Ltd. |  | Minority 40% owner of Tranglo
Ripple Services, Inc. |  | Minority 40% owner of Tranglo
| (b) | The Company had the following significant related party transactions for the three months ended March 31, 2025 and 2024, respectively:
Schedule of related party transaction
|  | 2025 |  |  | 2024 |
|  | Three months ended March 31, |
|  | 2025 |  |  | 2024 |
|  | US$ |  |  | US$ |
Sino Dynamic Solutions Limited |  |  |  |  |  |  |  |
Purchase of intangible assets |  |  | - |  |  |  | 501,140 |
Support and maintenance costs |  |  | - |  |  |  | 230,115 |
CURRENC GROUP INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 7 Related party transactions (Continued) A Pay-Out Support Agreement (the “Support Agreement”) between Ripple Services, Inc. and Tranglo was entered into on March 10, 2021. Pursuant to the Support Agreement, Tranglo agreed to integrate with RippleNet and On Demand Liquidity (collectively the Ripple Solution) which are developed by Ripple for facilitating cross-border payments, and act as the service provider of Ripple. Under the Support Agreement, Tranglo’s remittance partners can choose to adopt the use of XRP provided by an On-Demand Liquidity facility for prefunding purposes. Both Ripple and Tranglo agreed to make use of the Programmatic Liquidation system for liquidation of XRP as received by Tranglo for prefunding purposes into USD or other fiat currencies. Under the Support Agreement, Ripple guarantees that Tranglo will receive the agreed amount of fiat currency from the liquidation of XRP on every agreed XRP prefunding arrangement, and that any shortfall in the liquidation process will be covered by Ripple. In exchange, Tranglo has to offer certain discounts on transaction fees and foreign exchange fees for the remittance partners who adopt the On-Demand Liquidity services of Ripple Solution and use XRP for prefunding transactions. Ripple Labs Singapore Pte. Ltd. and Tranglo entered into a Master XRP Commitment to Sell Agreement on March 11, 2022, which was subsequently amended in 2022 and 2023, referred to as the Tranglo Commitment to Sell. Pursuant to the Tranglo Commitment to Sell, Tranglo can execute ODL transactions in which Ripple Labs Singapore Pte. Ltd will make available via automated wallet funding service (“AWF”) up to $50,000,000 worth of XRP for working capital purposes. Under the Tranglo Commitment to Sell, Ripple Labs Singapore Pte. Ltd deposits certain amounts of XRP into Tranglo’s crypto wallet. The Tranglo Commitment to Sell stipulates that the legal title and rights to the XRP deposited in Tranglo’s crypto wallet belong to Ripple Labs Singapore Pte. Ltd. Under the Tranglo Commitment to Sell, Tranglo agrees to transfer XRP in its crypto wallet as provided by Ripple Labs Singapore Pte. Ltd in its bailment account to Tranglo for prefunding purposes. In exchange for obtaining the XRP, Tranglo has the obligation to repay the amount of fiat currency as agreed in the ODL transaction to Ripple Labs Singapore Pte. Ltd. The balance of deposits of XRP in Tranglo’s crypto wallet as of March 31, 2025, and December 31, 2024, was approximately $2.2 million and $2.0 million, respectively. A maximum limit of $50.0 million is included in the Tranglo Commitment to Sell. The total dollar value of the ODL remittance partner transactions related to the XRP that was drawn down in the prefunding arrangements for the three months period ended March 31, 2025 and 2024 are approximately $41.3 million and $79.3 million, respectively. Revenues for Tranglo generated from the ODL remittance for the three months period ended March 31, 2025 and 2024 are approximately $0.2 million and $0.3 million, respectively. Amounts settled to Ripple for the three months period ended March 31, 2025 and 2024 are approximately $168.8 million and $177.8 million, respectively. Amounts settled to Ripple by GEA Limited for ODL prefunding transactions while acting as the ODL RP for the periods ended March 31, 2025 and 2024 are approximately $Nil and $Nil million, respectively. Amounts settled to Ripple by Tranglo which had made use of the ODL services while acting as the remittance hub for the three months period ended March 31, 2025 and 2024 were approximately $168.8 million and $177.8 million, respectively. ODL balance with Ripple has been disclosed in the related party balance note below. CURRENC GROUP INC. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 7 Related party transactions (Continued)
| (c) | The Company had the following related party balances as of March 31, 2025, and December 31, 2024:
Schedule of related party balances
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | US$ |  |  | US$ |
Amounts due from related parties |  |  |  |  |  |  |  |
Others |  |  | 449,094 |  |  |  | 560,823 |
Amounts due from related parties |  |  | 449,094 |  |  |  | 560,823 |
Amounts due to related parties |  |  |  |  |  |  |  |
Regal Planet Limited |  |  | 48,468,089 |  |  |  | 48,538,334 |
GEA Limited |  |  | 9,910,294 |  |  |  | 10,443,375 |
Sino Dynamic Solutions Limited |  |  | 877,166 |  |  |  | - |
Mr. Alexander Kong |  |  | 2,752,602 |  |  |  | 2,025,547 |
Ripple Lab Inc. |  |  | 13,079,060 |  |  |  | 4,985,988 |
Others |  |  | 1,385,455 |  |  |  | 1,703,830 |
Amounts due to related parties |  |  | 76,472,666 |  |  |  | 67,697,074 |
The amounts due from/to related parties are unsecured, interest-free and repayable on demand, except for the balance with Ripple, which is interest free for one week. Interest paid to Ripple for the periods ended March 2025 and 2024 is US$Nil and US$151,563, respectively. The transactions occur in the ordinary course of the Company’s operations. Borrowings arising from transactions with related parties are described in Note 4, Borrowings.

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