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Revenue and Other Income

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Revenue [Abstract]

REVENUE AND OTHER INCOME

REVENUE

An analysis of revenue is as follows:

	For the six months ended June 30,
	2024		2023
	(Unaudited)		(Unaudited)
	US$		US$

Revenue from contracts with customers
Internet leads generation and marketing service income		38,433,173		32,211,555
Insurance commission income		2,632,683		1,324,769
Marketing income		784,181		527,042
Events income		998,471		489,368

Total		42,848,508		34,552,734

Disaggregated revenue information

	For the six months ended June 30,
	2024		2023
	(Unaudited)		(Unaudited)
	US$		US$
Geographical markets
Singapore	17,962,713		10,939,325
Hong Kong		14,981,761		11,735,648
Philippines		6,917,244		7,627,462
Taiwan		2,826,070		3,805,468
Malaysia		160,720		444,831
Total		42,848,508		34,552,734

Timing of revenue recognition
Over time		40,215,825		33,227,965
At a point in time		2,632,683		1,324,769
Total		42,848,508		34,552,734

REVENUE AND OTHER INCOME

An analysis of revenue is as follows:

	2023		2022		2021
	US$		US$		US$
Revenue from contracts with customers
Internet leads generation and marketing service income		75,794,855		64,930,368		59,301,412
Insurance commission income		3,362,745		1,665,997		907,338
Marketing income		1,026,223		1,079,027		1,355,760
Events income		487,258		456,864		317,971

		80,671,081		68,132,256		61,882,481

(i)

Disaggregated revenue information

	2023		2022		2021
	US$		US$		US$
Geographical markets
Hong Kong		26,947,177		22,247,140		18,189,703
Singapore		32,069,713		23,467,954		22,838,695
Philippines		14,169,389		9,857,822		6,051,517
Taiwan		6,742,747		11,027,139		13,401,188
Malaysia		738,053		1,282,194		1,270,665
Other Asia		4,002		250,007		130,713

Total revenue from contracts with customers		80,671,081		68,132,256		61,882,481

Timing of revenue recognition
At a point in time		3,362,745		1,665,997		907,338
Over time		77,308,336		66,466,259		60,975,143

Total revenue from contracts with customers		80,671,081		68,132,256		61,882,481

By vertical
Credit cards		60,257,595		49,430,329		46,658,459
Personal loans and mortgages		10,166,389		9,718,621		7,924,050
Insurance		5,853,092		2,661,822		1,228,525
Other verticals		4,394,005		6,321,484		6,071,447

Total revenue from contracts with customers		80,671,081		68,132,256		61,882,481

Revenue recognized in the current reporting period that was included in contract liabilities at the beginning of the reporting period amounted to US$301,986 (2022: US$568,354; 2021: US$487,126 ).

(ii)

Information about major customers

Revenue from customers, which individually contributed over 10% of the total revenue of the Group during the year is as follows:

	2023		2022		2021
	US$		US$		US$

Customer A		17,713,000		33,260,000		36,541,000

Customer B		11,801,000		N/A*		N/A*

Customer C		9,614,000		N/A*		7,567,000

The customers generated less than 10% of the total revenue of the Group during the year.

(iii)

Performance obligations

Information about the Group’s performance obligations is summarized below:

Internet leads generation and marketing service income

The integrated marketing services performance obligation is generally satisfied over time as the services are mainly provided to the financial institution customers and payment is generally due within one to three months.

Insurance commission income

The performance obligation is generally satisfied when the related insurance policy is issued to the policyholder, and payment is generally due within one to three months from the Group’s customer.

Marketing income

The performance obligation for marketing income is generally satisfied over time as services are rendered and payment is generally due within one to three months.

Events income

The performance obligation for events income is generally satisfied over time when the event takes place and payment is generally received in advance of the event date and recorded as contract liabilities.

An analysis of other income is as follows:

	2023		2022		2021
	US$		US$		US$
Other income
Bank interest income		859,454		15,905		5,207
Interest income on refundable rental deposit		13,049		12,138		9,527
Government grants		-		-		108,369
Gain on disposal of items of property and equipment, net		3,690		4,539		542
Gain on derecognition of convertible loan and bridge loan		-		135,031		-
Others		1,321		13,896		17,080
		877,514		181,509		140,725