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Revenue | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Revenue [Abstract] |  |
REVENUE |
| 5. | REVENUE
An analysis of revenue is as follows:
|  | For the six months ended June 30, |
|  | 2025 |  |  | 2024 |
|  | (Unaudited) |  |  | (Unaudited) |
|  | US$ |  |  | US$ |
Revenue from contracts with customers |  |  |  |  |  |
Internet leads generation and marketing service income |  |  | 27,653,010 |  |  |  | 38,433,173 |
Insurance commission income |  |  | 3,277,466 |  |  |  | 2,632,683 |
Marketing income |  |  | 1,405,608 |  |  |  | 784,181 |
Events income |  |  | - |  |  |  | 998,471 |
Total |  |  | 32,336,084 |  |  |  | 42,848,508 |
Disaggregated revenue information
|  | For the six months ended June 30, |
|  | 2025 |  |  | 2024 |
|  | (Unaudited) |  |  | (Unaudited) |
|  | US$ |  |  | US$ |
Geographical markets |  |  |  |  |  |
Hong Kong |  |  | 14,194,612 |  |  |  | 14,981,761 |
Singapore |  |  | 12,857,209 |  |  |  | 17,962,713 |
Philippines |  |  | 3,475,989 |  |  |  | 6,917,244 |
Taiwan |  |  | 1,808,274 |  |  |  | 2,826,070 |
Malaysia |  |  | - |  |  |  | 160,720 |
Total |  |  | 32,336,084 |  |  |  | 42,848,508 |
Timing of revenue recognition |  |  |  |  |  |  |  |
Over time |  |  | 29,058,618 |  |  |  | 40,215,825 |
At a point in time |  |  | 3,277,466 |  |  |  | 2,632,683 |
Total |  |  | 32,336,084 |  |  |  | 42,848,508 |
By vertical (note) |  |  |  |  |  |  |  |
Credit cards |  |  | 19,127,920 |  |  |  | 28,159,453 |
Personal loans and mortgages |  |  | 4,582,424 |  |  |  | 5,874,135 |
Wealth |  |  | 3,955,279 |  |  |  | 3,669,673 |
Insurance |  |  | 4,466,306 |  |  |  | 4,004,769 |
Other verticals |  |  | 204,155 |  |  |  | 1,140,478 |
Total |  |  | 32,336,084 |  |  |  | 42,848,508 |
5. | REVENUE AND OTHER INCOME
An analysis of revenue is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |  |  | US$ |
Revenue from contracts with customers |  |  |  |  |  |  |  |  |
Internet leads generation and marketing service income |  |  | 71,188,725 |  |  |  | 75,794,855 |  |  |  | 64,930,368 |
Insurance commission income |  |  | 5,206,123 |  |  |  | 3,362,745 |  |  |  | 1,665,997 |
Marketing income |  |  | 2,109,372 |  |  |  | 1,026,223 |  |  |  | 1,079,027 |
Events income |  |  | 1,006,526 |  |  |  | 487,258 |  |  |  | 456,864 |
|  |  | 79,510,746 |  |  |  | 80,671,081 |  |  |  | 68,132,256 |
| (i) | Disaggregated revenue information
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |  |  | US$ |
Geographical markets |  |  |  |  |  |  |  |  |
Hong Kong |  |  | 30,443,311 |  |  |  | 26,947,177 |  |  |  | 22,247,140 |
Singapore |  |  | 30,890,285 |  |  |  | 32,069,713 |  |  |  | 23,467,954 |
Philippines |  |  | 12,843,932 |  |  |  | 14,169,389 |  |  |  | 9,857,822 |
Taiwan |  |  | 5,136,523 |  |  |  | 6,742,747 |  |  |  | 11,027,139 |
Malaysia |  |  | 196,695 |  |  |  | 738,053 |  |  |  | 1,282,194 |
Other Asia |  |  | - |  |  |  | 4,002 |  |  |  | 250,007 |
Total revenue from contracts with customers |  |  | 79,510,746 |  |  |  | 80,671,081 |  |  |  | 68,132,256 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |
At a point in time |  |  | 5,206,123 |  |  |  | 3,362,745 |  |  |  | 1,665,997 |
Over time |  |  | 74,304,623 |  |  |  | 77,308,336 |  |  |  | 66,466,259 |
Total revenue from contracts with customers |  |  | 79,510,746 |  |  |  | 80,671,081 |  |  |  | 68,132,256 |
By vertical |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 48,958,072 |  |  |  | 60,257,595 |  |  |  | 49,430,329 |
Personal loans and mortgages |  |  | 12,185,083 |  |  |  | 10,166,389 |  |  |  | 9,718,621 |
Wealth |  |  | 8,503,596 |  |  |  | 3,579,975 |  |  |  | 5,617,431 |
Insurance |  |  | 8,181,119 |  |  |  | 5,853,092 |  |  |  | 2,661,822 |
Other verticals |  |  | 1,682,876 |  |  |  | 814,030 |  |  |  | 704,053 |
Total revenue from contracts with customers |  |  | 79,510,746 |  |  |  | 80,671,081 |  |  |  | 68,132,256 |
Revenue recognized in the current reporting period that was included in contract liabilities at the beginning of the reporting period amounted to US$1,312,735 (2023: US$301,986; 2022: US$568,354).
| (ii) | Information about major customers
Revenue from customers, which individually contributed over 10% of the total revenue of the Group during the year is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |  |  | US$ |
Customer A |  |  | 11,159,000 |  |  |  | 17,713,000 |  |  |  | 33,260,000 |
Customer B |  |  | 9,109,000 |  |  |  | 11,801,000 |  |  |  | N/A* |
Customer C |  |  | 9,170,000 |  |  |  | 9,614,000 |  |  |  | N/A* |
Customer D |  |  | 7,970,000 |  |  |  | N/A* |  |  |  | N/A* |
* | 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:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | US$ |  |  | US$ |  |  | US$ |
Other income |  |  |  |  |  |  |  |  |
Bank interest income |  |  | 1,467,357 |  |  |  | 859,454 |  |  |  | 15,905 |
Interest income on refundable rental deposit |  |  | 11,079 |  |  |  | 13,049 |  |  |  | 12,138 |
Government grants |  |  | 6,056 |  |  |  | - |  |  |  | - |
Gain on disposal of assets in Malaysian operations* |  |  | 600,000 |  |  |  | - |  |  |  | - |
Gain on disposal of items of property and equipment, net |  |  | 7,068 |  |  |  | 3,690 |  |  |  | 4,539 |
Gain on derecognition of convertible loan and bridge loan |  |  | - |  |  |  | - |  |  |  | 135,031 |
Others |  |  | 397 |  |  |  | 1,321 |  |  |  | 13,896 |
|  |  | 2,091,957 |  |  |  | 877,514 |  |  |  | 181,509 |
| * | During the year ended December 31, 2024, the Group has disposed of the brand, its website, domain names, select user data, and certain intellectual property right operating exclusively in Malaysia with carrying amount of US$nil to a third party in exchange of preference shares in the third party with an estimated fair value of US$600,000 (note 10).

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