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Operating Segment Information | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Operating Segment Information [Abstract] |  |
OPERATING SEGMENT INFORMATION |
| 4. | OPERATING SEGMENT INFORMATION
The Group has six reportable segments based on geographic areas, namely Hong Kong, Singapore, Philippines, Taiwan, Malaysia (Malaysia ceased operations as at June 30, 2024 and is no longer a reportable segment as at December 31, 2024) and Other Asia. Each of these geographic segments operates an online financial comparison platform with their respective local market brand. Each geographical segment has different regulatory, political and economic environments for which its financial performance is influenced by market factors and strategic initiatives. Furthermore, each geographic segment represents a business in different stages of development with Hong Kong and Singapore being the most mature. No operating segments have been aggregated to form the above reportable operating segments. Management monitors the results of the Group’s operating segments separately for the purpose of assessing performance and making decisions about resource allocations. Segment performance is evaluated based on reportable segment results which is a measure of operating loss before tax.
|  | Hong Kong |  |  | Singapore |  |  | Philippines |  |  | Taiwan |  |  | Other Asia |  |  | Unallocated |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Six months ended June 30, 2025 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 14,194,612 |  |  |  | 12,857,209 |  |  |  | 3,475,989 |  |  |  | 1,808,274 |  |  |  | - |  |  |  | - |  |  |  | 32,336,084 |
Segment profit/(loss) |  |  | 118,731 |  |  |  | (550,554 | ) |  |  | (1,236,933 | ) |  |  | (530,675 | ) |  |  | (33,027 | ) |  |  | (3,026,948 | ) |  |  | (5,259,406 | )
Reconciliation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 314,957 |
Finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26,173 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (623,524 | )
Equity-settled share-based payment expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (745,096 | )
Changes in fair value of financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 157,698 |
Unrealised foreign exchange differences, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,962,673 |
Loss before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,218,871 | )
|  | Hong Kong |  |  | Singapore |  |  | Philippines |  |  | Taiwan |  |  | Malaysia |  |  | Other Asia |  |  | Unallocated |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Six months ended June 30, 2024 (unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 14,981,761 |  |  |  | 17,962,713 |  |  |  | 6,917,244 |  |  |  | 2,826,070 |  |  |  | 160,720 |  |  |  | - |  |  |  | - |  |  |  | 42,848,508 |
Segment loss |  |  | (2,327,198 | ) |  |  | (4,906,691 | ) |  |  | (1,412,318 | ) |  |  | (911,530 | ) |  |  | (671,317 | ) |  |  | (56,564 | ) |  |  | (6,102,440 | ) |  |  | (16,388,058 | )
Reconciliation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 951,067 |
Finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (13,363 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,047,489 | )
Impairment of assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (91,599 | )
Equity-settled share option expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,637,724 | )
Changes in fair value of financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (236,547 | )
Unrealised foreign exchange differences, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,801,573 | )
Loss before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (25,265,286 | )
4. | OPERATING SEGMENT INFORMATION
The Group has six reportable segments based on geographic areas, namely Hong Kong, Singapore, Philippines, Taiwan, Malaysia and Other Asia. Each of these geographic segments operates an online financial comparison platform with their respective local market brand. Each geographical segment has different regulatory, political and economic environments for which its financial performance is influenced by market factors and strategic initiatives. Furthermore, each geographic segment represents a business in a different stage of development with Hong Kong and Singapore being the most mature. No operating segments have been aggregated to form the above reportable operating segments. Management monitors the results of the Group’s operating segments separately for the purpose of assessing performance and making decisions about resource allocations. Segment performance is evaluated based on reportable segment results which is a measure of operating loss before tax.
|  | Hong Kong |  |  | Singapore |  |  | Philippines |  |  | Taiwan |  |  | Malaysia |  |  | Other Asia |  |  | Unallocated |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 30,443,311 |  |  |  | 30,890,285 |  |  |  | 12,843,932 |  |  |  | 5,136,523 |  |  |  | 196,695 |  |  |  | - |  |  |  | - |  |  |  | 79,510,746 |
Segment loss |  |  | (2,585,990 | ) |  |  | (6,501,311 | ) |  |  | (1,726,411 | ) |  |  | (1,331,595 | ) |  |  | (552,509 | ) |  |  | (88,113 | ) |  |  | (11,432,169 | ) |  |  | (24,218,098 | )
Reconciliation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,478,436 |
Gain on disposal of assets in Malaysian operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 600,000 |
Finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (25,472 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,042,969 | )
Impairment of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,541,074 | )
Equity-settled share-based payment expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,179,214 | )
Changes in fair value of financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 446,811 |
Unrealized foreign exchange differences, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,196,831 | )
Loss before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (37,678,411 | )
|  | Hong Kong |  |  | Singapore |  |  | Philippines |  |  | Taiwan |  |  | Malaysia |  |  | Other Asia |  |  | Unallocated |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 26,947,177 |  |  |  | 32,069,713 |  |  |  | 14,169,389 |  |  |  | 6,742,747 |  |  |  | 738,053 |  |  |  | 4,002 |  |  |  | - |  |  |  | 80,671,081 |
Segment profit/(loss) |  |  | 680,500 |  |  |  | (1,579,640 | ) |  |  | 768,659 |  |  |  | (826,446 | ) |  |  | (485,596 | ) |  |  | (105,546 | ) |  |  | (5,216,442 | ) |  |  | (6,764,511 | )
Reconciliation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 872,503 |
Finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (19,028,007 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,164,677 | )
Impairment of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,105,507 | )
Equity-settled share-based payment expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,629,044 | )
Other long-term employee benefits expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (109,702 | )
Changes in fair value of financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (57,333,432 | )
Share-based payment on listing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (67,027,178 | )
Transaction expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (6,643,367 | )
Other equity-settled transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (500,000 | )
Unrealized foreign exchange differences, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 895,392 |
Loss before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (172,537,530 | )
|  | Hong Kong |  |  | Singapore |  |  | Philippines |  |  | Taiwan |  |  | Malaysia |  |  | Other Asia |  |  | Unallocated |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers |  |  | 22,247,140 |  |  |  | 23,467,954 |  |  |  | 9,857,822 |  |  |  | 11,027,139 |  |  |  | 1,282,194 |  |  |  | 250,007 |  |  |  | - |  |  |  | 68,132,256 |
Segment loss |  |  | (283,904 | ) |  |  | (2,035,946 | ) |  |  | (1,327,478 | ) |  |  | (1,160,908 | ) |  |  | (1,877,997 | ) |  |  | (1,353,876 | ) |  |  | (8,541,112 | ) |  |  | (16,581,221 | )
Reconciliation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 28,043 |
Finance costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,800,597 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,788,750 | )
Impairment of goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,382,926 | )
Impairment of intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,450,781 | )
Equity-settled share-based payment expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,430,835 | )
Other long-term employee benefits credit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,951,482 |
Changes in fair value of financial instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,101,484 | )
Gain on derecognition of convertible loans and bridge loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 135,031 |
Other equity-settled transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (882,115 | )
Unrealized foreign exchange differences, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,389,441 | )
Loss before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (49,693,594 | )
Segment information on non-current assets is shown below:
|  | 2024 |  |  | 2023 |
|  | US$ |  |  | US$ |
Hong Kong |  |  | 119,515 |  |  |  | 284,367 |
Singapore |  |  | 1,693,004 |  |  |  | 7,635,554 |
Philippines |  |  | 121,049 |  |  |  | 66,218 |
Taiwan |  |  | 42,735 |  |  |  | 50,195 |
Malaysia |  |  | - |  |  |  | 37,959 |
Total non-current assets |  |  | 1,976,303 |  |  |  | 8,074,293 |
The non-current assets information above is based on the locations of the assets and excludes financial instruments. A measure of total assets and liabilities for each reportable segment is not disclosed as such amounts are not regularly provided to the chief operating decision maker.

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