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Revenue

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

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).