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Cash and Cash Equivalents and Pledged Bank Deposits
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents and Pledged Bank Deposits [Abstract]  
CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS
17.CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS

 

   2024   2023 
   US$   US$ 
         
Cash and bank balances   23,005,589    14,152,465 
Time deposits   19,701,267    54,677,296 
           
    42,706,856    68,829,761 
Less: Pledged bank deposits   (185,336)   (188,745)
           
Cash and cash equivalents   42,521,520    68,641,016 

 

Certain cash at banks earn interest at floating rates based on the respective short-term deposit rates. The bank balances and pledged deposits are deposited with creditworthy banks with no recent history of default.

 

The Group has pledged bank deposits mainly for corporate credit card and trading facilities.

 

At December 31, 2024, cash and cash equivalents included bank deposits of US$35,260 (2023: US$34,986) which are contractually restricted on use in order to meet the capital requirements in accordance with the rules and conditions for the issue and renewal of a license to operate as a non-life insurance broker in Thailand.