Bc Technology Group Ltd

So much appreciate for everyone's patience. We should get started. Thank you for joining us today for OSL's Group 2025 annual result presentation. My name is Ken Rick, Director of Corporate Development, and I will be your moderator for today's session. Today's call will begin with remark from our senior management team. I'm pleased to have with us Kevin Choi, Executive Director and CEO, Ivan Wong, CFO, Gary Tu, our Executive Director and Head of Regulatory Affairs. The presentation will be conducted in English and simulcast in Chinese. The call is expected to last approximately an hour. In the first half of the call, our management team will provide an overview and update on our annual result. This will then follow with a Q&A session. For logistic purpose, the chat function will be disabled except for a direct message to me, the moderator. You might submit your question at any time during the presentation through the chat function. We kindly ask you to include your personal and company name when submit a question. Question will be asked in either English or Chinese, but the response will be only provided in English. As a disclaimer, this presentation is for informational purpose only and do not constitute any financial advice or offer to buy or sell a security. During the presentation, we will cover three key areas, including the OSL opportunity, the business highlight, financial and operational update. So without further ado, I'm pleased to introduce Kevin, our CEO, to start presenting the OSL opportunity. Kevin, please go ahead. Kevin, I think you might just unmute yourself first. I think you might be mute. Sorry about that.

Oh, okay. Okay. Sorry about that. Thank you, Kevin. Good morning, everyone. Let's start with the OSR opportunity. Our mission is to make money move as freely as information. To achieve this, we are scaling OSR into a global stable coin payment and a trading platform. Guided by being open, secure, and licensed, we will continue to provide the essential pavement rails for our partners and users, bridging the gap between the traditional and the digital assets ecosystems. As the first publicly listed platform which obtained license to operate digital assets trading platform in 2020, We leveraged our first mover advantage to achieve rapid growth since then. In 2025, our total transaction volume increased by 201% as compared to the last year over $200 billion. With stable coin transaction volume accounted for 60%, consequently, our unknown IFRS income increased to $534.1 billion, representing a robust 150-year growth. Evolving from HK Hong Kong-based digital asset exchange into a global stable coin payment and trading platform, to date, we have secured over 50 licenses and registrations across 11 regions, primarily in Asia Pacific, Europe and North America, with overseas market contributing 67% of our total IFRS income. In last year, 2025, we secured aggregated 500 million US dollar equity financing from leading global institutional investors in the past year, representing one of the most sizable equity finance in Asia's fintech sector. We were also proud to be included in the KPMG China FinTech 50 list, and to be the only Hong Kong-based company being recognized in the CNBC World Top FinTech Companies 2025 list. Thanks to strong recognition from investors, which resulted in record-breaking market cap and high trading volume, We have been included in the Hang Seng Composite Index and FTSE All Cap Index for the first time and have remained in the NSEI Index since 2024. We are currently facing a once-in-a-generation opportunity as the financial world shifts from the fiat-based financial market infrastructure to a stablecoin-based one. While traditional financial infrastructure remains using the legacy SWIFT rails, which is a system largely unchanged since 1973, that remains manual, fragmented, and burdened by long settlement cycles. OSL is bridging this structural gap by pioneering a modern financial internet alternative. By transitioning to stablecoin-based, we facilitate a 24-7 instant transaction settlement and a fully automated rule-based and programmable execution. It is also a native support for emerging AI-driven agent tech payments. In 2025, there are two megachains, stablecoins and the AI agent tech economy. OSR is well-positioned to capture these opportunities. Firstly, the stablecoin market is projected to reach 2.25 trillion US dollar by 2029, expanding at a remarkable about 62% CRGR. While this growth trajectory is impressive. Yes, stablecoin currently represents about only 1% of US 2025 US into money supply. This consistent upward trend confirmed that we are still in the early stages of a massive multi-trillion dollar opportunity that OSO is uniquely positioned to capture. Secondly, we are witnessing the explosive emergence of the AI agentic economy. In less than one year, enterprise adoption has already fueled over more than 140 million agentic transactions. With global volume project to reach staggering US$3 trillion by 2030, OSL is positioning ourselves as the foundational settlement layer for this automated autonomous future. In world machine-to-machine commerce, 24 on-chain payment routes are no longer an option for the crypto requirements. They are the core drivers of our evolution. OSL has evolved from the Hong Kong-based digital assets exchange in 2024 into a multi-market digital asset platform in 2025 and finally into a global stablecoin payment and trading platform today. OSL is the next generation financial infrastructure providing the critical roles specifically for the stablecoin in the AI-driven future. This rapid evolution was fully realized in 2025, empowered by the strategic integration of GENXA and alongside the launch of the OSO BizPay and our proprietary stablecoin USDO with Anchorage. Our global stablecoin payment and trading platform is a definitive infrastructure to make money move as freely as information. osl access the bridge between fiat currency and stable coins we achieved through our four core capabilities global connectivity global license instantly settlements and deep liquidity these capabilities are the foundation of our three core products through osl visit We facilitate end-to-end cross-border payments. Through venture, we provide a one-stop on-and-off ramp solutions. Through our local exchanges, we ensure compliance last mile delivery globally. The reach of this infrastructure is already unparalleled. We now integrate with over 80 blockchain networks, support pay-in and pay-out operations in over 150 countries. facilitates more than over 30 fiat currencies. OSL is reaching over 1.5 billion global users through our enterprise clients and partners. Today, OSL is enabling money to be moved across any currency, anywhere, anytime, and in any size. Now, let us zoom in on the four core capabilities that differentiate OSL from our peers. These capabilities translate our strategy into results. First, global connectivity. We act as the primary bridge between fiat and digital assets. By supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide a seamless on and off ramps that global capital requires. Second, global licenses. With over 50 licenses and registrations across 150 countries in 11 jurisdictions, we have built the foundations of institutional trust. We have unified our KYC, KYB, and compliance framework to offer it securely wherever our clients need us. Third, instant settlement. We have engineered agent-ready rails that enables machine speed of efficiency. We operate 24-7 to facilitate higher frequency automated micropayments for the future. Finally, deep liquidity. We aggregate liquidity across a vast network of partners and regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimal slippage. With the next generation of financial marketing infrastructure in place, OSL is accelerating our roadmap. We are focusing on these five growth strategies to ensure our expansion to both rapid and capital efficiency. Firstly, we are broadening our stablecoin product offerings we are enhancing the absolute efficiency for institutional clients across treasury workflow in parallel we are accelerating usd adoption and solidifying our position as a definitive global stable coin payment and training platform secondly we are further investing next generation market infrastructure we are expanding our global licensing and compliance footprints across key jurisdictions by scaling bank connectivity in higher growth corridors and we are eliminating traditional frictions to enable seamless field address and high velocity across border six settlements. Thirdly, we will pursue equity global M&A opportunities. We are executing a disciplined strategy to acquire compliant high quality assets in a stable coin payment and trading space. especially in emerging markets. It allows us to rapidly consolidate our leadership, while building deep technology and licensing modes. Fourth, we are scaling operations in selected markets, building on our solid traditional products in Europe, Indonesia and Hong Kong. We are moving into a phase of driving trading volume in these selected markets. This creates deep liquidity that reduces hedging costs and delivers great pricing for our institutional clients. We are actively embracing the AI-driven agent tech economy and taking a leading role in shaping its development. We are pioneering agent tech's stable coin payment solutions that enables autonomous and programmable value transfer. At the same time, we are leveraging AI to scale transaction volumes linearly and unlocking significant operating leverage.

Yeah, thank you very much. Yeah, for for the insight for sharing. I think that's definitely very helpful. Thank you very much. So now, let's move on to the business highlight. So Gary, our head of regulatory affair will shine some light on the subject. So Gary, passing over to you.

Thank you, Kendrick. Thank you, Kevin. 2025 was a year when we saw the conviction in stablecoins as a defining use case for the digital asset industry. And that conviction during the year was the strongest and clearest we had ever seen. For us, it was a year we invested and built infrastructure. And it was a year of transformations and strategic evolution. I will elaborate one by one in the next few slides five of our highlights from the year. Firstly, strategic evolution and transformations of LSL, and our journey to becoming a market leader in the stablecoin industry in Asia. Thirdly, our accelerating global expansion through strategic M&A and scaling our connectivity between fiat and crypto and finally also how we are positioned and capitalized for market dominance. So firstly, our strategic evolution. To kick off, The strategic evolution of OSL is now in full motion. In 2025, we successfully transitioned from being a Hong Kong-based digital asset exchange into a multi-market digital asset platform, laying the foundation to become a global stablecoin payment and trading platform. During the year, we aggressively scaled our payment services and our global footprint to building the essential foundations. The future of OSL is a unified next generation financial market architecture to provide the widest stablecoin payment network coverage and the deepest liquidity to enable seamless value exchange. Leveraging our core capabilities, we are removing the friction from global finance. And to explain what friction is, imagine this. Any currency moving anywhere, anytime, in any size. Your money can move as freely as your information. This is what drives OSL's strategic evolution. And the second highlight from the year, in 2025, we saw stablecoins accounting for approximately 60% of our transaction volumes. We are now one of the market leaders in the stablecoin ecosystem in Asia. We have achieved this through vertically integrating our product suites to cover each significant part of the stablecoin payment use case and product lifecycle, including stablecoin conversions to stablecoin issuance, to cross-border payments, to merchant acquirers. To dive a little bit deeper, OSL BizPay is our stablecoin payment platform to enable instant 24-7 cross-border payments. It's designed to solve the pain points of friction and high intermediary costs in traditional switch rails. And leveraging our stablecoin architecture's programmability, also BizPay provides native support for agentic payments. Banksa is our stablecoin on-off ramp solution to bridge fiat and stablecoins seamlessly via API. Think of this as your stripe for stablecoins. Banksa provides the essential on-off ramp rails for our partners and operates as a unified gateway with a single API connection, solving the pain points created by the fragmentation and complexity in cross-border payments. StableHub is our stablecoin conversion product, allowing users to exchange multiple stablecoins and fiat with zero slippage. It's designed to address the pain points from the liquidity fragmentation in the stablecoin industry that has effectively been a bottleneck against large-scale institutional adoption. USDGO is our compliance-first flagship stablecoin issued in partnership with Anchorage. It provides the transparency and monthly verified reserves that institutional players demand. And it's been created to address the institutional trust gap for many users when they have to choose between stablecoins in a fragmented and opaque sector. To sum up, the vision that drives our vertical integration of stablecoin products and use cases is simple. We're enabling any currency at any time to move as freely as information. And turning to our M&As. During the year, our global expansion significantly accelerated through our disciplined and strategic M&A approach. As a result, we have secured a massive regulatory moat across key jurisdictions. We have one of the broadest global regulatory footprints amongst our peers, spanning key markets across Asia, Europe and North America. Today, we hold over 50 licenses and registrations across 11 jurisdictions. Collectively, these markets represent approximately 84% of global GDP and 82% of global trade flows. Alongside organic growth, our accretive M&A strategy has played a critical role in expanding our global reach. Notably, we completed the acquisition of targets in Japan Italy and Indonesia in 2025. And early on in the year, we completed the acquisition of Banksa, which gained us license footprints in Asia, Europe and North America. And these licenses are enabling us to operate anywhere as a global stablecoin payment and trading platform. And turning to scaling our connectivity, In 2025, OSL strategically scaled connectivity between fiat and crypto, especially stablecoins. We have engineered the best in-class fiat on-off-ramp capabilities. We launched our own on-off-ramp services in Europe through our vast license acquired in Italy. Our expansion into Europe and payment services was immediate and impactful. We identified areas of high demand in the industry and this led us to Banksa. We executed the acquisition of Banksa, a global leader in on-off ramp services. The Banksa acquisition overnight expanded our global reach with a portfolio of over 40 global licenses, a quantum leap for our on-off ramp capabilities. Today, our unified network offers unparalleled global connectivity. We cover more than 150 countries and regions, supporting over 30 fiat currencies, integrating 200 different digital assets and connecting to more than 100 blockchain networks. Equipped with our top-tier global connectivity, supporting any currency anywhere as a global stablecoin payment and trading platform is becoming a reality. And finally, on our capitalization. With the confidence and support of our top-tier global investor base, at OSL we are well capitalized and we are primed to lead this market. Successfully completing two major equity financing rounds, we raised 300 million US in September 2025 and 200 million US in Feb 2026. This 500 mil ticket, 500 million US dollars is significant for various reasons. It's not just one of the largest equity financing in Asia's fintech sector. We are now a business with a healthy and diversified investor base. We are also a strong balance sheet capable of scaling up business. And we are executing on sector strategies that are closely aligned with our global investors' vision for the sector. With this solid capital foundation, we are well positioned to execute on our growth strategy. We are deploying capital across strategic M&A, consolidating our growing global business footprint, strengthening our product and technology infrastructure, as well as for our general corporate purposes. And coming back to our vision, any currency moving anywhere, anytime, and in any size. And in financial transactions, size matters. And we are uniquely scaled for size. We are not just well capitalized. We are strategically equipped to capture market share and lead the next phase of growth in the digital asset industry. Thank you.

Yeah, thank you very much, Gary. I think that's definitely very insightful. So for our next session, we will cover the finance and operational update. So let me hand over to Ivan, our CFO, to go through the progress that we made in 2025. So Ivan, over to you.

Thank you. Next, I will walk you through our key financial and operating updates. Unless otherwise stated, all figures are in Hong Kong dollars. 2025 has been a landmark year for OSL. We deliver record-high revenue and strong growth across all key performance metrics. This includes our core operating cash revenue, measured as long IFRS income, which adjusts for long cash fair value changes in our coin inventory, our reported IFRS income, total transaction volume, and also the growing importance of stablecoin within our business. Before I deep dive into the financials, let me briefly explain to you our revenue recognition approach on the next slide. The digital asset industry is still evolving, and so are the accounting standards. For some peers, including Gemini and Galaxy, they report revenue on a gross basis, recognizing total transaction value as revenue. In contrast, OSL, we adopt a net basis under the International Financial Reporting Standard, where we only recognize our actual economic benefits, such as spreads and commission, as our revenue. To illustrate the difference, if a client trades $100 of digital asset, we recognize roughly $30 as revenue, where it rests on a growth basis approach. our peers will show the full $100 as revenue. And that is very significant difference in reporting standard. There's no right or wrong answer to whether a company choose a net reporting or gross reporting of the revenue. The approach depends on listing requirement, regulatory guidance, and also the prevailing industry practices. We will continue to review our accounting policies to ensure they remain appropriate and relevant. That said, two points are very clear. First, for investors and analysts, it is essential to normalize revenue across peers when making comparisons. And the devils are always in the details. Second, we are committed to full transparency. We are explicit about our accounting policy choices and how we recognize revenue. We will continue to be fully transparent with all our stakeholders on accounting policy choices should there be any changes in the future. Next, let's move on to the numbers. Our adjusted loan amount Non-IFRS income or our cash revenue surged over 150% year-over-year to $534 million, validating our transformation strategy to a stablecoin-centric business model. Such strong growth is no longer confined to a single region. as our overseas operations now accounts for roughly 76% of our reported income, proving our ability to grow our business in international markets as a Hong Kong headquartered business. Importantly, Stablecoin now accounts for roughly 60% of our transaction volume. We have moved beyond just being a Hong Kong-based digital asset exchange. which is the OSL of yesterday to OSL of today, where we are now a global stablecoin payment and trading platform. Moving on, as we know, 2025 was a volatile year for the broader crypto market. However, OSL demonstrated strong resilience. As shown in the green line, Bitcoin prices experienced sustained downward pressure and volatility in 2025. Despite this, our performance decoupled from the broader market trends. We delivered revenue growth and strong transaction volume growth, with performance improving quarter after quarter. This resilience is driven by a forward-looking strategy to focus on payments and stablecoins. As the market evolved, stablecoins are becoming a foundation layer of digital asset industry, and we are well positioned to capture that shift. Moving on, while revenue growth reached record levels, we continue to proactively invest to support our long-term scalable growth. Staff costs increase as we expand our global footprint with continued hiring across product, technology, compliance, and frontline operations, alongside the integration with our acquired teams in Japan, Europe, and Indonesia. Technology expense also rose, primarily driven by investments in cloud infrastructure and security. These investments are essential to support our rapid growth in transaction volume, while helping us to maintain a secure, resilient, and scalable tech platform. Legal and professional fees increased, mainly due to M&A activities and global licensing efforts. Much of these calls are one-off in nature, reflecting strategic investments to strengthen our regulatory position with a global license network. Moving on to the next slide. Here we present our adjusted P&L to better reflect the underlying operational performance of our company. We started with cash revenue of $534 million, and address for reporting operating costs, as well as loan cash and loan recurring item. These will include fair value change at in-house coin inventory, ESOP expense, depreciation and amortization, and one-off legal and compliance costs related to M&A and licensing efforts. On this basis, our adjusted operating loss was reduced to below $300 million per month, Importantly, operating loss as a percentage of cash revenue remained broadening in November 2024, despite the increase in staff and IT costs. With that, I now hand over back to our moderator.

Thank you very much, Ivan, and thank you for all our management team for the informative presentation. so i think that should conclude our formal presentation for this year of any result and we will now open the floor for q a sessions so feel free to share your question through the chat box so you could be raised in either english or chinese okay so we are seeing numerous amount of inquiry shooting in um so for the first questions uh we saw a question from any chain from civics um so the question is with the increasing industry participation in rwa real world assets and tokenization What is your view and position in regard? Let's see. So for these questions, let's pass to Gary. Gary, are you here? Yes. Okay. So I think maybe hand over to you. I think maybe you can try to address the audience inquiry. Thank you very much.

Sure. So, and thank you for the question. So the question about increasing industry participation in real world assets and tokenization. I guess from our perspectives that there are a number of key considerations. First of all, we see our role as a facilitator for institutions, for example, via our token works platform. So rather than being a primary issuer, we are a facilitator of issuers. We also want to anchor on our core competencies in our compliance for this particular asset class. or for this particular sort of industry interest, because RWA projects and tokenizations typically do revolve around more highly regulated asset issuance and transactions. So we are leaning into our core strengths here, namely security and compliance. We want to create a safe harbor for institutions to hold these assets. So it's not just to facilitate the issuers, but also on the buy side. for the people who actually would become investors and users of these assets. And thirdly, we want to be led by our partners. We let our strategic partners lead asset side innovation so that from their perspective, we are a provider of the underlying technology, connectivity and distribution channels. And finally, we also want to be led by demand. Our scaling in RWAs is typically passive in the sense that it should be driven by demand and also what our clients want. This is to ensure that we only deploy resources as tangible institutional adoption materializes. So hopefully this gives you some color on our view on RWA and tokenization. Yeah, thank you very much, Gary.

I think that's definitely indeed insightful. Okay, let's move on to the second question that is more related to the business. This is raised by Steven from Daiwa. Noticing the OSL's strategic shift from a regional digital asset platform to a global stablecoin payment and trading platform, what are the key drivers behind this transition? And how do you envision OSL's training the market position in this space? So for this question, let's hand over to our CEO, Kevin, to address it. Kevin, passing over to you. Thank you.

Okay, thank you for the question. I think first of all, I think the key driver or main reasons behind this transition could be outlined in three key drivers. First of all, I think this massive 10 TAM expansion, global payments versus crypto trading, we are looking far beyond the confines of pure crypto trading. Compared with the crypto trading market, the global payment market represents a multi-trillion dollar opportunity that dwarfs the traditional crypto exchange volumes. The stablecoin market alone is a project to reach 2.25 trillion U.S. dollars by 2029 and expanding at a remarkable 61.9% CRGR. While in price series, stablecoins currently represent about 1% of the 2025 U.S. M2 money supply. Confirming we are still in the very, very early stage of a massive opportunity that OSL is uniquely positioned to capture. That's like we said in the presentation, it's like a once-in-a-generation opportunity for OSL. The second is the technological superiority of blockchain. The pivot is fundamentally driven by the technology's ability to solve real-world financial transactions. It lacks the infrastructure, lacks fluid, slow expansion, and is hindered by the T2 to T5 settlement time window delays. blockchain solves the actual underlying technology problem delivering a system that is 10 times faster cheaper and fundamentally better via 24 and 7 instant settlements and the programmable programmable execution the third one i think is the ai agent economy imperative imperative sorry uh looking ahead the current legacy banking architecture is a fragile thought a siloed and simply and useful for the ai features and we are witnessing the explosive emergence of the ai agent economy which is filled over for now it's already 140 million agent transactions in less than one year and with the global volume project to reach more than three trillion u.s dollars by 2020 uh 20 city uh this all 24 and seven on champion materials are no longer just an option There are crypto requirements for the machine to machine commerce. We are positioning OSL as the foundation, a foundational settlement layer for this autonomous feature. Furthermore, to capture such market trends, we are actually actively executing on four core capabilities. that differentiate us from peers and translate our strategy into results. The first one, the global connectivity, the fiat bridge. We act as the primary bridge between the fiat and digital assets by supporting over 30 fiat currencies and connecting over 30 banks and payment networks. We provide a seamless on and off range that global capital requires. And we are going to cover more and more than 100 countries. payment networks are currency we're going to support in the next few months and years. And a global license, the compliance mode to capture trillion dollar institutional flows, compliance and last mile is paramount. With over 50 licenses and registration across 150 countries in 11 jurisdictions, we have built an unmatched foundation of institutional trust. we have unified our compliance frameworks to operate securely wherever our clients need us. The third one is instant settlements. Yeah, we are engineering the agent agent ready rails that enable machine speed efficiency and we are operating 247 to facilitate all the frequency automated payments and the micro payments in the future. And the fourth one is the deep liquidity. We aggregate liquidity across a vast network of partners in the regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimum slippage, offering the industry's best aggregation. These four core pillars, our capabilities, not only define our competitive advantage, but also from the foundation of our product suite, including the OSLBasePay, the Bankza, and our local exchange and compliance infrastructure. Through OSLBasePay, we facilitate end-to-end cross-border payments. Through Bankza, we offer a non-spot, on-off network solution. And through our local exchange network, we ensure compliant last-mile delivery on a global scale. We have integrated with over 80 blockchain networks, support pay-in and pay-out operations across more than 150 countries and facilitate over 30 fiat currencies. Accordingly, we are highly confident in our capability and ability to capture the capitalized on this prevailing market trend. Thank you.

Thank you very much, Kevin. It's definitely very inspiring from the public. Okay, so let's move on to the third question. It's related to the M&A. So it's raising by Mr. Sun from Zhe Song. So congrats on the successful completion of the Benz acquisition. And given a $50 million USD capital raise in the past year, could you share how OSL's future M&A strategy is expected to look like? So for this question, I will hand over to our CFO, Ivan, to address it. Ivan, please.

Sure. Thank you for the question. As Kevin shared before on our growth strategy, M&A is one of our core growth pillar. We will continue to be very acquisitive down the road. And And when we look at the M&A strategy, there are a couple of criteria that we are thinking and evaluating. One is on the markets, right? Which market we would place our bet. Now, if you look at our licensing scope and the countries that we have an operation, we actually view up a pretty good global coverage already. And what's remaining, perhaps, would be a couple of selected emerging markets in Asia, We don't really have a presence in that time yet. We don't really have a presence in Africa yet. So those emerging markets will be one of our clear focus going forward. And secondly, it will be on the sector, what type of assets that we think will be complementary to our business and also to our strategy. And it's very clear, it will be on stablecoin payments. It will be on building up our on-off-ramp capability to connect between traditional finance and also the word-free space. And lastly, it will be on licensing. So these are the two key directions that we will look for when we consider our M&A strategy.

Yeah, thank you very much Ivan for the sharing. That's definitely super helpful as well. So let's move on to the third, sorry, the fourth questions. It's related to the licensing. So it's raising by Ilan Yang from GF Security. So with OSL's footprint expanding to over 50 licenses across 11 jurisdictions, how does OSL measure to meet the diverse regional compliance requirement while maintaining the consistent high standard? So for this one, we'll pass over to Gary. I'll have a regulatory affair to address it. Gary, please.

Thank you, Henrik, and thank you for the question from GeoSecurities. So on the number of licenses and registrations and number of jurisdictions, sometimes I guess it's easy to just look at them as numbers and we're almost tempted to sort of instinctively say more is always better, but it's actually more about our underlying operating model and our philosophy. So firstly, we We do recognise the diverging global regulations. That's a reality. But it also presents to us a valuable and strategic opportunity to actually build a moat to protect our competitive advantage. So we don't see, for example, divergent global regulations as a barrier to our expansion plans. We do see it actually as a competitive advantage. And we are also leveraging what we've done in the past as a solid foundation for what we're doing in the future. We've been operating under Hong Kong stringent A regulatory model And it's a model that has has actually been quite closely scrutinized globally by other regulators And this does help us to establish an exceptionally high baseline of and it does ease our way into a lot of other areas and a wide range of different regulatory models in different jurisdictions because of the recognition by international regulators of the Hong Kong operating framework. And I guess thirdly, on things like anti-money laundering and prevention of terrorist financing and other kinds of prevention of financial crime obligations, we implement a unified KYC, KYB transaction monitoring and risk management framework globally, whilst at the same time maintaining a certain degree of modularity to adapt nimbly to specific local rules in other jurisdictions where we operate. And we do see a very rapid maturing of other regulatory frameworks in other places where we operate as well. For example, and this is a very good example, for example, MICA being implemented across a whole range of EU jurisdictions, and we see that maturing very quickly. And fourthly, we do see our compliance framework as being high coded into our DNA. You know, we manage diverse requirements across different regions by embedding compliance directly into our technology and exchange workflows and transaction workflows, ensuring that we can scale automatically with the increasing in transaction volumes and sizes. And largely as a company, obviously we value our people. And on the compliance front and in terms of operating within regulatory frameworks, we structurally integrate money laundering reporting officers and compliance officers into our organisation. And we attract top global legal and compliance talent across different regions. to help us meet the high standards that we expect ourselves to comply with. So irrespective of growth and scale, we can always ensure that we meet the same high standards wherever we operate and whatever businesses we are operating. So hopefully this answers the question.

Thank you, Gary. Indeed, it does. Appreciate it. So, okay, so we have a few, I think we have some time for a few more questions. So I also see another question relating to our competitive advantage or position in the market. The question was raised by Yu Kang, I think from Hua Chong Security. So given OSL is a GoPro-licensed footprint, how defensibility is your competitive position as more players are entering into the space? So for this one, I think I can actually hand over to our CEO, Kevin, to give more color on top. Kevin, handing over to you. Thank you.

Thank you for the question. Yeah, I think the first of all, I think the regulators, they talk to each other. So I would say that we will see our defensibility through three key pairs. The first one is the network effect of the regulatory trust. Just as I said, they talk with each other. The regulators globally, they do not operate in silos. They are very well interconnected, as we know. The rigorous compliance track records we have established, such as being the first licensed VATP listed in Asia since 2020, creates a powerful hollow effect. Our ongoing compliance efforts continually compounds helping us earn and maintain the trust of the new regulators worldwide. This deep-rooted institutional trust requires the years of transparent operations that are cultivated and then validated. It simply cannot be bought and then replicated overnight by new entrants. The second, when you get more and more licenses you have, you need to put into the operation in scale. So that we call that a scalable operation infrastructure. Crucially, we have transformed this regulatory burden or regulatory requirements into an operational advantage. Rather than treating compliance as a bottleneck, we have unified compliance frameworks into incredible efficient technology driven systems. Under this framework, we have built an operational engine that is fully capable of scaling seamlessly. As we can expand to our global connectivities and the process higher transaction volumes, our compliance infrastructure scales alongside it, ensuring machine speed efficiency without ever compromising our high standards. The third one is the proprietary know-how in emerging furniture. Digital assets compliance is a highly complex vehicle. Our first move by Devanjit translates directly into proprietary operational know-how. We have spent years navigating the nuances of fragmented global networks, giving us an assailable edge over improvement competitors or traditional financial institutions that are only just beginning to grapple with the crypto native compliance challenges. I think those are the three key pillars that we are can operate so very efficiently in a global regulatory framework. Thank you.

Yeah, thank you very much, Kevin. Okay, so for the next questions, it is from actually raised by Robin Chen from Sochong Security. So how should we think of the sustainability and predictability of OSL's revenue going forward? For this question, I will pass over to Ivan, our CFO, to address it. Ivan, over to you. Thank you.

Thank you for the question. If you look at our track record history, especially in the past two years, overall the management team managed to deliver sustained high growth for our platform consistently for the past two years. Now, and second point I want to make is that if you look at our strategic initiative in the past year. We actually spent a lot of our resources and time to build up our global platform. And many of these initiatives actually take front-end or front-loaded investments. while it may not be able to deliver immediate revenue. For example, our acquisition of the Indonesian license, which we acquired last year, and now we start to turn it to fully operationalize the business. And I would say right now we have sufficient geographical coverage. We also have a good size of a team. And with these resources, with the license that we have, we are confident that we should be able to continue to drive top-notch revenue growth for a business. And if you look back into 2024, Hong Kong is our only market where we can grow our revenue. But that is not the case, right? And in 2025, we have the honor brand business from Europe. And this year, apart from our on-the-ramp business, we also have Bensa. We also have our stablecoin cross-border payment business, the BizPay, our Indonesian local operations. And hence the... the pockets of growth opportunity that OSL have today is a lot more diverse than 2024 and 2025. And with that, we are confident to continue to deliver growth to our shareholder.

Thank you very much, Ivan. That's definitely very insightful. I believe we still have time for one more question. We have one more question related to the stablecoin raised by the public. Regarding the Hong Kong stablecoin regime, especially the Hong Kong government is aiming to release the first batch of stablecoin license, hopefully last year. What is OSL's position and perspective in regard? For this question, let me hand over to Gary, our head of regulatory, to give us some more comment. Gary, over to you. Thank you very much.

Thank you for the question. And I'm sure that the markets, most market participants have been watching this space very closely. And I guess the OSL senior management team were no exception to that. We see ourselves as a very important player in this space in Asia because, as we said at the beginning, stablecoin as a use case, I think, has become a defining feature for the digital asset sector globally. And this is not just us saying it, it's actually our clients and our partners saying this. And I guess our strategy on this is somewhat similar to what we shared earlier on about the question of RWA or tokenization of financial assets. We see our role in this sector in many different ways. But one of the key values that we add to the sector is we work with top quality partners, upstream or downstream, or horizontal partners. And we work with top partners in each aspect. of the different product ecosystems that we see significant demand in. And stablecoins is no exception. And stablecoins in itself is a very interesting instrument because the value of any stablecoin in itself is relatively limited. But the most valuable aspects of any stablecoin comes from its use cases. And that means the efficiency of transactions in a particular setting or the cost effectiveness of those transactions in those specific settings and the quality of the experience for the users using them. And in the case of our stablecoin partners, what do they care about? They care about the scale of the reach. So it's a combination of the efficiency, effectiveness and quality of the use cases and the scale of the reach of these use cases. So our strategy is to deliver the most valuable use case for our clients and for each of our partners, whatever our role may be in this space. And I think this is how we see the value of what we have built in this ecosystem. So hopefully that answers the question.

Yeah, thank you very much for the insight for sharing, Gary. That's super helpful. So thank you for all our management team for the response, as well as the inquiry from the audience. And that should conclude our Q&A session for the day. So before we wrap up, I think I would like to take another chance to thank you everyone for the participation for today. We greatly appreciate your continued support and interest in OSL. I'm sure you have any further questions. Please feel free to reach out to us. And the presentation material will be available on our website shortly. Thank you again and have a nice day ahead. Bye. Thank you.