v3.25.2
Segments
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segments

6 Segments

 

   2025   2024 
   Three months ended March 31, 
   2025   2024 
   US$   US$ 
Revenue        
Remittance services          
Fiat remittance   4,410,386    6,467,068 
ODL remittance   172,728    279,831 
Sales of Airtime   5,459,503    6,314,878 
Other services   12,952    42,346 
Revenue   10,055,569    13,104,123 
Cost of sales          
Remittance services   (1,682,190)   (2,882,759)
Sales of Airtime   (5,090,180)   (5,732,411)
Other services   (81,802)   (81,392)
Cost of sales   (6,854,172)   (8,696,562)
Gross Profit          
Remittance services   2,900,924    3,864,140 
Sales of Airtime   369,323    582,467 
Other services   (68,850)   (39,046)
Gross Profit   3,201,397    4,407,561 

 

18 Segments

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
   US$   US$ 
Revenue        
Remittance services          
Fiat remittance   21,592,260    25,287,487 
ODL remittance   880,171    1,407,709 
Sales of Airtime   23,840,573    26,398,707 
Other services   122,408    161,458 
Revenue   46,435,412    53,255,361 

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
   US$   US$ 
Cost of sales        
Remittance services   (9,475,812)   (11,375,525)
Sales of Airtime   (21,999,692)   (24,206,112)
Other services   (367,963)   (317,419)
Cost of sales   (31,843,467)   (35,899,057)

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
   US$   US$ 
Gross Profit          
Remittance services   12,996,619    15,319,671 
Sales of Airtime   1,840,881    2,192,595 
Other services   (245,555)   (155,962)
Gross Profit   14,591,945    17,356,304 

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

18Segments (Continued)

 

The following table sets forth the Expenditures for additions to long-lived assets other than goodwill and acquired intangible assets:

 

   2024   2023 
   December 31, 
   2024   2023 
   US$   US$ 
Remittance services expense   582,256    302,950 
Sales of Airtime   -    - 
Other services   -    - 
Long-lived assets   582,256    302,950 

 

The following table sets forth the revenues by geographical area:

 

   2024   2023 
   Years ended December 31, 
   2024   2023 
   US$   US$ 
Revenue        
Hong Kong   4,370,290    9,726,364 
Malaysia   27,560,318    29,317,906 
Indonesia   14,504,804    14,211,091 
Total Revenue   46,435,412    53,255,361 

 

The following table sets forth the long-lived assets other than goodwill and intangible assets by geographical area:

 

   2024   2023 
   December 31, 
   2024   2023 
   US$   US$ 

Long-lived assets other than goodwill and acquired

intangible assets

          
Hong Kong   -    4,368,106 
Malaysia   1,352,906    1,005,601 
Indonesia   51,854    62,056 
Long-lived assets other than goodwill and acquired intangible assets gross   1,404,760    5,435,763 
           
Add: Non-disclose items          
Investment in an equity security   -    100,000 
Deferred tax assets   342,822    664,888 
Goodwill   12,059,428    27,001,383 
Acquired intangible assets   3,386,117    4,926,674 
Long-lived assets other than goodwill and acquired intangible assets   15,788,367    33,001,041 

 

 

CURRENC GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

18Segments (Continued)

 

The following table sets forth the goodwill by reportable segments:

 

   2024   2023 
   December 31, 
   2024   2023 
   US$   US$ 
Remittance services   12,919,935    12,921,592 
Sales of Airtime   8,639,493    14,079,791 
Total goodwill   21,559,428    27,001,383 

 

  
Seamless Group Inc [Member]      
Segments    

18 Segments

 

         
   Years ended December 31, 
   2023   2022 
   US$   US$ 
Revenue  -    -  
Remittance services   26,695,196    26,714,151 
Sales of Airtime   26,398,707    28,501,152 
Other services   161,458    285,614 
Revenue   53,255,361    55,500,917 

 

   Years ended December 31, 
   2023   2022 
   US$   US$ 
Cost of sales  -    -  
Remittance services   (11,375,525)   (13,268,205)
Sales of Airtime   (24,206,112)   (26,370,613)
Other services   (317,419)   (242,129)
Cost of sales   (35,899,057)   (39,880,947)

 

   Years ended December 31, 
   2023   2022 
   US$   US$ 
Gross Profit   -     -  
Remittance services   15,319,671    13,445,946 
Sales of Airtime   2,192,595    2,130,539 
Other services   (155,962)   43,485 
Gross Profit   17,356,304    15,619,970 

 

 

SEAMLESS GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

18 Segments (Continued)

 

The following table sets forth the Expenditures for additions to long-lived assets other than goodwill and acquired intangible assets:

Schedule for additions to long-lived assets other than goodwill and acquired intangible assets

 

           
   December 31, 
   2023   2022 
   US$   US$ 
Remittance services expense   302,950    532,457 
Sales of Airtime   -    - 
Other services   -    - 
Expenditure for additions to long-lived assets other than goodwill and acquired intangible assets   302,950    532,457 

 

The following table sets forth the revenues by geographical area:

Schedule of geographical information

 

         
   Years ended December 31, 
   2023   2022 
   US$   US$ 
Revenue        
Hong Kong   9,726,364    8,647,764 
Malaysia   29,317,906    36,742,314 
Indonesia   14,211,091    10,110,839 
Revenue   53,255,361    55,500,917 

 

The following table sets forth the long-lived assets other than goodwill and intangible assets by geographical area:

Schedule of long lived assets geographical information

 

           
   December 31, 
   2023   2022 
   US$   US$ 

Long-lived assets other than goodwill and acquired intangible assets

          
Hong Kong   4,368,106    3,647,913 
Malaysia   1,005,601    1,276,989 
Indonesia   62,056    121,698 
Long-Lived Assets   5,435,763    5,046,600 
           
Add: Non-disclose items          
Investment in an equity security   100,000    100,000 
Deferred tax assets   972,984    768,617 
Goodwill   27,001,383    27,001,383 
Acquired intangible assets   4,926,674    6,467,231 
Long-lived assets other than goodwill and acquired intangible assets   33,001,041    39,383,831 

 

 

SEAMLESS GROUP INC. AND SUBSIDIARIES

 

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

 

18 Segments (Continued)

 

The following table sets forth the goodwill by reportable segments:

Schedule of goodwill reportable segments

 

           
   December 31, 
   2023   2022 
   US$   US$ 
Remittance services   12,921,592    12,921,592 
Sales of Airtime   14,079,791    14,079,791 
Goodwill   27,001,383    27,001,383