v3.26.1
Revenue and Other Income
 12 Months Ended
Dec. 31, 2025
Revenue and Other Income [Abstract]  
REVENUE AND OTHER INCOME
5. REVENUE AND OTHER INCOME

 

An analysis of revenue is as follows:

 

   2025   2024   2023 
   US$   US$   US$ 
Revenue from contracts with customers            
Internet leads generation and marketing service income   63,478,087    71,188,725    75,794,855 
Insurance commission income   6,880,658    5,206,123    3,362,745 
Marketing income   2,465,461    2,109,372    1,026,223 
Events income   602,175    1,006,526    487,258 
                
    73,426,381    79,510,746    80,671,081 

 

The Group’s Internet leads generation and marketing service income and Insurance commission income are reported net of cash discounts and rebates. Cash discounts and rebates were US$12,310,964, US$4,797,540 and US$10,210,371, and US$1,958,849, US$1,516,458 and US$1,267,081 for Internet leads generation and marketing service income and Insurance commission income in 2025, 2024 and 2023, respectively.

  (i) Disaggregated revenue information

 

   2025   2024   2023 
   US$   US$   US$ 
Geographical markets            
Hong Kong   31,116,926    30,443,311    26,947,177 
Singapore   30,933,640    30,890,285    32,069,713 
Philippines   7,372,109    12,843,932    14,169,389 
Taiwan   4,003,706    5,136,523    6,742,747 
Malaysia   
-
    196,695    738,053 
Other Asia   
-
    
-
    4,002 
Total revenue from contracts with customers   73,426,381    79,510,746    80,671,081 
                
Timing of revenue recognition               
At a point in time   6,880,658    5,206,123    3,362,745 
Over time   66,545,723    74,304,623    77,308,336 
Total revenue from contracts with customers   73,426,381    79,510,746    80,671,081 
                
By vertical               
Credit cards   43,776,574    48,958,072    60,257,595 
Personal loans and mortgages   9,308,521    12,185,083    10,166,389 
Wealth   10,103,677    8,503,596    3,579,975 
Insurance   9,100,780    8,181,119    5,853,092 
Other verticals   1,136,829    1,682,876    814,030 
Total revenue from contracts with customers   73,426,381    79,510,746    80,671,081 

 

Revenue recognized in the current reporting period that was included in contract liabilities at the beginning of the reporting period amounted to US$1,002,317 (2024: US$1,312,735; 2023: US$301,986).

 

  (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:

 

   2025   2024   2023 
   US$   US$   US$ 
             
Customer A   12,355,000    11,159,000    17,713,000 
                
Customer B   N/A*    9,109,000    11,801,000 
                
Customer C   N/A*     9,170,000    9,614,000 
                
Customer D   12,423,000    7,970,000    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 satisfied when the related insurance policy is issued to the policyholder. The Group generally withholds the commission that it is entitled when collecting the premium from the policyholder and remits the remaining premium to the insurance companies.

 

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:

 

   2025   2024   2023 
   US$   US$   US$ 
             
Bank interest income   574,844    1,467,357    859,454 
Interest income on refundable rental deposit   6,924    11,079    13,049 
Government grants   6,117    6,056    
-
 
Gain on disposal of assets in Malaysian operations*   
-
    600,000    
-
 
Gain on disposal of items of property and equipment, net   1,438    7,068    3,690 
Others   60,157    397    1,321 
    649,480    2,091,957    877,514 

 

* 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).