| OPERATING SEGMENT INFORMATION |
| 4. |
OPERATING SEGMENT INFORMATION |
The Company operates an online financial
comparison platform across multiple geographic markets, with each market considered an operating and reportable segment. Each segment
functions within a distinct regulatory, political, and economic environment, and its financial performance is influenced by local market
dynamics and strategic initiatives. The segments are also at different stages of development, with Hong Kong and Singapore being the most
mature.
Following the cessation of consumer-facing operations in Malaysia and
Other Asia in prior years, the Company has four operating and reportable segments in 2025: Hong Kong, Singapore, the Philippines, and
Taiwan.
Management monitors the results of the
Group’s operating segments separately for the purpose of assessing performance and making decisions about resource allocations.
Segment performance is evaluated based on reportable segment results which is a measure of operating profit/(loss) before tax.
Note: Included in the segment
profit (loss) are allocated cost and expenses such as cost of revenue, advertising and market expenses and other segment costs and
expenses.
| | |
Hong Kong | | |
Singapore | | |
Philippines | | |
Taiwan | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Year ended December 31, 2025 | |
| | |
| | |
| | |
| | |
| |
| Segment revenue | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales to external customers | |
| 31,116,926 | | |
| 30,933,640 | | |
| 7,372,109 | | |
| 4,003,706 | | |
| 73,426,381 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment profit/(loss) (Note) | |
| 1,559,363 | | |
| (86,764 | ) | |
| (1,662,319 | ) | |
| (109,698 | ) | |
| (299,418 | ) |
| Reconciliation: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| | | |
| | | |
| | | |
| | | |
| 581,768 | |
| Finance costs | |
| | | |
| | | |
| | | |
| | | |
| (53,853 | ) |
| Depreciation and amortization | |
| | | |
| | | |
| | | |
| | | |
| (1,012,507 | ) |
| Written off of intangible assets | |
| | | |
| | | |
| | | |
| | | |
| (1,193,246 | ) |
| Equity-settled share-based payment expense | |
| | | |
| | | |
| | | |
| | | |
| (1,288,714 | ) |
| Changes in fair value of financial instruments | |
| | | |
| | | |
| | | |
| | | |
| 262,829 | |
| Unrealized foreign exchange differences, net | |
| | | |
| | | |
| | | |
| | | |
| 4,800,870 | |
| Technology costs – other corporate | |
| | | |
| | | |
| | | |
| | | |
| (2,811,975 | ) |
| Investor relations costs – other corporate | |
| | | |
| | | |
| | | |
| | | |
| (565,982 | ) |
| Legal and professional fees – other corporate | |
| | | |
| | | |
| | | |
| | | |
| (2,646,323 | ) |
| Other corporate costs | |
| | | |
| | | |
| | | |
| | | |
| (912,019 | ) |
| Loss before tax | |
| | | |
| | | |
| | | |
| | | |
| (5,138,570 | ) |
| | |
Hong Kong | | |
Singapore | | |
Philippines | | |
Taiwan | | |
Malaysia | | |
Other Asia | | |
Unallocated | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Year ended December 31, 2024 | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| Segment revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales to external customers | |
| 30,443,311 | | |
| 30,890,285 | | |
| 12,843,932 | | |
| 5,136,523 | | |
| 196,695 | | |
| - | | |
| - | | |
| 79,510,746 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment loss | |
| (2,585,990 | ) | |
| (6,501,311 | ) | |
| (1,726,411 | ) | |
| (1,331,595 | ) | |
| (552,509 | ) | |
| (88,113 | ) | |
| (11,432,169 | ) | |
| (24,218,098 | ) |
| Reconciliation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,478,436 | |
Gain on disposal of assets in Malaysian operations | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 600,000 | |
| Finance costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (25,472 | ) |
| Depreciation and amortization | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (4,042,969 | ) |
| Impairment of intangible assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (4,541,074 | ) |
| Equity-settled share-based payment expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (3,179,214 | ) |
| Changes in fair value of financial instruments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 446,811 | |
| Unrealized foreign exchange differences, net | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (4,196,831 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss before tax | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (37,678,411 | ) |
| | |
Hong Kong | | |
Singapore | | |
Philippines | | |
Taiwan | | |
Malaysia | | |
Other Asia | | |
Unallocated | | |
Total | |
| | |
| US$ | | |
| US$ | | |
| US$ | | |
| US$ | | |
| US$ | | |
| US$ | | |
| US$ | | |
| US$ | |
| Year ended December 31, 2023 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales to external customers | |
| 26,947,177 | | |
| 32,069,713 | | |
| 14,169,389 | | |
| 6,742,747 | | |
| 738,053 | | |
| 4,002 | | |
| - | | |
| 80,671,081 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Segment profit/(loss) | |
| 680,500 | | |
| (1,579,640 | ) | |
| 768,659 | | |
| (826,446 | ) | |
| (485,596 | ) | |
| (105,546 | ) | |
| (5,216,442 | ) | |
| (6,764,511 | ) |
| Reconciliation: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 872,503 | |
| Finance costs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (19,028,007 | ) |
| Depreciation and amortization | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (7,164,677 | ) |
| Impairment of intangible assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (3,105,507 | ) |
| Equity-settled share-based payment expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (6,629,044 | ) |
| Other long-term employee benefits expense | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (109,702 | ) |
| Changes in fair value of financial instruments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (57,333,432 | ) |
| Share-based payment on listing | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (67,027,178 | ) |
| Transaction expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (6,643,367 | ) |
| Other equity-settled transactions | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (500,000 | ) |
| Unrealized foreign exchange differences, net | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 895,392 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Loss before tax | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (172,537,530 | ) |
Geographical information
Information about the Group’s non-current assets is presented based
on the geographical location of the assets and excludes financial instruments.
| | |
2025 | | |
2024 | |
| | |
US$ | | |
US$ | |
| | |
| | |
| |
| Hong Kong | |
| 298,503 | | |
| 119,515 | |
| Singapore | |
| 996,304 | | |
| 1,693,004 | |
| Philippines | |
| 382,408 | | |
| 121,049 | |
| Taiwan | |
| 36,814 | | |
| 42,735 | |
| Malaysia | |
| 17,655 | | |
| - | |
| | |
| | | |
| | |
| Total non-current assets | |
| 1,731,684 | | |
| 1,976,303 | |
A measure of segment assets and liabilities for
each reportable segment is not disclosed as such amounts are not regularly provided to the Chief Operating Decision Maker (“CODM”),
comprising the executive directors of the Group.
Entity-wide disclosures on revenues information
by geographical markets, by vertical, and information about major customers are included in note 5.
|