Revenue

6 Months Ended

12 Months Ended

Jun. 30, 2026

Dec. 31, 2025

An analysis of revenue is as follows:

	For the six months ended June 30,
	2026		2025
	US$		US$

Revenue from contracts with customers
Internet leads generation and marketing service income		28,373,153		27,653,010
Insurance commission income		2,853,818		3,277,466
Marketing income		1,041,508		1,405,608

Total		32,268,479		32,336,084

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$7,887,768 and US$1,340,176, and US$4,675,311 and US$899,997 for Internet leads generation and marketing service income and Insurance commission income for the six months ended June 30, 2026 and the six months ended June 30, 2025, respectively.

Disaggregated revenue information

	For the six months ended June 30,
	2026		2025
	US$		US$

Geographical markets
Hong Kong		16,312,108		14,194,612
Singapore		11,831,665		12,857,209
Philippines		2,440,792		3,475,989
Taiwan		1,683,914		1,808,274

Total		32,268,479		32,336,084

Timing of revenue recognition
Over time		29,414,661		29,058,618
At a point in time		2,853,818		3,277,466

Total		32,268,479		32,336,084

	For the six months ended June 30,
	2026		2025
	US$		US$
By vertical (note)
Credit cards	17,939,030		19,127,920
Personal loans and mortgages		4,867,047		4,582,424
Wealth		4,840,609		3,955,279
Insurance		4,506,738		4,466,306
		115,055		204,155

Total		32,268,479		32,336,084

Note: Vertical represented category of financial products.

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).