OSL Group Limited ($863)

So much appreciate for everyone's patience. We should get started. Thank you for joining us today for OSL Group 2025 Annual Results Presentation. My name is Kenrick, Director of Corporate Development, and I will be your moderator for today's session. Today's call will begin with remarks from our senior management team. I'm pleased to have with us Kevin Cui, Executive Director and CEO; Ivan Wong, CFO; and Gary Tiu, our Executive Director and Head of Regulatory Affairs. [Operator Instructions] In the first half of the call, our management team will provide an overview and update on our annual results. This will then follow with a Q&A session. [Operator Instructions] As a disclaimer, this presentation is for informational purposes only and do not constitute any financial advice or offer to buy or sell a security. During the presentation, we will cover 3 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 muted. Sorry about that.

Okay. Sorry about that. Thank you, Garrant. Good morning, everyone. Let's start with the OSL Opportunity. Our mission is to take -- sorry, our mission is to make money move as freely as information. To achieve this, we are scaling OSL into a global stable coin payment and trading platform. Guided by being open, secure and licensed, we will continue to provide the essential payment rails for our partners and users, bridging the gap between the traditional and the digital assets ecosystems. As the first public listed platform, which obtained license to operate digital asset 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 HKD 200 billion. With stable coin transaction volume accounted for 60%, consequently, our non-IFRS income increased to HKD 534.1 million, representing a robust 150% year-on-year growth. Evolving from HK, Hong Kong-based digital asset exchange into a global stablecoin 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. Last year, 2025, we secured aggregated USD 500 million equity financing from leading global institutional investors in the past year, representing one of the most sizable equity financing 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 CMBC 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 the FTSE All Cap Index for the first time and have remained in the MSCI 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 manually fragmented and burdened by long settlement cycles. OSL is bridging the structural gap by pioneering a modern financial alternative. By transitioning to stable coin based, we facilitated 24/7 instant assumption settlement and a fully automated rule-based and programmable execution. It is also a native support for the emerging AI-driven agent payments. In 2025, there are 2 megatrends, stable coins and the AI agent economy. OSL is well positioned to capture these opportunities. Firstly, the stablecoin market is projected to reach USD 2.25 trillion by 2029, expanding at a remarkable about 62% CAGR, while this growth trajectory is impressive. Yes, stablecoin currently represents about only 1% of U.S. 2025 U.S. M2 money supply. This consistent upward trend confirm that we are still in the early stages of a massive multitrillion dollar opportunity that OSL is uniquely positioned to capture. Secondly, we are witnessing the explosive emergence of the AI agentic economy in less than 1 year, enterprise adoption has already fueled over more than 140 million agentic transactions with global volume projected to reach a staggering USD 3 trillion by 2030. OSL is positioning ourselves as the foundational settlement layer for this autonomous future. AI world machine-to-machine commerce [indiscernible] on-trend payment rails are no longer an option, but a critical requirement. They are the core drivers of our evolution. OSL has evolved from a Hong Kong-based digital asset 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 rails built specifically for the stablecoin and AI-driven future. This rapid evolution was fully realized in 2025, empowered by the strategic integration of Banxa alongside the launch of OSL BizPay and our proprietary stablecoin USDGO with [indiscernible]. Our global stablecoin payments and trading platform has definitely infrastructure to make money move as freely as information. OSL access the bridge between fiat currency and stablecoins we achieved through our 4 core capabilities: global connectivity, global license, instant settlements and deep liquidity. These capabilities are the foundation of our 3 core products. Through OSL BizPay, we facilitate end-to-end cross-border payments. Through Banxa, we provide one-stop on and off-ramp solutions. Through our local exchanges, we ensure compliant last mile delivery globally. The reach of this infrastructure is already unparalleled. We now integrate with over 80 blockchain networks, support pay-in and payout operations in over 150 countries, facilitate more than over 30 fiat currencies. OSL services 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 4 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 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 operate securely wherever our clients need us. Third, instant settlement. We have engineered agentic-ready rails that enables machine speed of efficiency. We operate 24/7 to facilitate high frequency automated micro payments of the future. Finally, a deep liquidity. We aggregate liquidity across 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 market infrastructure in place, OSL is accelerating our road map. We are focusing on these 5 growth strategies to ensure our expansion to both rapid and capital efficiency. Firstly, we are broadening our stablecoin product offerings. We are enhancing the capital efficiency for institutional clients across treasury workflow. In parallel, we are accelerating USD adoption and solidifying our position as a definite global stablecoin payment and trading platform. Secondly, we are further investing in next-generation market infrastructure. We are expanding our global licensing and compliance footprint across key jurisdictions by scaling bank connectivity in high-growth corridors, and we are eliminating traditional frictions to enable seamless field access and high velocity across cross-border settlements. Thirdly, we will pursue accretive global M&A opportunities. We are executing a disciplined strategy to acquire compliant high-quality assets in the stablecoin payment and trading space, especially in emerging markets. It allow us to rapidly consolidate our leadership while building deep technology and licensing modes. Fourth, we are scaling operation in selected markets, building on our solid 2025 presence 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 is reducing hedging costs and delivers great pricing for our institutional clients. Finally, we are actively embracing the AI-driven agentic economy and taking a leading role in shaping its development. We are pioneering agentic's stablecoin 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.

Yes. Thank you very much for the insightful sharing. I think that's definitely very helpful. Thank you very much. So now let's move on to the business highlights. So Gary, our Head of Regulatory Affairs, will shine some light on the subject. So Gary, passing over to you.

Thank you, Kenrick. 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, 5 of our highlights from the year. Firstly, strategic evolution and transformations of OSL 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 life cycle, 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 SWIFT rails. And leveraging our stablecoin architecture programmability, OSL BizPay provides native support for agentic payments. Banxa is our stablecoin on-off-ramp solution to bridge fiat and stablecoins seamlessly via API. Think of this as your Stripe for stablecoins. Banxa 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 0 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 are enabling any currency at any time to move as freely as information. And turning to our M&A. 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 Target in Japan, Italy and Indonesia in 2025. And early on in the year, we completed the acquisition of Banxa, 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 VASP 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 Banxa. We executed the acquisition of Banxa, a global leader in on-off-ramp services. The Banxa 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 2 major equity financing rounds, we raised USD 300 million in September 2025 and USD 200 million in Feb 2026. This $500 million ticket, USD 500 million 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 this 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.

Yes. 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 have 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 delivered record high revenue and strong growth across all key performance metrics. This includes our core operating cash revenue measured as non-IFRS income, which adjusts for noncash 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. Whereas on a gross basis approach, our peers will show the full $100 as revenue, and there is a 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, 2 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 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 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 increased 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 costs 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 adjust for reporting operating costs as well as noncash and nonrecurring item. This will include fair value changes 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 HKD 300 million. Importantly, operating loss as a percentage of cash revenue remained broadly in line with 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 informational -- so informative presentation. So I think that should conclude our formal presentation for this year of annual results, and we will now open the floor for Q&A session.

[Operator Instructions]. So we are seeing numerous amount of inquiries shooting in. So for the first question, we saw a question from Amy Chen from [ CITIC ]. 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.

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 perspective, there are a number of key considerations. First of all, we see our role as a facilitator for institutions, for example, via our Tokenworks 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.

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 Stephen from Daiwa. Noticing OSLs strategic shift from a regional digital asset platform to a global stablecoin payment and trading platform, what are the key driver behind this transition? And how do you envision OSL shining 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.

Okay. Thank you for questions. I think, first of all, I think the key driver or the main reasons behind this transition could be outlining 3 key drivers. The first of all, I think there's a massive TAM expansion in global payment versus crypto trading. We are looking far beyond the confines of pure crypto trading. Compared with crypto trading market, the global payment market represents a multitrillion dollar opportunity that dwarfs the traditional trading -- dwarfs the traditional crypto exchange volumes, trading volumes. The stablecoin market alone is a project to reach USD 2.25 trillion by 2029 and expanding at a remarkable 61.9% CAGR. While impressive 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 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 frictions. Legacy infrastructure like SWIFT is slow, expensive and hindered by the T+2 to T+5 settlement time window or delays. Blockchain solves the actual underlying technology problem, delivering a system that is 10x faster, cheaper and fundamentally better via 24/7 instant settlement and programmable execution. The third one, I think, is the AI agent economy imperative. Looking ahead, the current legacy banking architecture is fragile, siloed and simply useful for the AI future. And we are witnessing the explosive emergence of the AI agentic economy, which filled over -- for now, it's already 140 million agentic transactions in less than 1 year. And with the global volume project to reach more than USD 3 trillion by 2030, this all 24/7 on-chain payment rails are no longer just an option. Their crypto requirement for the machine-to-machine companies. We are positioning OSL as a foundational settlement layer for this autonomous future. Furthermore, to capture such market trends, we are actively executing on 4 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 digital assets by supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide a seamless standard of [indiscernible] global capital requires, and we are going to cover more and more than 100 payment networks currency we're going to support in the next few months and years. And the global license, the compliance mode to capture trillion institutional flows, compliance and last mile is paramount. With over 50 license 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, the instant settlement. Yes, we are engineering the agentic ready rails that enable machine speed efficiency. And we are operating 24/7 to facilitate other high-frequency automated payments and micro payments in the future. And the fourth one is the deep liquidity. We aggregate liquidity across a vast network of partners and the regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimum slippage, offering the industry's best execution. These 4 core pillars, our capabilities not only define our competitive advantage, but also form the foundation of product suite, including the OSL BizPay, the Banxa and our local exchange and the compliance infrastructure. Through OSL BizPay, we facilitate end-to-end cross-border payments. And through Banxa, we offer [indiscernible] solution. And through our local exchange network, we ensure the compliant last mile delivery in the global scale. We have integrated with over blockchain -- 80 blockchain networks, support pay-in and payout operations across more than 150 countries and the facility over 30 fiat currencies. And accordingly, we are highly confident in our capability and our ability to capture and capitalize on this prevailing market trend.

Yes. Thank you very much, Kevin. It's definitely very sure 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. [indiscernible]. So congrats on the successful completion of the Banxa acquisition. And given USD 500 million 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 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 built-up a pretty good global coverage already. And what's remaining perhaps will be a couple of selected emerging markets in Asia. We don't really have a presence in LatAm 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 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-ramp capability to connect between traditional finance and also the web3 space. And lastly will be on licensing. So these are the 2 key directions that we will look for when we consider our M&A strategy.

Yes. 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 [indiscernible] from GF Securities. So with OSL's footprint expanding to over 50 license across 11 jurisdictions, how does OSL management meet the diverse regional compliance requirement while maintaining the consistent high standard? So for this one, I'll pass over to Gary, our Head of Regulatory Affairs, to address it. Gary, please?

Thank you, Kenrick, and thank you for the question from GF Securities. 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 do recognize the diverging global regulations is -- 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, diverging 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's stringent regulatory model. And it's a model that has actually been quite closely scrutinized globally by other regulators. And this does help us to establish an exceptionally high baseline. 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 hard coded into our DNA. 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 our regulatory frameworks, we structurally integrate money laundering reporting offices and compliance offices into our organization. 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.

Yes. 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 [indiscernible]. So given OSL's global licensing footprint, how defensibility is your competitive position as more players 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.

Yes. Thank you for the question. Yes, I think the -- first of all, I think the regulators, they talk to each other. So I would say we will see our defensibility through 3 key pillars. The first of all is the network effect of the regulatory trust. Just I said, regulators, 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 record we have established such as being the first licensed VATP listing in Asia since 2020 creates a powerful halo effect. Our ongoing compliance efforts continually compound, helping us earn and maintain the trust of the new regulators worldwide. This deep-rooted institutional trust requires years of transparent operations and [indiscernible] validate. It simply cannot be bought and replicated overnight by new entrants. The second, when you get more and more license, you have -- you need to put into the operation in scale. So that we call that 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 system. And this framework, we have built an operational engine that this is fully capable of scaling seamlessly as we can expand to our global connectivities and process higher transaction volumes, our compliance infrastructure scales alongside it, ensuring machine speed efficiency without ever compromising our high standards. The third one is we say the proprietary know-how in the emerging future. Digital assets compliance is a highly complex vertical. Our first-mover advantage translates directly into proprietary operational know-how. We have seen years navigating the nuances of fragmented global networks, giving us a salable edge over unproven competitors or traditional financial institutions that are only just beginning to grapple with the crypto native compliance challenges. I think those are 3 key pillars that we -- our -- what our -- can operate very efficiently in a global regulatory framework.

Yes. Thank you very much, Kevin. Okay. So for the next question, it is from -- actually raised by [ Robin Chen ] from [indiscernible] Securities. 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 2 years, overall, the management team managed to deliver sustained high growth for our platform consistently for the past 2 years. Now -- and second point I 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 investment, 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 are -- 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 line 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 no longer the case, right? And in 2025, we have the on-off-ramp business from Europe. And this year, we -- apart from our on-off-ramp business, we also have Banxa. We also have our stablecoin cross-border payment business, the BizPay, our Indonesian local operations. And hence, 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 shareholders.

Yes. Thank you very much, Ivan. That's definitely very insightful. I believe we are -- still have time for one more question. Let's see. So -- okay. So 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, this 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 color. Gary, over to you. Thank you very much.

Thank you for the question. And I'm sure the market -- 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 are -- that we see significant demand in and stablecoins is no exception. And stablecoins is in itself, is a very interesting instrument because the value of any stablecoin in itself is relatively limited. But the most valuable aspect 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.

Yes. Thank you very much for the insightful 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.