Good morning, ladies and gentlemen, and thank you for joining OSL Group's 2026 interim results presentation. My name is Tiffany, Director of Corporate Development, and I will be moderating today's session.

Joining me from senior executive management are Kevin Cui, Executive Director and Chief Executive Officer; Ivan Wong, Executive Director and Chief Financial Officer. Today's session will be conducted in English with simultaneous interpretation into Chinese, and we expect it to run for approximately an hour.

Management will begin with an overview of our interim results, followed by a Q&A session. A few housekeeping notes before we begin: the chat function has been set to direct messages to me as moderator.

You are welcome to submit questions at any point during the presentation, and we would thank you to include your name and organization when doing so. Questions may be submitted in either English or Chinese.

All responses will be given in English. Please note that this presentation is for informational purpose only.

It does not constitute financial advice, nor as an offer or solicitation to buy or sell any securities. Today's presentation will cover three key areas: the OSL opportunity, business highlights, financial and operational updates, strategy and outlook.

Without further ado, I'm pleased to hand over to our Chief Executive Officer, Kevin Cui, who will begin with the OSL opportunity. Kevin, over to you.

Oh,

thank you. Good morning, everyone.

Let's start with the OSL opportunity. Our mission is simple: to make money move as freely as information.

To achieve this, we are scaling OSL into a global stablecoin infrastructure company. Guided by our founding principles -- open, secure, and licensed -- we will continue to build essential payment rails for our partners and users, bridging traditional finance and the digital asset ecosystem.

As the largest B2B stablecoin payment infrastructure company globally, the first half of 2026 demonstrates its scale of the transition. The USDGO has scaled to 1.2 -- $1.2 billion in circulation in August, 24 times in its February level, and now the sixth-largest compliant stablecoin globally.

Also, approximately 90% of our revenue involves stablecoins, and the revenue outside Asia-Pacific grew 10 times as our newly licensed markets became active. That commercial momentum flows through to the financials.

Total transaction volume increased over 240% year-on-year to HK$172 billion, and that increased the reported revenue by 60 -- 66% to HK$52 billion. Underpinning all of this is our regulatory foundation: over 50 licenses and registrations across 11 major jurisdictions, especially in Asia-Pacific, Europe, and North America.

That progress has been recognized externally. We were included in the Hang Seng Composite Index for the first time this year, alongside our continued inclusion in the MSCI and FTSE indices, and were recognized once again among the world's top fintech companies by CNBC, and named as the excellence performer for digital innovations by Bloomberg.

We are currently facing a once-in-a-generation opportunity as the financial world shifts from a fiat-based financial market infrastructure to a stablecoin-based one. Traditional finance still runs on the legacy SWIFT rail, a system largely unchanged since 1977 that remains manual, fragmented, and burdened by long settlement cycles.

OSL is bridging this structural gap by pioneering a modern financial alternative. By transitioning to a stablecoin-based infrastructure, we facilitate 24/7 instant on-chain settlement and a fully automated, rule-based, and programmable execution.

It is also native support for the emerging AI-driven agentic payments. These are two megatrends driving this shift: stablecoins and the AI agentic economy, and OSL is well positioned to capture these opportunities.

Firstly, on stablecoin adoption, stablecoin transaction volume is projected to compound at over 62% annually through 2030, and within that, B2B payment is the growth engine, forecast to compound at over 95%. We are positioned in the fastest-growing parts of the multi-trillion-dollar market.

Secondly, the AI agentic economy. We are witnessing the explosive emergence of agentic economy from effectively zero in April last year to over 140 million agentic transactions have already been processed up to February 2026, and around 40% of enterprise applications are expected to embed AI agents into steer, up from less than 5% September last year.

As machine-to-machine commerce takes over, traditional payment rails simply can't keep up. 24/7 on-chain settlement is no longer optional; it's a critical infrastructure.

OSL is building the foundation layer that makes this agentic economy possible. OSL Global Platform is the definitive infrastructure to make money move as freely as information.

OSL acts as the bridge between fiat currency and stablecoins, and we achieve this through our four core capabilities: global connectivity, global licenses, instant settlement, and deep liquidity. These capabilities are the foundation of three business lines.

Our payment business covers on- and off-ramp, stablecoin distribution, and cross-border payments. Our trading business covers OTC, exchanges, and custody.

Our platform business provides infrastructure to our institutional partners. Across our settlement network, we support major regulated stablecoin alongside USDGO.

At the center of the network sits USDGO. It's deeply integrated with our entire infrastructure.

USDGO moves through our existing settlement flow, B2B cross-border payment, and institutional fund flows, distributed through our own venues and licensed partners. The reach of this infrastructure is already substantial.

We integrate with over 100% [blockchain?] networks, pay in and pay out through more than 70 banks and payment corridors, and support over 30 fiat currencies, 365 days a year.

Today, OSL is enabling money to be moved in any currency, anywhere, anytime, and in any size. Now let us zoom in on the four core capabilities that differentiate OSL from our peers.

First, global connectivity: we act as the primary bridge between fiat and digital assets, supporting over 30 fiat currencies and connecting more than 70 banks and payment networks across over 100 blockchain networks. Second, global licenses: with over 50 licenses and registrations across 11 major jurisdictions and a unified KYC and KYB framework, we have built a foundation of institutional trust.

This is the hardest part of our business for others to replicate. Third, instant settlement: we have engineered agentic-ready rails that enable machine-speed efficiency supported by 365 24/7 localized operations.

Finally, deep liquidity: we aggregate liquidity across partners and regions, and combined with our in-house exchange and OTC capabilities, routing every transaction along the optimal path for cost, speed, and pricing. Together, these capabilities are how we are defining the next generation of financial market infrastructure for stablecoins and AI.

Thank you.

Thank you, Kevin, for the insightful updates. Ivan, our Chief Financial Officer, will now take us through section two, business highlights, and section three, financial and operational updates.

Ivan, over to you.

Thank you, Tiffany. Good morning, everyone.

First half of 2026 marked a very important transformative period for OSL. Our conviction in stablecoin as the defining use case for the digital asset industry has never been stronger.

In 2025 was a year that we invest and build the infrastructure; '26 is the year that our infrastructure began to scale. We transformed from a Hong Kong exchange-led business to a global stablecoin infrastructure-led business.

Here are our six highlights for the first half of '26, and I will elaborate one by one in the next few slides. Let's start with the numbers.

The first half of '26 was not an easy market for digital assets. As you can see, Bitcoin and Ethereum prices both come under sustained downward pressure, and the sentiment across the sector weakened.

However, when you look at the data at the bottom of the slide, OSL delivered strong and sustained growth momentum. Total transaction volume grew by more than 200% year-on-year, and reported revenue grew by more than 65%.

Adjusted non-IFRS income, which is a measure that we use to monitor our cash revenue, grew by more than 75%. Lastly, USDGO grew to more than $1.2 billion in circulation within six months of the launch.

In short, we grew strongly despite weak market sentiment, and that's because our revenue is now driven predominantly by payment flows and stablecoin infrastructure, which track commerce and settlement activities, not token prices. That's a clearest validation of our core strategy.

When market condition normalize and trading activities recovered, we will expect our growth momentum to further accelerate. Moving on to next slide, OSL is now the largest B2B stablecoin payment infrastructure company globally.

By Frost & Sullivan, in their independent study of 2025 global B2B stablecoin payment volume, OSL Group ranks number one at $12.3 billion of payment volume. That lead isn't an instant.

That's an infrastructure we spend resources and time to build. We hold more than 50 licenses globally, one of the broadest portfolios among our peers.

We are connected to 70 banks and payment service providers, which means we are embedded directly into the world settlement system, and we operate licensed infrastructure across 11 regions that allow us to operate globally. These combinations are hard to replicate, and will take significant time and resources to build.

Moving on to USDGO, in February '26, USDGO was launched in partnership with Anchorage Digital Bank. Shortly within six months of the launch, USDGO has scaled to over $1.2 billion in circulation.

That makes USDGO the top six compliant stablecoin in the world, and the largest one distributed by an Asian company. On the structure, USDGO is issued by Anchorage Digital Bank; OSL is the brand owner and the distributor.

USDGO is not a stand-alone product that we offer; it is a growth engine that compounds the growth of our stablecoin payment and trading business. What matters commercially is that the circulation volume convert directly into OSL revenue.

We generated HK$25.4 million on distribution revenue in the first half of '26, and we expect that to grow for the rest of the year through three engines. The first is to increase distribution of USDGO through our own venues as we expand our products and countries of operations.

The second is to increase the adoption of USDGO in our payment business. The third is to expand our ecosystem partnership, where we are working with more partners, such as liquidity provider, to promote the usage and adoption of USDGO.

Moving on to licensing developments, this chart should not be unfamiliar to our audience as we showed it before. The licenses unlock banking access to us, also local payment rails and client reach.

They are the backbone of our global expansion. Today, as we shared, we own more than 50 licenses and registrations across 11 major jurisdictions, one of the broadest global regulatory footprints among our peers as shown at the bottom of the page.

Couple of highlights that I would like to make: one is on the Banxa acquisition that was completed in July '26, and the transaction gave us licensed presence in the US and also a MiCA license in the Netherlands. In addition, we applied and obtained another MiCA license in Austria in July '26, which is a testimony to our capability to secure licenses with a robust regulatory regime.

Moving on, Kevin spoke earlier about agentic economy. AI agents can already decide on what to buy, but what they cannot do is to make payment to counterparties they do not have a relationship with inside a compliant framework.

The open protocol that exists today, the like of X402 and AP2, standardize how agents negotiate and authorize a payment. However, they lack a regulated service provider that does KYC on the agent's owner, screens against sanctions, and hold balances and bridges to fiat.

To close the gap, we announce the launch of OSL AgentPay. Let me walk you through our product offering as we described on the slide.

On the left are our clients: cross-border merchants, fintechs, Web3 companies. Each of them deploys their AI agent, and the agent operates under a mandate set in advance.

The agent's transaction hits OSL AgentPay, which does three things before any stablecoin or money move: AgentPay authorizes the spend, confirming which principal owns the agent and checking the request against the limits and permissions the principal set; it verifies the agent's identity and screens the payment for fraud, sanctions, and counterparty risks; and once these are done, the AgentPay settles the transaction, moving stablecoin or money to the counterparty. What makes OSL truly unique in the agentic economy is the global settlement network we are building for our existing stablecoin business.

The software layer of agentic payment is not a difficult part; the difficult part is the settlement network underneath, the license and the settlement network, which take years to build and we already own it. AgentPay is not a new business that require new infrastructure investment from our end; it's a new demand for us riding on the infrastructure we've already paid for.

Others need to spend money to build from zero, and we just add traffic to our networks. For the rest of '26, we will stage and test out AgentPay products with our partners.

Moving on to next slide, this timeline shows how our partnerships have deepened in the past two years. Particularly in 2026, we spent significant resources to further build out stablecoin partnerships.

These include our partnership with Ripple to list their stablecoin in Hong Kong. We also deepened the relationship with Ripple, again, on their token listing in Hong Kong.

Lastly, very importantly, we are appointed by Anchorpoint, the licensed stablecoin issuer in Hong Kong, as an authorized distributor of HKDAP, Hong Kong's first regulated Hong Kong dollar stablecoin. In addition, we continue to making efforts and progress on tokenization front, where we support CSOP on their first tokenized money market fund together with HSBC.

All of these partnerships further OSL's position at the center of institutional stablecoin adoption and also the broader digital asset ecosystem. Next, I will go through the key financial and operation updates.

All financial numbers are presented in Hong Kong dollars unless otherwise specified. Before turning to numbers, a word on the revenue presentation change that we adopt this year, as it materially affects how to interpret our reported revenue.

Effective this year, we have moved from presenting revenue on a net basis to a gross basis under IFRS 15. Mechanically, what that means is that the gross consideration of a transaction is now recognized as revenue when we act as a principal of the transaction, and the cost of digital assets recorded as cost of sales.

We make this change for two reasons: one is to align our presentation of revenues with our listed peers, such as Galaxy and Bullish, that present principal digital asset trading on a gross basis; and the second, to provide a more comprehensive and comparable view of the scale of our business to our peers. I will also emphasize that there's no earnings impact.

There's no effect on net profit, assets, liabilities, equity, earning per share, or cash flow for any period presented. What changes is the mere presentation of revenue only.

When you see revenues of HK$55.8 billion for the first half of '26, it is a useful data point for you to compare our scale and our business with our listed peers, particularly those in the US. Our economics continue to be better reflected in the so-called adjusted non-IFRS income, which is a proxy for our cash revenue or operating income.

Next, I will go through the key financial and operation updates. The first half of '26 delivered strong growth across our key metrics, as we've previously shared with you.

Total transaction volume grew by more than 241% year-on-year to HK$172 billion. Reported revenue increased by 65.8% to HK$55.8 billion.

Adjusted non-IFRS income grew by more than 75.5% to HK$330.9 million. Note that we typically take the adjusted non-IFRS income as a proxy for our actual operating performance, taking out the impacts from the fair value changes of digital assets and accounting policy impacts.

Apart from the changes in revenue presentation, we also changed the way we regroup our revenue items for reporting by payment, trading, and platform business. Payment business includes revenue from on/off-ramp activities, including both gross presentation of revenue when we act as a principal or net presentation of revenue when we act as an agent, or when we are dealing with USDC, which is considered as financial instrument and shall be booked on a net basis.

Trading business includes revenue from OTC and RFQ, mostly presented on a gross basis, and also include exchange services income and custody. Platform business includes professional service fees, such as SaaS income or coin listing income.

While our revenue growth has been strong, it is important to understand that we are making significant investments into our future. We have made strategic investments to accelerate global market entry and to build a high-velocity regulated payment rails for the next generation of stablecoin financial market infrastructure.

Staff and related costs increased, reflecting the integration of acquired teams, for example from Banxa, and the continued hiring across products and engineering, compliance, and frontline operations as we scale. IT costs rose, driven by increased usage of cloud services and other tech services to support our growing volume and also to ensure our platform remains secured.

Legal and professional fees increased in the first half of '26, mainly due to M&A activities and global license applications, with roughly HK$22 million of these fees being one-off in nature. We view this as important investments in our future as we're building the regulatory moat.

Lastly, other operating expenses grew in line with business expansion. Looking forward, we will maintain cost discipline by integrating AI across our internal operations.

This will allow us to automate routine functions, decoupling our headcount growth from our global expansion, and ensuring a leaner and more scalable path to long-term profitability going forward. On the balance sheet front, our cash and house coin position remain healthy to support our operation.

Our cash and cash equivalents were HK$1.4 billion, and the house coins were HK$1.3 billion as of June '26. Turning on to consolidated income statement, and on this page, we set out year-on-year comparison of our financial performance.

Overall, the results reflect strong revenue growth alongside continued strategic investment to support our global expansion and long-term positioning. We had adjusted operating loss by taking out non-cash items and also one-off items for proper comparison.

With that, I pass over to Tiffany.

Thank you, Ivan, for the sharing. Our next section is strategy and outlook.

Kevin, over to you again.

Thank you. Looking forward, OSL as a stablecoin infrastructure company, the question now is how we compound it.

We are focused on the six growth strategies to ensure our expansion is broad, rapid, and capital efficient. First, we are broadening our stablecoin product offerings.

We're expanding payment corridors and currency pairs to enhance capital efficiency for enterprise clients while investing in 24/7 instant settlement, deep liquidity, and enterprise-grade APIs. Second, we're driving USDGO adoption.

We are scaling circulation through multi-chain availability and partner listings, and embedding USDGO into institutional workflows, enable T+0 redemption and using it as a collateral. Third, we are further invest in next-generation market infrastructure.

We are expanding our licensing, compliance, and security footprint across key jurisdictions, and scaling banking connectivity in high-growth corridors and enable seamless fiat access and cross-border settlement. Four, we are actively embracing the AI-driven agentic economy.

We are scaling OSL AgentPay as the settlement layer of choice for agentic commerce: one API, multiple protocols, and stablecoins, while growing our developer ecosystem and seller-side acceptance. Fifth, we are driving operational efficiency enhancements.

We are automating procurement, trade operations, and finance functions so that volume scales through operating leverage rather than head count. Finally, we continue to pursue creative global M&A opportunities.

We're executing a disciplined strategy to acquire compliant, high-quality assets in emerging markets, with a rigorous due diligence and a clear focus on realizing synergies from acquisitions we have already completed. Together, these six strategies point to one direction: number one globally in B2B stablecoin payment.

With our own settlement assets, our own licenses, and our own banking rails, our focus for the second half is disciplined: convert the capacity we have built into volume, and let the operation leverage come through. With that, I will hand back to Tiffany for the Q&A session.

Thank you, Kevin and Ivan. That concludes the formal presentation, and we will now open the floor for questions.

Please use the chat function to submit your questions. You are welcome to write in either English or Chinese, and we would ask that you include your name and organization.

All responses will be given in English. We will pause for a moment to allow questions to come through.

We've got our first question from Ms. Sun from Zheshang.

Question one: looking at financials, we saw a noticeable increase in operating costs this period. What is management's guidance regarding cost efficiency and how are you managing profitability going forward?

I think this question would be for Ivan.

Thank you for the question. The increase in operating expenses for the first half of '26 is a choice made by us, and it's a deliberate front-loading investment that we chose to make to build up our global network and also global licensed infrastructure.

We think that these investments help us to build up our long-term sustainable competitive edge, including the license, including Banxa integration and the global settlement network as we share with you. All of these efforts are starting to bear fruit and help us to achieve the top-line growth that we share with you as well.

Looking forward to the second half of '26, we are actively implementing operation efficiency measures, including automating our middle-office operations and using AI to shorten product development cycles and lower the cost base for our tech team. With all these efforts going forward, we hope that we will present and come back to the shareholders and investors with improving operation efficiencies going forward.

Lastly, on the financial soundness, we would like to stress that we have a healthy balance sheet with cash and digital asset holdings that will support our ongoing investment to build our infrastructure. Having completed all the heavy lifting and the investments on the infrastructure front, we are now entering a phase where operating leverage becomes more and more important to us, and that will be an area of focus that the management team will spend time and resources to focus on going forward.

Thank you, Ivan. We've got a second question from CCBI, 建銀國際, Ms.

Zhou. This question is with regards to HKDAP: With the introduction of Hong Kong stablecoin frameworks and the launch of the HKDAP, how does OSL view these regulatory developments and what role will the company play in this evolving system?

I think I will let Ivan take this question.

Thank you for the question again. Actually, we see the launch of HKDAP as a pivotal moment for the industry, where we are at the point where the Hong Kong stablecoin regime move from being a policy or licensing regulation development to a commercial reality, and the HKDAP is the first proof of that.

Couple of points we want to make. First is on the regulation itself: we certainly welcome the formal issuance of stablecoin license.

A clear license framework is what brings institutions, including banks, corporates, and asset managers, to the market, and the licensing regime will make the pie bigger for everyone in the industry and ourselves included. We would like to see more licenses granted and more stablecoins launched in Hong Kong in the near future.

Second, on our role in the industry and stablecoin landscape in Hong Kong: OSL is a global stablecoin infrastructure company, and we intend to remain as open platform. We want to work as many issuers across the board as possible, including USDGO with Anchorage Digital Bank, USDC with Circle, and certainly HKDAP with Anchorpoint in Hong Kong.

Our view is that we are a distribution and settlement layer and we own the license infrastructure to support the circulation and transaction of these stablecoins, and our value will grow with more stablecoins in the market that we can support. Third, on HKDAP itself: OSL is actually among the first group of partners supporting HKDAP.

Back in May, we completed the technical groundwork with full life-cycle test transfer with Anchorpoint on the Ethereum mainnet, covering minting, transfer, and redemption. We have since been appointed as an authorized distributor.

We are not commenting on the sideline; we're already a part of the Hong Kong stablecoin ecosystem. Looking forward, we intend to work closely with HKDAP and all the ecosystem partners to support Hong Kong's ambition to be a global digital asset hub.

To be clear on where we sit, our role is not to compete with issuer, but to be the infrastructure that they can distribute and settle stablecoins through. Thank you.

Thank you, Ivan, for the insightful answer. I see a few more questions coming through.

Question number three is from Mr. Ni from Daiwa.

It's on our USDGO: USDGO has quickly established itself as a leading compliant stablecoin globally. What is management's business direction for USDGO and how does it drive synergies across OSL's existing ecosystem?

Kevin, over to you.

Thank you for the question. USDGO is a key pillar of our long-term strategy, and its growth isn't happening in isolation; it's deeply integrated with our entire infrastructure.

Our direction for USDGO runs on two vectors. The first is scale: liquidity and expansion.

We're expanding USDGO's availability and extending listing partnerships across major global platforms so it's available wherever our corporate clients and their counterparties operate. The second is depth: utility and real-world integration.

We're embedding USDGO directly into institutional capital flows: instant redemption, collateral management, B2B cross-border settlement workflow is what makes USDGO durable. When a treasury desk is settling in USDGO and posting it as collateral, it's not only just a token, but also becomes part of how they operate.

USDGO was built for the real economy. USDGO moves through our existing settlement flow: B2B cross-border payments and the institutional fund flows distributed through our own venues and licensed platforms and sits alongside our custody and liquidity relationships.

It's payment liquidity in motion, not treasury capital sitting on balance sheet. We position ourselves as the distribution and settlement layer for many stablecoins rather than the issuer of just one.

USDGO is additive to that. We distribute and settle other major stablecoins on the same rails today, and we intend to keep doing that.

Thank you, Kevin. Another question coming through.

Question number four from Ms. Zhang from Citi: Against a challenging market backdrop, OSL has delivered strong growth this half.

What is driving of the growth and what is management's core growth strategy moving forward? Kevin, do you mind taking this?

Sure. The first half, digital asset price fell and the sentiment weakened, and our scale and revenue still grew.

Our revenue now comes mainly from payment and settlement: real commerce, cross-border trade, and treasury flows. OSL is no longer just an exchange venue.

We are a global stablecoin infrastructure company. The growth comes from what we have become.

Looking forward, our growth rests on four pillars that build both width and depth. Firstly, we're expanding payment width with the Banxa integration.

Banxa brought licensed infrastructure, banking rails, and local networks to markets that take years to enter organically. Today, OSL has licensed coverage across 11 regions with 50-plus licenses and registrations, broadening our fiat-to-crypto corridors, lowering friction for clients, and positioning us to take share in the stablecoin payment market.

Secondly, we are capturing value depth through our USDGO integration. USDGO, as our flagship compliant stablecoin we distributed, run across the whole stack rather than being a single siloed product line.

Anchoring USDGO directly into our infrastructure let us capture a broader share of value chain economics, from transaction fees to distribution revenues. Thirdly, we're focused on building a evolutionary settlement layer for agentic payment.

OSL AgentPay is an AI-native, unified API supporting multiple protocols and multiple stablecoins. We are positioning it as the settlement layer of choice for agentic commerce, with a focus now growing the developer ecosystem and building seller-side acceptance across our global on- and off-ramp partners.

Finally, we're deepening the payment core through our stablecoin product offerings. We continue to broaden our stablecoin product offerings, expanding payment corridors and currency pairs so enterprise client can have better capital efficiency.

At the same time, we continue to invest in the settlement infrastructure itself: 24/7 instant settlement, deep liquidity, and enterprise-grade platform APIs, building the OSL Global Platform. All of this is happening against a market drop which is pulling institutional volume toward licensed multi-jurisdiction platforms.

That is our position as a stablecoin infrastructure company, and it compounds. Thank you.

Thank you, Kevin, so much for the insights. We've got two more questions coming in.

The fifth one is from Mr. Eric Hoi.

This is on margin drivers: Can OSL unpack the margin drivers and specifically how the market should think about OSL's blended take rate into the second half? Two subparts that comes together is: first, does AgentPay carry a structurally different fee model -- fixed per transaction rather than an ad valorem -- and what does that do to OSL's margin profile as it scales?

The second leg to the question would be: Does the Banxa and EU license expansion give OSL margin upside through a lower cost of compliance per dollar routed? I believe this question would fall under Ivan.

Thank you, Eric, for the question. I think you asked three questions.

Let me address it one by one. The first one is on the blended take rate evolution going forward.

Actually, if you look at our presentation, we deliberately not to show and comment on blended take rate trends. The reason is that the blended take rate actually depends a lot on the business mix from the very product lines, because very product lines, including on/off-ramp, OTC trading, exchange, etc., has a very different take rate profile.

Hence, when we look at the data for the past year or so, they actually don't really show a solid trend, but actually largely depending on the volume of each business line. Secondly, even within the same product or business line, the take rate by itself can also change quite a bit month by month or quarter by quarter.

That a lot is actually driven by the type of coins that our clients trade, and in sometimes certain type of coins may be more popular than other type of coins, right, and hence that would also impact our take rate. I guess at this stage of our business, given that we are still fast growing, our products are evolving quickly, the number of regions that we operate also change quickly as well, and hence we do not really focus a lot on sharing blended take rate guidance, both on a historical basis and also more or less forward-looking basis.

I guess I would point to our investor community and colleagues that right now our focus is more on size. We want to grow our size as fast as possible, and especially across the $100 million of cash revenue as soon as possible, and that is our top focus.

Second question on AgentPay, whether it's a fixed or variable commission that we charge on the client, and actually very likely it could be both. Because this product is so new, and we are still in a testing phase with our partners, and we certainly will also test out how we charge to our clients as well.

It's hard to say whether it's a fixed or is a variable or based on a certain percentage. We certainly don't expect that it will change our margin profile significantly going forward, given that this is a new product that we launched and will take some time to develop.

Last question would be on the Banxa EU license expansion to drive margin upside, right, through the lower cost of compliance. Certainly that is the case, and that is what we hope to achieve from operating leverage as well, right.

The point that you made on the license, the lower cost of compliance per dollar routed, that's certainly the case. When we have the base set up, every transaction routed through our channels essentially has a pretty high incremental margins.

That does not only apply for the compliance cost; that also applies for the tech cost as well on our payment and settlement network. Back to you, Tiffany.

Thank you, Ivan. That's very clear.

Hope that answers your questions, Mr. Hoi.

I guess we have time for one last question. This is a question from Haitong International, Ms.

Tan. This one is on capital deployment.

It's also a two-part question: OSL has accelerated capital outlays for cross-border global expansion. What is OSL's capital expenditure budget for international growth over the next 12 to 18 months?

If any, which jurisdictions represent the top strategic priorities? Ivan, do you mind taking this as well?

Sure. Yep, the first question on capital outlays and capital expenditure, right.

I think before talking about the budget, it's very important to know that from the company perspective, one, we do not have much capital expenditure. Our capital expenditure is mostly, for example, on the notebook, on the computer that we buy for our colleagues, office renovation, etc.

Those items are seen as a capital expenditure. Majority of our cost base are actually operating costs.

For example, the cost of our engineers that we hire to develop our products and do the coding for us, we just expense the cost directly. We do not capitalize the cost.

I think that's one very important point to note on how we treat our cost base. Secondly, on the capital expenditure budget for international growth, at least for the rest of '26, when we look at our cost base, actually most of the costs today are incurred for our international business already.

These will include the product and tech team that we have and help us to build up our stablecoin payment business. These head count might be located in Hong Kong, but actually they are spending their time helping us to developing products for our international business.

In addition, they are also costs that we spent on hiring the compliance team and the finance team as required by each of the license that we owned. If you look at our cost base, actually I would say more than half, if not a significant majority of our cost base are already for international growth and expansion already.

In terms of jurisdictions for our top priority, one is on Europe. Because of the Banxa acquisition, we got a MiCA license in the Netherlands.

We also secured our own MiCA license in Austria, and we are looking forward to further expand our business in Europe as a whole. Then secondly, for cross-border payment business, what we're looking for would be the cross-border payment flow between Asia and other emerging markets, in the like of Africa and LatAm, right.

We are also looking forward to getting more exposure to selected Africa and LatAm American countries as well, from both a licensing perspective and also opex perspective. Second question on the sharp rally in virtual asset prices from August and whether any guidance for Q3 trading volume.

Without specifying or quantifying the numbers, I think in general our trading business improved and also our on/off-ramp business improved with the broader market sentiment. Hence in Q3, especially in the past couple of weeks, from our operating data, we do see that there is a uptick in our business across OTC and also on on/off-ramp business.

Hopefully this trend will continue, and that would be more supporting to our business growth as well, on top of the growth that we already delivered on the business.

Okay. Thank you, Ivan.

Thank you everyone who submitted a question, and that brings our Q&A section to a close. Thank you, Kevin and Ivan, for your time.

Before we wrap up, thank you all for joining us today. We appreciate your continued interest in and support of OSL Group.

If you have any further questions, please do reach out to our investor relations team directly. Today's presentation materials will be available on our website shortly.

Thank you again and have a good day. Thank you.