Our mission is to use blockchain technology to provide businesses with more reliable and transparent data management, to reinvent global flow of funds for businesses and consumers and to lead the digital transformation of business operations. We believe in the power of blockchain technology and have focused on leveraging it to optimize and in some cases transform the way enterprises operate. Established in 2010 in Taiwan, we operate as the OwlTing Group and have delivered solutions to various industries and are expanding actively into multiple markets including the United States, Japan, Singapore, Hong Kong, Malaysia and Thailand, as well as jurisdictions in South America and the EU. Through our e-commerce, hospitality and payments offerings, we are committed to serving businesses and individuals whose commercial activities involve cross-border transactions. From our earliest days with our product OwlTing Market™, our e-commerce platform that was designed to connect local Taiwanese farmers and merchants with their customers, we have worked closely with the merchants on our platform and come to understand their business pain points. Our OwlTing Blockchain Services™ emerged from such business understanding, and we have aimed to build a blockchain traceability solution that empowers organic farmers with better transparency of their business and operations, which can be extended to other use cases. By building our expertise in blockchain ledger transaction models, we concluded that the prevention of double spending with the use of timestamps and proof of work could also be utilized in the hospitality industry, which faces the need to address double-booking problems. We thus expanded into the hospitality sector in 2018 by offering innovative solutions to hotels and other hospitality industry customers through our platforms, including the OwlNest™ hotel property management system, or PMS, that leverages blockchain technology to prevent double bookings. We also launched the OwlJourney™, an online travel agency, or OTA, platform that benefits from accurate real-time inventory data from integration with OwlNest’s inventory system, to empower travel service providers with optimized efficiencies. In addition, our OwlTing Experiences™, also an OTA, focuses on offering curated local activity and tour options for lodging guests, enriching their travel experiences beyond accommodations. As we further developed our presence in the hospitality industry, we also gained a first-hand understanding of the challenges of cross-border payments faced by our hospitality clients. We saw the issues faced by our hospitality clients and their two most prominent pain points in the payment process: high processing costs from cross-border transactions and delayed settlement from the payers, including large OTAs. In response, we launched OwlPay™ in 2023 intending to enable businesses in the hospitality sector and beyond to use stablecoins and/or fiat currency in payouts to global suppliers. OwlPay is an application programming interface, or API, based payment suite with secure, real-time and cost-effective one-stop payment solutions covering a range of services from payment gateway to business payout. Using blockchain technology and developer-friendly APIs for integration, OwlPay aims to payments for both businesses and consumers. OwlPay is a full-stack payment service suite that supports multiple payout settlement routes, not only in fiat currency but also in stablecoin USD Coin (“USDC”) backed by U.S. dollar-denominated assets, through various product offerings. We currently offer various solutions for both platform solutions that provide user interfaces to our end users and infrastructure solutions that support third-party providers, through OwlPay Payment, OwlPay Wallet Pro and OwlPay Harbor within the OwlPay suite. OwlPay Payment provides user interfaces that offer services ranging from payment gateway to various payout solutions in stablecoin and fiat currencies. OwlPay Wallet Pro is a platform product that provides a hosted wallet for business customers and an unhosted wallet for individual users, supporting stablecoin on/off-ramp services and enabling both business and individual customers to receive and send money both domestically and internationally within minutes, with stablecoins over the public blockchain ledgers Ethereum, Avalanche, Polygon, Optimism, Arbitrum and Stellar. In addition, OwlPay Wallet Pro recently introduced a digital gift card service in the U.S., allowing users to purchase and redeem gift cards directly with USDC, thereby extending the everyday utility of stablecoins in retail and consumer payments. We also provide an infrastructure solution: OwlPay Harbor—our proprietary API packages—provides the functionalities of payment gateway collection of customers fund via stablecoins, on/off-ramp between fiat currencies and stablecoins, cross-chain transactions between USDC across different blockchains, and payout capabilities, empowering third-party wallet providers, financial institutions, and platform operators requiring cross-border payment solutions to offer stablecoin-based payment gateways, on/off-ramp services, cross-chain transactions, and payouts to their end users by leveraging our infrastructure. We currently provide these API packages across multiple blockchains, including EVM-compatible networks, the Solana network, and the Stellar network, where we serve as a “Stellar Anchor”. We also plan to provide Wallet-as-a-Service (WaaS), allowing enterprises to customize and deploy wallets for their end users. For our end customers holding a wallet with our OwlPay Wallet Pro, we provide the on/off-ramp services to facilitate conversion between USDCs and U.S. dollars, both directly interfacing our products and through our third-party collaborators and service providers, MoneyGram and MoonPay. For business customers that wish to leverage USDC, we offer on/off-ramping services via wire transfers and automated clearing houses (“ACH”). For individual customers, we offer on/off-ramping services via wire transfers and ACH, as well as via cash and credit card leveraging our collaborations with MoneyGram and MoonPay, respectively. We plan to further expand our on/off-ramping capabilities via debit cards using VISA Direct. Such conversion services are also available to customers of third-party wallet providers or financial institutions using OwlPay Harbor, our proprietary API package that enables third-party users to access our conversion capabilities, between fiat currencies and stablecoins, as well as between USDC across different blockchains (which also integrates stablecoin-based payment gateway solutions and payout capabilities). All transactions are within standard security and compliance infrastructure on par with a traditional financial institution. To make transactions more convenient for our OwlPay Wallet Pro customers on supported blockchains, we handle the payment of the gas fees (which are transaction fees paid for executing transactions on a blockchain network, typically paid in the digital asset native to such blockchain network) incurred on these blockchains on behalf of our OwlPay Wallet Pro customers for certain types of customers and transactions, so that these customers do not need to hold the native digital assets of the transaction chain. We currently support OwlPay Wallet Pro’s customers to send, receive and hold USDC, EURC, ZUSD, and GYEN and the conversion between USD and USDC. Additionally, for individual customers, we also support sending, receiving and holding native digital assets. OwlPay Wallet Pro recently introduced a digital gift card service in the U.S., allowing users to purchase and redeem gift cards directly with USDC, thereby extending the everyday utility of stablecoins in retail and consumer payments. OwlPay’s customers are currently able to access various fiat currency and USDC payment options and perform these payment transactions within OwlPay suite. We plan to expand OwlPay Wallet Pro services to support more blockchains, including Base, and plan to diversify our stablecoin offering to enable a broader set of conversion corridors between fiat currencies and stablecoins, as well as to facilitate foreign exchange transactions using stablecoins in the future. We have also rolled out our OwlPay Harbor services to other participants in the digital asset economy and payment industry, including serving as a “Stellar Anchor” for on/off-ramping USDC on Stellar to third parties on the Stellar Network and supporting EVM-compatible blockchains and Solana. OwlPay is designed to simplify backend financial operations and cross-border transactions. For potential business clients without in-house technical teams to support system integration but requiring payment gateway and cross-border payout services, we offer OwlPay Payment—an user interface solution that seamlessly connects with their bank accounts/wallets, facilitating vendor and order management, mass payouts, real-time exchanges and automated payment processes using fiat currency and USDC. The payout transactions are signed using hardware security module technology, a specialized security device used to manage, process and store digital keys securely, in order to ensure cryptographic operations are performed within a tamper-resistant environment. All of these features enhance the payment experience for businesses, especially SMEs that have limited scale of operations but still require efficient cross-border payment solutions. Beyond business clients, we expect to further develop and release services for individual customers that would integrate payment services offered by card networks, such as VISA Direct, to provide our individual customers a convenient way to send funds from a bank or card account to another party’s card or bank account within the same card network. Within the OwlPay suite, our customers can access various fiat currency and USDC payment options and seamlessly perform transactions through different solutions, and we believe we are an early mover to provide the one-stop service framework which enables businesses to collect payments from end-users and make payments to vendors, with the flexibility to settle transactions in either fiat currency or USDC and enables individuals a simpler, more convenient and faster way to perform cross-border transactions and remittances. According to CB Insights’ latest Stablecoin Market Map, OwlTing is ranked among the top 2 global players in the “Enterprise & B2B” category, earning a high Mosaic score of 832—underscoring its leadership in blockchain-powered financial infrastructure for businesses. OwlPay for its business customers supports B2B stablecoin transactions via a hosted wallet infrastructure and a comprehensive suite of services, including stablecoin payment gateway services, on/off-ramp capabilities, cross-chain transfers and payout services. These services enable key use cases such as e-commerce payments, cross-border remittances, payroll, and treasury management. The Mosaic score—CB Insights’ proprietary metric evaluating market opportunity, momentum, and financial strength—highlights OwlTing’s strong market positioning and growth potential in the enterprise stablecoin ecosystem. OwlPay continues to build multi-jurisdictional capabilities and aims to expand its service offerings internationally. For example, we currently hold money transmitter licenses, or MTLs, in 35 states in the United States and the Virtual Asset Service Provider, or VASP, registration in Poland, and the Electronic Payment Instrument Service Provider, or EPISP, registration in Japan. We are in the process of applying for MTLs in remaining states in the United States, an Electronic Money Institution (EMI) license in the EU, a fund transfer service license and a stablecoin license in Japan, a major payment institution license in Singapore and a money service operator license in Hong Kong; and we expect to upgrade the qualification as a Crypto Asset Service Provider, or CASP, under Markets in Crypto-Assets Regulation (MiCAR) in the EU. We also plan to further expand to Brazil, Argentina and other markets in South America where we could provide virtual asset services without being subject to licensing requirements. We believe our payment business powered by blockchain technology will be the most significant driver of our future business expansion plans. Our OwlPay services have historically been focused on processing transactions in fiat currencies, and no revenues for the years ended December 31, 2023 and December 31, 2024 were generated from OwlPay Harbor and OwlPay Wallet Pro. As we continue to roll out OwlPay Harbor and OwlPay Wallet Pro and expect market adoption of stablecoins to increase, we believe OwlPay Harbor and OwlPay Wallet Pro would enhance the breadth of our OwlPay services and strengthen our market position in digital asset payment solutions. We further believe our expansion into new products and markets from our current customer-centric businesses will enable us to capture cross-selling opportunities with our existing relationships in the e-commerce and hospitality industries, and to grow into a comprehensive cross-border payment solution suite and business ecosystem. For the year ended December 31, 2024, our company’s total revenue was comprised of our operations in the following main business segments: (i) Payments contributed to 53% of our total revenue; (ii) Hospitality (which include software services and platform services) contributed to 37% of our total revenue; and (iii) E-commerce contributed to 10% of our total revenue. Obook Holdings Inc. is located in Taipei City, Taiwan, Republic of China.