Record Transaction Volume Growth
Total transaction volume increased by 201% year-over-year to over HKD 200 billion in 2025, reflecting strong platform traction and higher throughput.
Substantial Cash Revenue Expansion (Non-IFRS Income)
Adjusted non-IFRS income (operating cash revenue) rose to HKD 534.1 million, representing approximately 150% year-over-year growth, validating the shift to a stablecoin-centric business model.
Stablecoin Adoption and Product Suite
Stablecoins accounted for roughly 60% of transaction volume. Key product launches and integrations include OSL BizPay (stablecoin payments), StableHub (0 slippage stablecoin conversion), USDGO (compliance-first stablecoin in partnership with Anchorage), and Banxa on/off-ramp capabilities.
Global Licensing, Connectivity and Scale
Management reported over 50 licenses/registrations across 11 jurisdictions, expanded global connectivity (support for 30+ fiat currencies, integrations with 80+ blockchain networks / references to 100+ networks and ~200 digital assets in presentations), pay-in/payout coverage in 150+ countries, and reach to ~1.5 billion users via enterprise partners.
Significant Capital Raise and Strategic M&A
Raised an aggregate of USD 500 million via two equity financings (USD 300M in Sept 2025 and USD 200M in Feb 2026). Completed strategic acquisitions including Banxa and regional targets (Japan, Italy, Indonesia) to accelerate on/off-ramp and licensing footprint.
Market Recognition and Index Inclusion
Included in KPMG China Fintech 50 and CMBC World Top Fintech Companies 2025 (only Hong Kong-based in that list). Added to the Hang Seng Composite Index and the FTSE All Cap Index for the first time and maintained inclusion in MSCI Index since 2024.
International Revenue Mix Growing
Management stated overseas operations materially increased: CEO cited overseas contributing 67% of total IFRS income, while the CFO noted overseas operations account for roughly 76% of reported income, indicating a sizable and growing international revenue base.