12 Term deposits and other financial assets Term deposits and other financial assets are comprised of the following: | | | | | | | | | | | | | | | | | As of December 31, | | In thousands of USD | | 2024 | | 2025 | | | | | | | Financial assets at fair value through OCI | | 47,627 | | | — | | | Short term and other deposits | | 30,958 | | | 1,162 | | | Term Deposits and other financial assets | | 78,585 | | | 1,162 | |
Short term and other deposits represent rent and interest bearing deposits with a commercial bank for a fixed period of more than 3 months. In 2024, short term deposits includes the placement of a USD 30,000 thousand bank deposit, in Germany, with a maturity of 6 months. Financial assets measured at fair value through other comprehensive income comprise investments in listed investment grade bonds, via a discretionary account managed by Citi Private Bank, with the objective of maintaining capital and obtaining benchmark yields. The Group holds these investments under a “hold to collect and sell” business model as defined under IFRS 9. Interest income from financial assets at fair value through OCI are disclosed in Note 28. During 2025, the financial assets at fair value through OCI matured and were fully settled. Fair value reserve The movement in the fair value reserve for financial assets at fair value through other comprehensive income (“FVOCI”), including the allowance for expected credit losses (“ECL”), is as follows: | | | | | | | | | | In thousands of USD | | OCI on financial assets at fair
value | | Balance as of December 31, 2023 | | (5,820) | | | Changes in fair value of financial assets | | 1,441 | | | Deferred tax assets on fair value loss through other comprehensive income | | (1,114) | | | Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets | | 3,427 | | | Changes in allowance for expected credit losses - reversal | | (17) | | | Changes recognized in other comprehensive income of the period (Note 16) | | 3,737 | | | Balance as of December 31, 2024 | | (2,083) | | | Changes in fair value of financial assets | | 467 | | | Deferred tax assets on fair value loss through other comprehensive income | | (944) | | | Reclassification from fair value reserve to profit or loss of the period due to maturity or sale of financial assets | | 2,577 | | | Changes in allowance for expected credit losses - reversal | | (17) | | | Changes recognized in other comprehensive income of the period (Note 16) | | 2,083 | | | Balance as of December 31, 2025 | | — | |
Allowance for expected credit losses The movement of allowance for expected credit losses (“ECL”) of other financial assets measured at fair value through other comprehensive income is as follows: | | | | | | | | | | In thousands of USD | | ECL of other financial assets | | Balance as of December 31, 2023 | | 34 | | | Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income | | (17) | | | Total changes in allowance for expected credit losses | | (17) | | | Balance as of December 31, 2024 | | 17 | | | Changes recognized in profit or loss as net impairment gains/losses on financial assets at fair value through other comprehensive income | | (17) | | | Total changes in allowance for expected credit losses | | (17) | | | Balance as of December 31, 2025 | | — | |
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