Financial risk management (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of exposure to digital asset payable to related parties


		As of December 31, 2024				As of December 31, 2025
		BTC		ETH		BTC		ETH
Financial assets
Collateral receivables		2,289		—		—		124
Digital assets		2,064		743		7,883		5,937
Digital assets receivable from related parties		4,130		155		(48,008)		(4,368)
Crypto assets loan receivables		43,618		3,099		10,940		8,562
		52,101		3,997		(29,185)		10,255
Financial liabilities
Collateral payables		(2,289)		—		—		(1,487)
Digital assets payables to customers		(44,446)		(3,444)		(16,212)		(7,881)
Digital assets payables to related parties		(5,262)		(531)		47,475		289
		(51,997)		(3,975)		31,263		(9,079)
Net exposure		104		22		2,078		1,176


		As of December 31,
		2024	2025
BTC strengthening 30% (2024: 30%)		31	623
ETH strengthening 30% (2024: 30%)		7	353

Schedule of loss allowance for trade receivables


				Past due
		Current		1—90 days		90—180 days		Over 180 days		Total
As of December 31, 2025
Gross carrying amount		4,843		1,437		261		804		7,345
Allowance for credit losses		426		379		246		804		1,855
Weighted average expected loss rate		8.80	%	26.40	%	94.25	%	100	%	25.26	%

Schedule of movement in the allowance for credit losses


		As of December 31,
		2024		2025
Balance at the beginning of year		—		—
Business combination – merger transaction (Note 5.1)		—		3,300
Reversal for the year		—		(1,431)
Exchange differences		—		(14)
Balance at the end of year		—		1,855

Schedule of customers whose revenue individually accounted


		For the years ended December 31,
		2023		2024		2025
Customer A		308		1,898		24,142
Customer B		—	*	3,709		8,860
Customer C		1,277		—	*	—	*

*Less than 10%

Schedule of remaining contractual maturity for non-derivative financial liabilities


		On demand/		Between		Total contractual		Carrying
		within 1 year		2 — 5 years		cash flows		amount

As of January 1, 2024
Trade and other payables		637		—		637		637
Amount due to related parties		26,875		—		26,875		26,875
Liabilities due to customers		13,867		—		13,867		13,867
Derivative financial liabilities		20		—		20		20
		41,399		—		41,399		41,399
As of December 31, 2024
Trade and other payables		1,841		—		1,841		1,841
Collateral payables		14,414		—		14,414		14,414
Lease liabilities		250		500		750		715
Amount due to related parties		9,980		—		9,980		9,980
Liabilities due to customers		71,523		—		71,523		71,523
Derivative financial liabilities		1,576		—		1,576		1,576
		99,584		500		100,084		100,049
As of December 31, 2025
Trade and other payables		13,408		47		13,455		13,455
Collateral payables		10,941		—		10,941		10,941
Lease liabilities		904		732		1,636		1,589
Amount due to related parties		48,031		—		48,031		48,031
Liabilities due to customers		61,351		—		61,351		61,351
Derivative financial liabilities		316		—		316		316
		134,951		779		135,730		135,683

Schedule of fair value of assets and liabilities


		Fair value of assets and liabilities using
		Quoted prices in		Significant
		active markets		observable inputs		Significant
		for identical		other than quoted		unobservable		Total
		instruments		prices		inputs		fair
		(Level 1)		(Level 2)		(Level 3)		value
At January 1, 2024
Financial assets:
Financial assets at fair value through profits or loss		—		—		257		257
Crypto assets loan receivables		7,868		—		—		7,868
Derivative financial instruments		—		20		—		20
		7,868		20		257		8,145
Financial liabilities:
Derivative financial instruments		—		20		—		20
Liabilities due to customers		13,867		—		—		13,867
		13,867		20		—		13,887
At December 31, 2024
Financial assets:
Financial assets at fair value through profits or loss		—		—		264		264
Crypto assets loan receivables		69,934		—		—		69,934
Derivative financial instruments		—		1,576		—		1,576
Collateral receivables		14,414		—		—		14,414
Digital assets		2,817		188		—		3,005
USDC		1,827		—		—		1,827
		88,992		1,764		264		91,020
Financial liabilities:
Derivative financial instruments		—		1,576		—		1,576
Collateral payables		14,414		—		—		14,414
Liabilities due to customers		71,523		—		—		71,523
		85,937		1,576		—		87,513

At December 31, 2025
Financial assets:
Financial assets at fair value through profits or loss		268		—		23,005		23,273
Crypto assets loan receivables		42,141		—		—		42,141
Derivative financial instruments		—		316		—		316
Collateral receivables		3,407		—		—		3,407
Digital assets		32,901		608		—		33,509
USDC		12,449		—		—		12,449
		91,166		924		23,005		115,095
Financial liabilities:
Derivative financial instruments		—		316		—		316
Collateral payables		10,941		—		—		10,941
Liabilities due to customers		61,351		—		—		61,351
		72,292		316		—		72,608

Schedule of fair value changes in Level 3 items


		Fund		Unlisted equity
		investments		investments		Total
At January 1, 2024		257		—		257
Fair value changes (Note 26)		7		—		7
At December 31, 2024		264		—		264
Business combination – merger transaction (Note 5.1)		5,846		—		5,846
Additions during the year		16,333		1,000		17,333
Fair value changes (Note 26)		(438)		—		(438)
At December 31, 2025		22,005		1,000		23,005

- Definition

The disclosure of the reconciliation of changes in the loss allowance and explanation of changes in the gross carrying amount for financial instruments. Loss allowance is the allowance for expected credit losses on financial assets measured in accordance with paragraph 4.1.2 of IFRS 9, lease receivables and contract assets, the accumulated impairment amount for financial assets measured in accordance with paragraph 4.1.2A of IFRS 9 and the provision for expected credit losses on loan commitments and financial guarantee contracts. [Refer: Gross carrying amount [member]]

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