Interim report

( @r1 ) (Incorporated in Bermuda with limited liability) Stock C4e: 8279

MPoy mCord @ mCoin @ mPoss Interim Report

Fortune • Happiness • Health • Luck • Responsibility

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.

This report, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.

• Revenue of the Group for the Six-Month Period amounted to approximately HK$369.4 million (Six months ended September 30, 2024: approximately HK$271.4 million), representing an increase of approximately 36.1% compared to the six months ended September 30, 2024. For the Six-Month Period, revenue contributions were mainly derived from the following businesses:

  1. Full-scale banking business

     There was an overall increase in revenue by approximately HK$83.3 million to approximately HK$90.1 million for the Six-Month Period, mainly due to the consolidation of financial statements of Ant Bank (Macao) into those of the Group for the full six months for the Six-Month Period, compared with only about one month for the six months ended September 30, 2024 following the completion of the Group's acquisition of a controlling stake in Ant Bank (Macao) on September 2, 2024 ("Post-acquisition"). It mainly included interest income derived from loans to individuals and corporate customers, placements with banks and monetary bills with AMCM of approximately HK$70.8 million (Six months ended September 30, 2024: approximately HK$5.4 million) and fee and commission income (mainly derived from securities investment services, account services and insurance agency services) of approximately HK$19.3 million (Six months ended September 30, 2024: approximately HK$0.5 million).

  2. Digital payment and related businesses (including local consumer services and payment-related hardware supply)

     There was an overall increase in revenue by approximately HK$10.1 million to approximately HK$148.3 million for the Six-Month Period, mainly due to the increase in inbound tourists in Macau, increase in local consumption through digital payment benefiting from the consumption promotion campaign such as the "Community Consumption Grand Prize 2025" and the growth in the Group's marketing technical services in Macau during the Six-Month Period.

     
     
     

  3. Lottery business

     There was an overall increase in revenue by approximately HK$4.6 million to approximately HK$131.0 million for the Six-Month Period, mainly due to the increase in revenue from the provision of lottery offline distribution and other integrated services by approximately HK$7.2 million as a result of the recovery in supply of instant scratch tickets by the lottery authorities in the PRC this year.

• Operating loss for the Six-Month Period was approximately HK$41.0 million (for the six months ended September 30, 2024: approximately HK$28.9 million). The increase in operating loss by approximately HK$12.1 million was mainly due to a combination of factors: (i) the increase in total revenue of the Group as mentioned above (partially offset by the related costs and expenses); (ii) the increase in the Group's other operating expenses by approximately HK$48.0 million, primarily due to the consolidation of other operating expenses of Ant Bank (Macao) of about HK$42 million for the full six months for the Six-Month Period (while only about one month of such expenses were consolidated by the Group for the six months ended September 30, 2024); and (iii) the increase in the Group's employee benefits expenses by approximately HK$7.6 million, primarily due to the consolidation of such expenses of Ant Bank (Macao) of about HK$10.4 million for the full six months for the Six-Month Period (while only about one month of such expenses were consolidated by the Group for the six months ended September 30, 2024).

• The loss for the Six-Month Period was approximately HK$25.6 million (for the six months ended September 30, 2024: approximately HK$1.6 million). The overall increase by approximately HK$24.0 million is primarily due to the Group's full-scale banking business, which recorded a loss of approximately HK$24.4 million for the full six months for the Six-Month Period, compared with approximately HK$7.1 million for the six months ended September 30, 2024 (accounting for only about one month of results for the six months ended September 30, 2024 Post-acquisition). Therefore, it is reasonable to expect a greater impact on the Group's overall results for the Six-Month Period.

• The Board does not recommend the payment of an interim dividend for the Six-Month Period.

The Board announces the unaudited consolidated interim results of the Group for the six months ended September 30, 2025 (the "Six-Month Period"), together with the unaudited comparative figures for the corresponding periods in the preceding financial year as follows:

For the six months ended September 30, 2025

Notes HK$'000 HK$'000

Notes HK$'000 HK$'000

As at September 30, 2025

For the Six-Month Period

controlling

For the Six-Month Period

Cash and cash equivalents at the

beginning of the period 1,888,418 1,165,914 Effect of foreign exchange rate

changes 2,084 4,591

Cash and cash equivalents at the end

of the period 8 2,904,676 1,261,528

Notes:

1. BASIS OF PREPARATION

   The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA") and disclosure requirements of GEM Listing Rules.

   The consolidated financial statements have not been audited by the Company's auditors, but have been reviewed and commented on by the Company's audit committee. The accounting policies applied and significant judgements made by management in applying the Group's accounting policies are consistent with those of the Group's annual financial statements for the year ended March 31, 2025, except for the adoption of new or revised standards, amendments and interpretations which are relevant to the operations of the Group and mandatory for annual periods beginning April 1, 2025.

   HKICPA has issued a number of new and revised Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations (the "new and revised HKFRS"). The adoption of new and revised HKFRS that are first effective for the current accounting period does not have a material impact on the Group's results of operations or financial position. The Group has not early adopted the new and revised HKFRS that have been issued but are not yet effective, as the Group is in the process of assessing the impact of these new and revised HKFRS on the financial performance and financial position of the Group.

2. REVENUE AND SEGMENT INFORMATION

   Revenue represents the amounts received and receivable from digital payment business in Macau (including provision of payment card services and ancillary services, e-wallet services, acquiring services for merchants and payment-related hardware supply), full-scale banking business in Macau (including provision of digital banking services for individuals and SMEs, internet securities investment services, account services and insurance agency services), lottery business in the Chinese Mainland (including lottery hardware sales and related after-sales services, and offline distribution and other integrated services), local consumer services business in Macau and the Chinese Mainland (including lifestyle, culture and entertainment, marketing technical services and e-commerce) and lease income of payment terminals and equipment in the Chinese Mainland and Macau and is analysed as follows:

   
   
   Six months ended September 30, 2025 2024

   	(unaudited) HK$'000		(unaudited) HK$'000
   Digital payment services:
   (a) payment card services and ancillary services	26,945		27,801
   (b) e-wallet services	49,232		49,427
   (c) acquiring services for merchants	55,493		52,305
   (d) payment-related hardware sales	2,225		1,204
   	133,895		130,737
   Full-scale banking services:
   (a) digital banking services for individuals and
   SMEs (including deposits, loans, transfers and
   cross-border remittances, cross-border e-commerce/
   supply chain financing, wealth management, etc.)		72,619*		5,479
   (b) internet securities investment services		9,147		230
   (c) account services and insurance agency services		8,335		1,104
   		90,101		6,813

   88,347

   37,994

Lottery services:

1. 1. lottery hardware sales

   2. lottery offline distribution and other integrated services

      130,972 126,341

      Local consumer services:

      Lifestyle, culture and entertainment, marketing

      technical services and e-commerce	12,461	5,320
      Subtotal	367,429	269,211
      Lease income of payment terminals and equipment	1,996	2,183
      Total	369,425	271,394

      Note*: For the Six-Month Period, digital banking business for individuals and SMEs included interest income derived from full-scale banking business of approximately HK$70,798,000 (for the six months ended September 30, 2024: approximately HK$5,405,000).

      
      
      Segment information

      The executive Directors have been identified as the chief operating decision maker ("CODM"). The CODM reviews the Group's internal reporting in order to assess performance and allocate resources.

      The segment information reported externally is analyzed on the basis of the composition of its reporting segments by line of business, namely: (i) Digital payment and related businesses; (ii) Full-scale banking business; and (iii) Lottery business. The CODM is of the view that the revised presentation of the operating segment information better reflects the Group's operations and this is consistent with the internal information regularly reviewed by the CODM for the purposes of resources allocation and assessment of performance.

      Principal activities of the Group's reportable segments are as follows:

      Digital payment and related businesses - provision of payment card services and ancillary services; provision of e-wallet services; provision of acquiring services for merchants; local consumer services; sale and leasing of payment terminals and equipment primarily in Macau; and other related services.

      Full-scale banking business - provision of digital banking services for individuals and SMEs (including deposits, loans, transfers and cross-border remittances, cross-border e-commerce/ supply chain financing, wealth management, etc.); internet securities investment services; account services and insurance agency services in Macau; and other related services.

      Lottery business - sales and leasing of lottery hardware (including provision of related after-sale services), provision of lottery offline distribution and other integrated services in the Chinese Mainland; and other related services.

      Segment results represent the profit earned or loss incurred by each segment without allocation of results attributable to finance income, finance cost, income tax, depreciation and amortization expenses, net other gains/losses, gain or loss on fair value changes of financial assets at fair value through profit or loss, unallocated other income and unallocated expenses (the "Segment Results"). Unallocated expenses mainly includes corporate and head office expenses. This is the measure reported to the CODM for the purpose of resource allocation and performance assessment.

      
      
      

      Information regarding the above reportable segments is reported as below:

      1. Segment revenue and results Digital payment and related businesses Full-scale banking business* Lottery business Total Six months ended September 30, Six months ended September 30, Six months ended September 30, Six months ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

         	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
         Segment revenue
         Recognized at a point in time	140,958	131,786	19,303	1,408	85,748	88,347	246,009	221,541
         Recognized over time	5,390	4,257	-	-	45,232	38,008	50,622	42,265
         Interest income derived
         from full-scale banking business	-	-	70,798	5,405	-	-	70,798	5,405
         Lease income of payment terminals and equipment	1,996	2,183	-	-	-	-	1,996	2,183
         Total revenue	148,344	138,226	90,101	6,813	130,980	126,355	369,425	271,394
         Segment Results	(5,061)	(15,027)	(15,448)	(5,410)	39,565	31,575	19,056	11,138

         Finance income 15,295 24,945

         Finance cost (1,337) (1,373)

         Depreciation and amortization expenses							(31,926)	(27,059)
         Net other losses							(7,403)	(813)
         (Loss)/gain on fair value
         changes of financial
         assets at fair value through profit or loss							(561)	3,089
         Unallocated other income							1,747	1,694
         Unallocated expenses							(22,512)	(13,866)
         Loss before income tax							(27,641)	(2,245)

         Note*: For the Six-Month Period, segment results included net interest income for full-scale banking business of approximately HK$19,991,000 calculated as interest income derived from full-scale banking business of approximately HK$70,798,000 less interest expense incurred from full-scale banking business of approximately HK$50,807,000.

         
         
         
      2. Segment assets and liabilities

         As at September 30, 2025, separate assets and segment liabilities information for full-scale banking business are provided to the CODM. Apart from this, there was no separate segment assets and segment liabilities information provided to the CODM, as CODM does not use this information to allocate resources to or evaluate the performance of those non-full-scale banking operating segments.

         For the Six-Month Period

         		Non-
         	Full-	full-
         	scale	scale
         	banking	banking
         	business HK$'000	business HK$'000	Total HK$'000
         Investment in associate and joint ventures accounted for by the equity method	-	-	-
         Additions to non-current assets*	2,592	8,449	11,041
         Total assets	5,965,962	3,374,650	9,340,612
         Total liabilities	5,477,392	1,108,048	6,585,440

         
         
         
      3. Geographical information

      The Group's operations are mainly located in the Chinese Mainland and Macau.

      The Group's revenue from external customers by location of operations and information about its non-current assets* by location of assets are detailed below:

      Revenue from external customers Non-current assets* Six months ended September 30, As at September 30,

      As at March 31,

      	2025 (unaudited) HK$'000	2024 (unaudited) HK$'000	2025 (unaudited) HK$'000	2025 (audited) HK$'000
      Chinese Mainland	131,666	126,332	1,106,293	1,095,060
      Macau	237,759	145,039	909,278	942,374
      Hong Kong	-	-	3,200	3,651
      Others	-	23	-	-
      	369,425	271,394	2,018,771	2,041,085

      * Non-current assets represent non-current assets other than financial assets at fair value through profit or loss and deferred income tax assets.

      
      
      
2. OTHER OPERATING EXPENSES Six months ended September 30, 2025 2024

   	(unaudited) HK$'000	(unaudited) HK$'000
   Transaction service fees	45,029	38,950
   Handling fees (for stored value payment card top-up services)	15,631	14,847
   Distribution expenses	33,867	28,833
   Marketing expenses	4,301	4,246
   Customer loyalty programme related expenses	1,474	2,110
   Technology service fees	12,400	6,515
   Provision for warranties	6,512	6,991
   Fee and commission expense for full-scale banking services	7,197	506
   Legal and professional fees	4,433	4,321
   Outsource expense	23,805	1,494
   Management and administrative service fees to fellow subsidiaries	1,364	1,465
   Information service fee	703	703
   Rent, rates & property management fees	2,503	2,109
   Telecommunication and postage	1,991	1,889
   Repair and maintenance	505	1,056
   Office expenses	3,448	2,544
   Travel and transportation expenses	2,806	2,948
   Auditor's remuneration	1,453	1,050
   Others	9,921	8,717
   	179,343	131,294

3. INCOME TAX CREDIT

   Income tax credit for the Six-Month Period represents PRC Enterprise Income Tax, Macau complementary tax and deferred income tax.

   
   
   
4. LOSS FOR THE PERIOD

   Loss for the period has been arrived at after charging/(crediting):

   Six months ended September 30, 2025 2024 (unaudited) (unaudited)

   HK$'000 HK$'000

   Share-based payments/(reversal of share-based

   payments) 6,478 (1,295)

   Finance income

   - Interest income on bank deposits 15,295 24,945

5. (LOSS)/EARNING PER SHARE
   1. Basic

      Basic earning or loss per Share is calculated by dividing the unaudited loss attributable to owners of the Company for the Six-Month Period of approximately HK$14,177,000 (for the six months ended September 30, 2024: profit of approximately HK$1,972,000) by the weighted average number of ordinary Shares outstanding during the Six-Month Period of approximately 11,672,342,000 Shares (for the six months ended September 30, 2024: approximately 11,672,342,000 Shares) and excluding the weighted average number of Shares held for the Share Award Scheme of approximately 182,521,000 Shares (for the six months ended September 30, 2024: approximately 234,105,000 Shares).

   2. Diluted

Diluted earning or loss per Share is calculated by adjusting the weighted average number of ordinary Shares outstanding to assume conversion of all dilutive potential ordinary Shares. The Company has one category of dilutive potential ordinary Shares: Share awards. For the Share awards, a calculation is done to determine the number of Shares that could have been acquired at fair value (determined as the average market share price of the Shares) based on the monetary value of the subscription rights attached to the outstanding Share awards.

For the Six-Month Period, the computation of the diluted loss per Share does not assume the vesting of the outstanding Share awards, as they would decrease the diluted loss per Share.

For the six months ended September 30, 2024, diluted earning per Share is calculated by dividing the unaudited profit attributable to owners of the Company of approximately HK$1,972,000 by the adjusted weighted average number of ordinary Shares of approximately 11,497,608,000 Shares.

Ageing analysis of trade receivables based on the date of the relevant invoice or demand note before loss allowance was as follows:

Note: Cash and balances with banks comprised cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less.

* According to the statutory requirement in Macau, Ant Bank (Macao) is required to maintain minimum balance in its current accounts in MOP with AMCM in compliance with liquidity rules.

1. TRADE PAYABLES

   Ageing analysis of the trade payables based on invoice date was as follows:

   	As at September 30, 2025 (unaudited) HK$'000	As at March 31, 2025 (audited) HK$'000
   0 to 30 days	21,347	21,310
   31 to 60 days	-	180
   61 to 90 days	1	-
   91 to 120 days	102	111
   121 to 365 days	-	86
   Over 365 days	968	956
   	22,418	22,643

2. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS As at September 30, 2025

   As at March 31,

   2025

   (unaudited) (audited)

   HK$'000 HK$'000

   Convertible term loans 10,425 10,986

   As at September 30, 2025, financial assets at fair value through profit or loss in the sum of approximately HK$10.4 million represents the convertible term loan facilities in the maximum amount of INR1,319.4 million (or approximately HK$137.3 million) which had been provided by the Group to, and fully utilized by, its joint venture company in India, First Games Technology Private Limited (the "JV"). A fair value loss of such financial assets of approximately HK$0.6 million was recognized for the Six-Month Period (for the six months ended September 30, 2024: fair value gain of approximately HK$3.1 million).

   The convertible term loans are unsecured and are repayable on the dates falling after 60 months from the respective dates of their utilization (the "Final Repayment Dates") or can be converted into fully paid up shares of the JV either at the option of the Group (upon the occurrence of an event of default by the JV under the facility) or otherwise by mutual agreement among the JV, One97 Communications Limited ("One97") and the Group. The conversion price per share of the JV shall be equal to or higher than the fair market value per share of the JV subject to applicable law and to be determined by a qualified merchant banker, chartered accountant or practicing cost accountant mutually appointed by the JV and the Group in accordance with internationally acceptable pricing methodology for valuation on arm's length basis.

   
   
   Valuation technique

   The convertible term loans are treated as financial assets at fair value through profit or loss of the Group and are subject to fair value measurement (determined by recovery method to estimate the fair value) at discount rates with reference to the government bond benchmark yield curve as at the valuation date.

   Information about fair value measurement using significant unobservable inputs (level 3) - convertible term loans

   As at September 30, 2025
   Description Fair value	Valuation technique	Unobservable Inputs	Rate	Relationship of unobservable inputs to fair value
   (HK$'000)
   Convertible term loans 10,425 (as at March 31, 2025: 10,986)	Recovery method	Discount rate	5.86% (as at March 31, 2025: 6.44%)	The higher the discount rate, the lower the fair value

   As the convertible term loans are accounted for as financial assets at fair value through profit or loss of the Group and are subject to fair value measurement by way of the valuation technique mentioned above, no interests on the convertible term loans will be accrued or recognized by the Group during their tenure. However, in the event that the Group does not elect to exercise its right to convert all or any part of the convertible term loans into shares of the JV on or before the Final Repayment Dates, the JV shall repay the unpaid interests (calculated at the rate of 8% per annum) and the outstanding principal amounts of the convertible term loans on the respective Final Repayment Dates.

3. RELATED PARTY TRANSACTIONS
   1. Sales of goods and services Six months ended September 30, 2025 2024 (unaudited) (unaudited)

      HK$'000 HK$'000

      Revenue of digital payment business from

      related parties 5,253 2,814 Revenue of digital payment business from

      fellow subsidiaries 113 -

      Revenue of lifestyle, culture and entertainment and e-commerce business

      from fellow subsidiaries 199 82

      
      
      
   2. Purchases of goods and services Six months ended September 30, 2025 2024 (unaudited) (unaudited)

      HK$'000 HK$'000

      Recharge of service fees for digital payment

      business from related parties 20,378 17,013 Recharge for operation of lottery

      distribution from fellow subsidiaries 51 36

      Purchase of technology services (including outsourced resources) from fellow

      subsidiaries 9,642 3,485

      Purchase of technology services (including outsourced resources) from related

      parties 18,099 3,837

      Recharge for rental services from fellow

      subsidiaries 290 277

      Recharge for rental services from related

      parties 144 -

      Recharge for management and administrative services from fellow

      subsidiaries 1,361 1,465

      Recharge of resources sharing services from

      related parties 5,351 -

   3. Key management compensation

      The remuneration of the Directors (who are the key management personnel of the Group) during the period was as follows:

      Six months ended

      	September 30, 2025	2024
      	(unaudited) HK$'000	(unaudited) HK$'000
      Short-term employee benefits	3,778	3,986
      Share-based payments	564	732
      Post-employment benefits	203	207
      	4,545	4,925

      (d) Loan to related parties	As at	As at
      	September 30,	March 31,
      	2025 (unaudited) HK$'000	2025 (audited) HK$'000
      Convertible term loans to a joint venture (Note 10)	10,425	10,986
      (e) Amounts due from/(to) related parties	As at	As at
      	September 30,	March 31,
      	2025 (unaudited) HK$'000	2025 (audited) HK$'000
      Amounts due from fellow subsidiaries	1,717	1,697
      Amounts due from related parties	16,896	66,563
      Amounts due to fellow subsidiaries	(45,276)	(47,594)
      Amounts due to related parties	(50,649)	(56,353)

      
      
      
4. DIVIDEND

The Board does not recommend the payment of an interim dividend for the Six-Month Period (for the six months ended September 30, 2024: Nil).

AGTech was incorporated in Bermuda and its Shares are listed on GEM (Stock Code: 8279). The Company is included as a constituent stock in the MSCI World Micro Cap Index. As a comprehensive financial technology group dedicated to providing full-scale banking services, digital payment, and other related services to a wide range of users, AGTech's core businesses are broadly divided into four principal categories:

1. Full-Scale Banking Services:

   1. digital banking services for individuals and SMEs (including deposits, loans, transfers and cross-border remittances, cross-border e-commerce/supply chain financing, wealth management, etc.);

   2. internet securities investment services;

   3. account services and insurance agency services;

   4. customer self-service banking outlet

2. Digital Payment Services:

   1. payment card services and ancillary services;

   2. e-wallet services;

   3. acquiring services for merchants;

   4. payment-related hardware supply (including sales and leasing)

3. Local Consumer Services: lifestyle, culture and entertainment, marketing technical services for merchants and e-commerce platform; and

4. Lottery Services:

   1. lottery hardware sales;

   2. lottery offline distribution, and other integrated services.

As a member of the Alibaba Group, the Group is the exclusive lottery platform of Alibaba Group and Ant Group. AGTech is an associate member of the World Lottery Association (WLA) and the Asia Pacific Lottery Association (APLA).

The Group's businesses in Macau have gradually evolved into a digital ecosystem (as outlined in the diagram below) that integrates full-scale banking services, digital payment services, and local consumer services.

Digital banking services for individuals and SMEs

Online securities investment

Account services and

Payment card & ancillary services

E-wallet services

Acquiring services for merchants

Payment-related hardware supply

Marketing technical

insurance

agency

services

for merchants

Customer self-service banking outlet

Full-scale Banking Services

Culture & entertainment

Digital Payment Services

Lifestyle

E-commerce platform

Local Consumer Services

Featuring our own brands:

Collaborating partners: HSBC Life,

Macau Branch, Longbridge Securities, YF Life

Featuring our own brands:

Collaborating partners: Alipay+, Simple Pay

Featuring our own brands:

Collaborating partners: Alipay, Alipay+, Fliggy,

China Performing Arts Agency, China Arts and

Entertainment Group Ltd., Galaxy Entertainment, Damai Entertainment, Amap, Alibaba's "88VIP"

membership club, Sands China, etc.

AGTech is committed to becoming a leading global comprehensive financial technology group, providing customers with diversified services including full-scale banking services, digital payment services, digital local consumer services and lottery services to cater for the needs of different markets.

Leveraging its experience with online and mobile shopping and payment platforms, the Group aims to integrate its core strengths into digital payment and digital consumer services across Macau and beyond. By broadening its reach into complementary sectors (including banking, e-commerce, lifestyle, entertainment, advertising and marketing technical services), the Group seeks to promote mobile payments, support smart city development, and advance financial digitization. Its expansion into banking services aims to create synergies with existing businesses by connecting ecosystem resources from Alibaba Group and Ant Group to meet the consumption and financing needs of residents and SMEs.

Looking ahead, AGTech will continue to expand its business footprint and deepen its scenario-based service capabilities. With the rapid advancement of fintech in the Web 3.0 era, the Group will leverage Macau's unique advantages as a free port with an independent monetary system and an open environment for financial innovation. By harnessing innovative technologies such as the integrated digital lifestyle and financial platform, cross-border fintech, and blockchain, AGTech will collaborate with ecosystem partners to drive breakthrough developments in blockchain-based finance in the Guangdong-Hong Kong-Macao Greater Bay Area. Together, we aim to pioneer a new chapter in innovative financial services powered by cutting-edge technology.

Macau's Banking Industry

According to the Macau Government's 2025 Fiscal Year Policy Address, the Macau government has prioritized the development of appropriate economic diversification as its primary mission, explicitly stating the necessity to accelerate the development of a modern financial industry. The core objectives include promoting the development of bond markets, cross-border finance, wealth management, and other financial sectors; improving and optimizing the financial legal system and infrastructure; attracting and bringing in various types of financial institutions and funds; strengthening the cultivation and admission of financial talent; creating a better financial environment for the development of the real economy; and serving the development needs of industries in Macao.

Despite the prevailing challenging external environment, Macau's financial system remains stable. According to data from the AMCM, as of the end of September 2025, the total assets of Macau's banking industry has slightly increased to MOP2,550.1 billion, while operating results significantly grew year-on-year to MOP7.366 billion. The consolidated capital adequacy ratio of Macau's banking industry continues to remain at a healthy level, with overall performance remaining stable.

Macau's Digital Payment Market

In recent years, Macau's digital payment market has continued to grow. According to statistics from the AMCM, in the first three quarters of 2025, the number of mobile payment transactions increased by 11.9% year-on-year to 290 million, while the total transaction value rose by 10.7% year-on-year to MOP24.5 billion. As of the end of September 2025, the number of local mobile payment terminals and QR code signs reached 110,821, representing an increase of 4.8% year-on-year.

The growth of Macau's mobile payment market can be attributed to multiple factors. First, it is driven by policy initiatives. The Macau government successively launched multiple rounds of electronic consumption benefit plans during the COVID-19 pandemic to vigorously stimulate the local economy. A large-scale consumption promotion campaign, the "Community Consumption Grand Prize 2025" (二○二五年社區消費大獎賞), was launched in late April 2025 and lasted for ten weeks, attracting approximately 20,000 merchants and issuing a cumulative amount of MOP290 million in electronic vouchers, with a total redeemed amount of approximately MOP250 million, generating consumption

of approximately MOP1.04 billion. The "National Games Boost · Community Consumption Grand Prize" (全運聚力·社區消費大獎賞) campaign commenced from September of the same year saw a redeemed amount of MOP110 million in the first three weeks, while generating consumption four times that amount. Furthermore, a new round of the Community Consumption Grand Prize also commenced on September 1, with an expected total issuance of nearly MOP500 million in consumption benefits. These activities, while stimulating consumption, have also further popularized digital payments and related online marketing campaigns.

While digital payments are rapidly developing, Macau's mobile payment market has exhibited a diversified competitive landscape. Currently, residents can freely choose from QR code payment tools offered by 8 local "Simple Pay" financial institutions for their consumption and payment needs; merchants can freely choose from payment collection services provided by 5 financial institutions to receive payments from "Simple Pay" as well as various domestic and international payment tools. On one hand, this offers users and merchants with abundant of choices; on the other hand, it necessitates payment institutions to continuously optimize customer experience, fee levels, and cooperation models to enhance market competitiveness.

Macau's Local Consumption Market

In the first three quarters of 2025, Macau's economy continued to recover amid fluctuations. The gross domestic product (GDP) in the first three quarters of the year was MOP301.33 billion, representing an increase of 4.2% year-on-year in real terms, with the overall economic output recovering to 88.4% of the level in the same period of 2019.

(i) Domestic demand remained stable

In the first three quarters of 2025, Macau's domestic demand market remained generally stable. Government consumption expenditure continued to grow, with year-on-year increases of 1.1%, 1.0%, and 2.7% recorded in the first three quarters respectively; private consumption expenditure remained steady, with year-on-year increases of 0.3%, 0.3%, and 0.8% in the first three quarters respectively, indicating that the fundamentals remained solid for the local consumer market.