Financial Data and Key Metrics Changes - The total processing value (TPV) for the digital remittance business reached $5.14 billion in 2024, a 13.2% increase from $4.54 billion in 2023 [10][15] - Total revenues excluding TNG Asia and GEA were $42 million in 2024, reflecting a 3.4% decline from the previous year, primarily due to a 23.8% drop in global airtime revenue [16][21] - The gross profit margin for the remittance business improved to 62% in 2024 from 58% in 2023, while the overall gross profit margin increased to 31% from 28% [26][27] - The net loss for the year was $38.8 million, largely attributed to a $32 million loss at the headquarters level [37] Business Line Data and Key Metrics Changes - The digital remittance business processed 11.4 million transactions in 2024, with revenues of $18.2 million, a 6.4% increase from 2023 [15][18] - The global airtime transfer revenue was $9.3 million in 2024, representing a 23.8% decline compared to 2023 [21] - The direct costs for revenue, excluding TNG Asia and GEA, were $28.9 million in 2024, an 8% decline from 2023 [25] Market Data and Key Metrics Changes - Strong demand was noted in key corridors such as the UK, Hong Kong, Singapore, and Korea, contributing to the growth in remittance transactions [11] - The airtime transfer segment faced declining demand due to increased availability of free Wi-Fi in Southeast Asia, particularly in Malaysia and Indonesia [21][22] Company Strategy and Development Direction - The company is focusing on enhancing its AI-driven solutions to improve operational efficiency and customer experience while maintaining its core mission of serving financial institutions [9][39] - A strategic shift is underway to prioritize the digital remittance business and AI solutions over the airtime transfer business, which has lower growth potential and profitability [24][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust demand for digital remittance services and the potential synergies from AI initiatives, particularly in regions like the Middle East and Africa [39][40] - The company aims to maintain profitability while growing remittance revenue by at least 12.5% in the coming year, without further sacrificing the take rate [66] Other Important Information - The company recognized a significant increase in operating expenses due to non-cash items related to incentive shares granted to employees, totaling $20.9 million [28] - The EBITDA loss for the full year was $26.5 million, but isolating Triangle and Watercool showed a profit of $2.05 million [33] Q&A Session Summary Question: Expectations for the partnership with CONCOF and revenue timeline - Management expects to establish a clear revenue stream from CONCOF in the second half of 2025, with additional clients anticipated by the end of the year or early next year [53] Question: Details on the 500-megawatt AI data center partnership - The company is collaborating with a renowned operator for the AI data center, focusing on sourcing land and government support in Malaysia, with potential for high returns [61] Question: Margin trajectory and tech stack improvements - The company plans to stabilize the take rate and grow remittance revenue without further sacrificing margins, while also selecting more competitive payout agents to maintain profitability [66]

Core Insights - CURRENC Group Inc. reported its financial results for the full year ended December 31, 2024, highlighting a strategic transformation towards AI-driven solutions in the fintech sector [1][2]. Financial Performance - Total revenue excluding TNG Asia and GEA for 2024 was $42.0 million, a decrease of 3.4% from $43.5 million in 2023, primarily due to a 23.8% decline in global airtime revenue [4][5]. - Remittance revenue excluding TNG Asia and GEA was $18.2 million, reflecting a year-over-year increase of 6.4% [6]. - Global airtime transfer revenues decreased to $9.3 million in 2024 from $12.2 million in 2023, a decline of 23.8% [6]. - Total Processing Value (TPV) through Tranglo was $5.14 billion, an increase of 13.2% year-over-year, with the total number of transactions rising to 11.4 million [5][6]. Cost Structure - Total direct costs of revenue excluding TNG Asia and GEA were $28.9 million for 2024, down 8% from $31.4 million in 2023 [7]. - Operating expenses increased significantly to $42.0 million in 2024 from $24.0 million in 2023, largely due to $20.9 million in incentive shares granted upon the completion of the INFINT SPAC merger [10][14]. Net Income and Loss - The net loss for the full year 2024 was $38.8 million, primarily driven by a $36.2 million loss from headquarters and adjustments, alongside losses from TNG Asia and GEA [9][14]. - The overall gross profit margin for 2024 was 31%, compared to 28% in 2023, with the gross profit margin for the remittance business at 62% [10]. Strategic Initiatives - CURRENC launched several AI-driven initiatives, including SEAMLESS AI Call Centre Solutions and AI Staff for Hire, aimed at enhancing operational efficiency for financial institutions [5][13]. - The company plans to develop a 500MW hyperscale AI data center in Malaysia, with Phase 1 expected to be completed by the end of 2026 [17]. - A $100 million AI-Focused Infrastructure & Investment Fund was established in partnership with ARC Group to support AI computing power and infrastructure projects [18]. Management Commentary - Management emphasized the importance of AI initiatives in driving future growth and cross-selling opportunities, positioning CURRENC as a leader in AI-powered fintech solutions [13][15].

Core Insights - CURRENC Group Inc. has appointed Mr. Wan Lung Eng as Chief Financial Officer, effective April 16, 2025, to enhance its financial strategy and growth initiatives [1][2][3] Company Overview - CURRENC Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) solutions, empowering financial institutions worldwide [4] - The company offers comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered agents, aimed at reducing costs, increasing efficiency, and boosting customer satisfaction for various sectors [4] Leadership and Expertise - Mr. Eng brings over 20 years of experience in finance, accounting, investment banking, and private equity, having executed public and private financings and M&A transactions exceeding US$50 billion [2] - His previous roles include CFO positions at VitalCheck Wellness, Teclison, and Spectral MD, as well as senior positions at major financial institutions [2] - The leadership team believes Mr. Eng's expertise will be pivotal in accelerating CURRENC's growth and advancing its AI initiatives [3]

Financial Performance - For the full year ended December 31, 2024, Tranglo processed approximately 11.4 million transactions with a total processing value of $5.14 billion, reflecting a 3.6% increase in volume and a 13.2% increase in value compared to the previous year[438]. - For the full-year period ended December 31, 2024, Currenc's revenue decreased by 12.9% to $46.4 million compared to $53.3 million for the same period in 2023[466]. - The remittance revenue excluding TNG Asia and GEA increased by 6.4% to $18.2 million for the full-year period ended December 31, 2024, compared to $17.1 million for the same period in 2023[468]. - Global airtime revenue declined by 23.8% from $12.2 million in 2023 to $9.3 million in 2024, attributed to changing consumer behavior due to increased availability of free Wi-Fi[470]. - Currenc recorded a net loss of $38.8 million for the full-year period ended December 31, 2024, compared to a net loss of $14.4 million in 2023[465]. - EBITDA for the full-year period ended December 31, 2024 was $(26.5) million, a significant decline from $(2.1) million in 2023[465]. - Tranglo's EBITDA profit decreased by 21.4% to $2.75 million in 2024 from $3.50 million in 2023, while WalletKu reported an EBITDA loss of $0.7 million, a 12.5% improvement from a loss of $0.8 million in 2023[490]. - The company's EBITDA loss for 2024 was $26.5 million, a substantial increase from the EBITDA loss of $2.1 million in 2023, primarily due to increased losses at the headquarters level[490]. User Metrics - The number of unique users for Tranglo increased to 1,229,132 as of December 31, 2024, up from 1,032,360 in the prior year, while average monthly unique sending accounts rose from 330,571 to 355,997[439]. - Currenc's ability to maintain and increase its user base is critical, as revenue is largely driven by the number of users and transactions on its platforms[451]. Operating Expenses and Financial Obligations - Operating expenses surged from $24.0 million in 2023 to $42.0 million in 2024, primarily due to a $20.9 million expense for incentive shares granted to employees[478]. - Finance costs for the year ended December 31, 2024, amounted to $6.8 million, primarily due to PIPE issuance costs and interest on convertible bonds[483]. - Total contractual obligations as of December 31, 2024, amounted to $23.99 million, including operating lease commitments and borrowings[512]. Cash Flow and Liquidity - As of December 31, 2024, the company had cash balances of $63.8 million, a working capital deficit of $57.9 million, and a net capital deficit of $41.8 million[501]. - The company generated net cash provided by operating activities of $3.5 million in 2024, a significant improvement from a net cash used of $15.3 million in 2023[506]. - The company had net cash used in investing activities of $0.6 million in 2024, compared to net cash provided of $1.4 million in 2023[508]. - The company entered into an ELOC Purchase Agreement on February 10, 2025, to enhance liquidity through the issuance of additional shares[502]. Strategic Initiatives - The company aims to expand its B2C businesses in the Middle East and diversify its user base to other regions, including Pakistan and African countries, to enhance its global airtime business[453]. - Currenc is launching new AI products and services for financial institutions through SEAMLESS AI Lab, which includes customized trading platforms and AI Agent services[456]. - A landmark contract was secured with Coin Cove to provide comprehensive AI-powered electronic banking solutions, including a trading platform and compliance tools[457]. - Currenc plans to develop its AI Data Center business with a total planned capacity of 500MW, providing co-location and wholesale leasing solutions[462]. Market Conditions - The company faces intense market competition, impacting pricing power and profitability, necessitating more competitive and efficient services to retain users[449]. Accounting and Reporting - The Company prepares its consolidated financial statements in accordance with U.S. GAAP, making estimates that affect reported amounts of assets, liabilities, revenue, and expenses[520]. - The Company recognizes revenue from contracts with customers based on the consideration specified in the contract, net of sales and service tax, returns, rebates, and discounts[522]. - The Company complies with ASC 606 for revenue recognition from contracts with customers[521]. - The Company has no obligations to customers in terms of guarantees or warranties for both Fiat Currency and XRP Prefunded Remittance Services[528]. - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[519]. - The Company has elected not to early adopt the guidance from SAB 122, which rescinds the requirement to recognize a corresponding liability and asset for safeguarding crypto-assets[518]. - As of December 31, 2023, the Ordinary Shares subject to possible redemption amounted to $83,523,112, classified as temporary equity[538].

Core Viewpoint - CURRENC Group Inc. is set to report its full year 2024 financial results on April 16, 2025, indicating a significant upcoming event for investors and stakeholders [1]. Company Overview - CURRENC Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) [3]. - The company provides comprehensive AI solutions to financial institutions, including the SEAMLESS AI Call Centre and other AI-powered agents aimed at reducing costs, increasing efficiency, and enhancing customer satisfaction [3]. - CURRENC's digital remittance platform facilitates real-time, 24/7 global payment services, promoting financial access for underserved communities [3]. Conference Call Details - Management will hold a conference call on April 16, 2025, at 8:00 a.m. Eastern Time to discuss the financial results [1]. - A live webcast of the conference call will be available, with a replay accessible afterward [2].

Core Viewpoint - CURRENC Group Inc. has regained compliance with Nasdaq's minimum market value requirement, ensuring its continued listing on the Nasdaq Global Market [1][2]. Company Overview - CURRENC Group Inc. is a fintech pioneer focused on transforming global financial services through artificial intelligence (AI) solutions [2]. - The company provides comprehensive AI solutions to financial institutions, including SEAMLESS AI Call Centre and other AI-powered agents aimed at reducing costs and enhancing customer satisfaction [2]. - CURRENC's digital remittance platform facilitates real-time global payment services, promoting financial access for underserved communities [2]. Compliance Achievement - On April 9, 2025, CURRENC received confirmation from Nasdaq that its ordinary shares maintained a minimum market value of publicly held shares of $5,000,000 for at least ten consecutive business days, thus satisfying the listing requirement [1]. - The company expressed satisfaction with this compliance, highlighting its importance for credibility and exposure in capital markets [2].

SINGAPORE, April 10, 2025 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced that on April 9, 2025, it received written notice from Nasdaq stating that the Listing Qualifications Staff of the Nasdaq Stock Market LLC (“Nasdaq”) has determined that for at least the last ten consecutive business days, the Company’s ordinary shares have maintained a minimum ...

Pioneering Turnkey Solution Set to Transform Electronic Banking ExperienceSINGAPORE, March 27, 2025 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced that it has secured a landmark contract with Coin Cove, an institution providing electronic banking services, to provide Coin Cove with comprehensive, AI-powered electronic banking solutions through CURREN ...

SINGAPORE, March 27, 2025 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (NASDAQ:CURR) ("CURRENC" or the "Company"), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced the launch of "AI Staff for Hire," an AI solution developed by the Company's SEAMLESS AI Lab, offering pre-built, AI-powered Agents tailored to specific business scenarios. With AI-driven automation poised to reshape industries globally, this innovative product positions CURRENC ...

SINGAPORE, March 27, 2025 (GLOBE NEWSWIRE) -- CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced the launch of “AI Staff for Hire,” an AI solution developed by the Company’s SEAMLESS AI Lab, offering pre-built, AI-powered Agents tailored to specific business scenarios. With AI-driven automation poised to reshape industries globally, this innovative product positions CURRENC ...