Core Insights - The launch of StableX Network by MetaComp marks a significant advancement in cross-border finance, integrating compliance, intelligence, and interoperability to enhance payment efficiency [2][10][11] - StableX Network aims to bridge traditional finance and Web3, providing a regulated and cost-effective solution for SMEs and financial institutions to facilitate seamless liquidity movement across borders [1][3][14] Company Overview - MetaComp, the digital payment arm of Alpha Ladder Group, has introduced StableX Network at the Singapore FinTech Festival 2025, emphasizing its role in transforming cross-border payments [2][10] - The company operates under a regulated framework, holding multiple licenses from the Monetary Authority of Singapore (MAS) for various financial activities, reinforcing its credibility in the market [13][15] Technology and Infrastructure - StableX Network is powered by two proprietary engines: StableX Engine for instant, low-cost liquidity movement and VisionX Engine for real-time risk intelligence, ensuring compliance and security [3][4][5] - The StableX Engine enables T+0 settlement across various conversion types, optimizing transaction pathways through both traditional and blockchain networks [4][8] - VisionX Engine integrates Know-Your-Transaction (KYT) insights into payment flows, enhancing transparency and compliance in real-time payments [5][6] Market Context - The global trade is projected to exceed USD 33 trillion in 2025, yet cross-border payments remain costly and fragmented, with average fees reaching 6.2% and delays impacting SMEs the most [7][10] - StableX Network addresses these inefficiencies by offering a smarter, more inclusive transaction method for Payment Service Providers (PSPs) and their clients [8][10] Future Outlook - MetaComp's long-term vision extends beyond payments, aiming to develop infrastructure for services like treasury management and liquidity optimization within a Web2.5 financial ecosystem [12][18] - The company is focused on expanding its reach across APAC, the Middle East, and Latin America, promoting a more trusted financial network for various enterprises [14][18]

Financial Data and Key Metrics Changes - In Q3 2025, revenue reached $419.5 million, reflecting a 25% year-over-year growth, while adjusted EBITDA was $61.2 million, representing a 15% margin [18][34] - Send volume grew 35% to $19.5 billion, with send volume per active customer increasing 11% year-over-year [18][19] - Quarterly active customers increased by 21% year-over-year to nearly 8.9 million, maintaining strong retention levels with a day rate of 2.15% [19] Business Line Data and Key Metrics Changes - Remitly Business saw a near doubling of business send volume sequentially in Q3, with nearly 10,000 businesses now using the platform [9][21] - High-amount senders experienced over 40% year-over-year send volume growth for customers sending more than $1,000, with a mix increase of over 200 basis points [12][21] - Flex, the flexible funding solution, had over 100,000 active users by the end of Q3, with revenue nearly doubling sequentially [13][22] Market Data and Key Metrics Changes - U.S. revenue grew 28%, while the rest of the world grew 20% year-over-year, reflecting a sequential deceleration due to tough comparisons [19][20] - Revenue from regions outside of India, the Philippines, and Mexico grew 31% year-over-year, with Mexico's receive revenue growth outpacing overall revenue growth [20][21] Company Strategy and Development Direction - The company aims to expand from being a leader in money movement to capturing a larger portion of the $22 trillion total addressable market [6][8] - Strategic investments in new customer categories and products, such as Remitly Business and Flex, are expected to drive sustainable revenue growth and margin expansion [10][16] - The upcoming federal remittance tax on cash transfers is anticipated to benefit the digital-first model, enhancing the competitive advantage [16][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position and growth potential, highlighting the strong foundation built in 2025 [16][33] - The company expects revenue growth in the high teens range for 2026, influenced by new products and customer categories, despite potential immigration headwinds [33][34] - Management emphasized the importance of balancing growth with disciplined execution and maintaining profitability [39][40] Other Important Information - The company reported a GAAP net income of $8.8 million, a significant improvement from the previous year [29] - Stock-based compensation was $40 million, approximately 9.5% of revenue, reflecting a decrease compared to the previous year [29] - The company repurchased $11.9 million of shares under its $200 million authorization, demonstrating confidence in future growth [29] Q&A Session Summary Question: Insights on 2026 outlook and assumptions - Management highlighted strong execution in 2025 as a foundation for 2026, with optimism about the remittance tax and new product contributions [36][37] Question: Incremental margins and spending strategies - Management discussed maintaining a balanced approach to capital deployment, focusing on driving growth while managing expenses [39][40] Question: Economics of new products like Flex - Management provided insights on the credit profile of Flex, noting a 90% current balance and minimal charge-offs, indicating strong performance [51][54] Question: Comparison of Remitly Business to high-dollar senders - Management explained that Remitly Business has seen significant growth, with average transaction sizes roughly double those of core consumer categories [58]

Core Insights - ClearBank plans to join the Circle Payments Network (CPN) to enhance cross-border payments and provide access to regulated stablecoins [1][2] - The partnership with Circle Internet Group aims to facilitate near-instant global fund transfers while ensuring regulatory compliance [2][3] - ClearBank is exploring new use cases with Circle, including stablecoin-based treasury services and tokenized asset settlements, which could streamline financial operations [4] Company Developments - ClearBank will become one of the first European banks to integrate with CPN, marking a significant step in its strategy to modernize cross-border finance [2][5] - The collaboration is expected to expand access to Circle Mint, allowing financial institutions to mint and redeem USDC and EURC, which comply with Europe's new Markets in Crypto-Assets (MiCA) regulation [3][4] Industry Impact - The partnership is seen as a milestone in enhancing the accessibility of "open, programmable money" within Europe's financial system [5] - The integration with Circle's blockchain infrastructure could reduce reliance on traditional banking systems, making financial transactions faster and more cost-effective [4][5]