OSL集团已于2025年完成了战略与品牌升级，从香港首家合规数字资产交易平台，成功发展为国际主流 稳定币交易与支付枢纽，并明确了"内生增长+战略并购"的双轮发展策略。在全面整合Banxa的国际支 付网络后，OSL集团将取得包括美国、加拿大、欧盟、英国与澳大利亚等地逾40张交易与支付牌照和注 册。 OSL集团执行董事兼首席执行官崔崧表示："完成收购Banxa对于OSL集团构建全球稳定币交易与支付生 态举足轻重。通过在短时间内搭建起一张覆盖全球、无缝连接法币与数字资产的合规交易与支付网络， 我们不仅取得了行业先行者的优势，更为日后协同发展OSL集团的各项支付业务打下了坚实的基础，从 而能够更好的服务实体经济，满足市场殷切的跨境商业支付需求。" 格隆汇1月2日｜今日，亚洲领先的稳定币交易及支付平台OSL集团（0863.HK）宣布，已完成对Web3支 付服务供应商Banxa Holdings Inc.（下称Banxa）的战略收购。这是OSL集团在打造稳定币交易与支付生 态、深化全球合规支付网络的道路上的一座重要里程碑。 ...

智通财经APP获悉，近日，OSL集团(00863)执行董事兼首席执行官崔崧发表公开信，探讨坚守合规对 OSL集团的意义，以及公司未来的发展方向。崔崧表示，合规展业的五年间，OSL集团早已不再是传统 意义上的数字资产交易所，而是已经发展成为亚洲领先的稳定币交易与支付平台。面对法币与数字货币 之间的壁垒，OSL集团正积极建设与投资，致力成为连接法币与数字货币的首选、合规、高效的"桥 梁"，为企业、金融机构和个人提供最流畅的合规法币与数字货币出入金服务。他还特别强调，稳定币 是衔接真实与数字两个世界的关键所在。稳定币支付是业务发展的自然选择，集团稳定币业务在不断稳 步增长。单以今年为例，2025年初至今稳定币交易量已占到OSL集团各平台总交易量近七成。未来， OSL集团将继续战略开拓数字资产的合规支付业务，做真实世界与数字金融之间的"修路人"。 五年前，当OSL集团成为香港首家获得证监会牌照的数字资产平台时，我们通过"合规"二字，为行业确 立了一个标准。这五年里，我们见证了市场的几轮牛熊更替，也见证了数字资产的成熟，从边缘试探走 向主流视野。 五周年再出发：OSL的支付战略新篇章 五年后的今天，OSL集团早已不再是 ...

Group 1: Core Insights - OSL Group is a licensed digital asset trading and payment platform, being the only publicly listed virtual asset exchange in Hong Kong focused on digital asset trading and payment [1] - The company has established a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with revenue primarily driven by brokerage and payment businesses [1][2] - The digital asset industry is experiencing favorable growth opportunities due to monetary policy shifts, clearer global regulatory frameworks, and the influx of institutional funds [2] Group 2: Business Transformation and Advantages - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, with four key advantages: the rise of payment services, competitive trading fee rates, a global compliance network, and a strong focus on compliance, security, and liquidity [2] - The payment business, particularly OSL Pay and BizPay, is expected to become a new revenue engine and synergize with trading operations [2] - The company has obtained licenses in multiple jurisdictions, including Hong Kong, Japan, Australia, the EU, and Bermuda, with plans to expand into the Middle East and Indonesia [2] Group 3: Financial Projections - The company forecasts non-IFRS revenues of HKD 4.67 billion, 7.64 billion, and 12.20 billion for 2025-2027, with year-on-year growth rates of 119%, 64%, and 60% respectively [3] - The projected compound annual growth rate for non-IFRS revenue from 2024 to 2026 is 89%, indicating significant growth potential as the payment business matures [3] - The company is compared to leading digital asset exchanges and financial platforms, suggesting a strong market position and growth trajectory [3]

Core Viewpoint - OSL Group is a leading licensed digital asset trading and payment platform in Hong Kong, with a diversified business ecosystem including brokerage, payment, and exchange services, and is expected to experience rapid revenue growth from 2025 to 2027 [1][5] Company Background - OSL Group is the only publicly listed virtual asset trading platform in Hong Kong focused on digital asset trading and payment, having obtained multiple important licenses through continuous acquisitions across over 10 jurisdictions including Hong Kong, Japan, Australia, and the EU [1] Business Performance - OSL has established a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services, with brokerage and payment businesses currently contributing the majority of revenue; OSL Pay, launched for only two months in H1 2025, accounted for 29% of the group's revenue [2] Market Opportunities - The digital asset industry is poised for growth due to shifts in monetary policy, clearer global regulatory frameworks, and the influx of institutional funds; the Federal Reserve's easing monetary policy may inject liquidity into the market, while new regulations in key regions enhance compliance and regulatory assurance [3] OSL's Transformation and Advantages - OSL is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, creating four key advantages: the rise of payment services, significant trading fee advantages, a developed global compliance network, and a combination of compliance, security, and liquidity [4] Profit Forecast and Rating - The company is projected to achieve non-IFRS revenues of HKD 4.67 billion, 7.64 billion, and 12.20 billion from 2025 to 2027, with year-on-year growth rates of 119%, 64%, and 60% respectively; the company is rated "Buy" based on its growth potential and the expected revenue elasticity from its payment services [5]

Investment Rating - The report assigns an investment rating of "Buy" for OSL Group, marking its first coverage [5][10]. Core Insights - OSL Group is a licensed digital asset trading and payment platform, uniquely positioned as Hong Kong's only publicly listed virtual asset exchange focused on digital asset trading and payment services. The company has obtained multiple important licenses across over 10 jurisdictions, including Hong Kong, Japan, Australia, the EU (Italy), and Bermuda [5][6]. - The company is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, leveraging four key advantages: the rise of payment services, significant trading fee advantages, a global compliance network, and a triad of compliance, security, and liquidity [7][68]. Summary by Sections Market Performance - As of November 19, 2025, OSL Group's closing price is HKD 15.03, with a market capitalization of HKD 11,942.77 million. The stock has seen a one-year high of HKD 20.30 and a low of HKD 6.84 [3]. Business Overview - OSL Group has developed a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services. The brokerage business contributes approximately half of the revenue, while the payment business, launched only two months prior, accounted for 29% of the revenue in the first half of 2025 [6][8]. Financial Projections - The report forecasts non-IFRS revenues for OSL Group to be HKD 4.67 billion, HKD 7.64 billion, and HKD 12.20 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 119%, 64%, and 60% [8][10]. Strategic Initiatives - OSL is expanding its payment services, with OSL Pay generating significant revenue shortly after its launch. The company is also pursuing acquisitions to enhance its service offerings and expand its operational capabilities [39][69]. Competitive Positioning - OSL Group's fee structure is competitive, with trading fees ranging from 0% to 0.05%, and no deposit fees, positioning it favorably against other major platforms [73]. Regulatory Environment - The report highlights a favorable regulatory landscape for digital assets, with significant developments in compliance frameworks across various jurisdictions, enhancing the stability and credibility of the digital asset market [61][62]. Growth Drivers - The anticipated easing of monetary policy by the Federal Reserve and the establishment of clear regulatory frameworks are expected to drive growth in the digital asset sector, benefiting OSL Group as it captures institutional interest and expands its market presence [58][66].