业务协同互补，服务能力升级，规模效应有望得到发挥 国海证券发布研报称，2026年1月2日，亚洲领先的稳定币交易及支付平台OSL集团(00863)宣布，公司 已完成对Banxa Holdings Inc.的战略收购。OSL集团和Banxa的共同点在于重视合规监管、聚焦B2B领 域、寻求全球拓张，这样的共识基础有助于后续业务的吸收与整合。考虑公司扩展支付产品线及全球扩 张，维持"增持"评级。 国海证券主要观点如下： Banxa是一家总部设于澳大利亚、欧洲及北美地区的支付服务提供商PSP及监管科技公司 Banxa致力于搭建传统金融机构及业务流程与数字资产领域之间的桥梁，该公司于2014年3月开始运 营，经历了将业务重心转向商对商(B2B)领域的过程，深耕支付基础设施与合规系统建设。Banxa已在 澳大利亚市场奠定稳固的领先地位。自2020年6月收购EU Internet Ventures B.V以来，Banxa便将战略重 心转向国际化扩张，积极开拓新兴增长市场。 Banxa始终定位于传统法币与加密货币的"桥梁"服务商，而非与主营加密货币对充交易的传统开放式加 密货币交易所展开竞争。公司拥有一套支付网关基础设施，可支 ...

自2024年开始拓展布局支付赛道以来，OSL集团一直在积极搭建这座桥梁，通过合规为本的全球化战 略，以有机扩张加上海外并购的方式，在全球形成了一张数字资产的合规交易与支付网络。目前，OSL 集团已经取得或正在申请的牌照及注册许可超过50个，遍及全球逾10个地区，包括香港、日本、东南 亚、欧洲、澳洲、北美、和拉美等。 OSL集团执行董事兼首席执行官崔崧撰文，探讨坚守合规对OSL集团的意义，以及公司未来的发展方向 今年12月，OSL 集团迎来了合规展业五周年的里程碑。 五年后的今天，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 币交易及支付平台。这不止是OSL集团全新的品牌定位，更是公司战略升级的真实写照，和行业发展的 趋势所向。我们的目光将远超交易屏幕上的红绿跳动，旨在奠基支付行业的未来，拓宽全球资金流转的 渠道，賦能实体经济增长。 成为合规出入金桥梁 在全球数字化浪潮下，法币与数字货币之间的壁垒依然阻碍着资金的自由流动，从电商平台的消费结 算，到跨境贸易的大额付款，这一现象普遍存在。OSL集团正是看到了这一行业痛点，因此，在全新的 战略版图中，我们正积极建设与投资，致力成为连 ...

Core Viewpoint - OSL Group reported strong mid-year performance with significant revenue growth, driven by its new payment business, OSL Pay, which has become a key growth engine since its launch in April [1] Financial Performance - Core business revenue reached HKD 189 million, a year-on-year increase of 187% [1] - Total revenue amounted to HKD 195 million, reflecting a year-on-year growth of 58% [1] - OSL Pay generated revenue of HKD 55.94 million, accounting for 29% of total revenue [1] - Total transaction volume on the platform was HKD 68.2 billion, up 200% year-on-year [1] - Custodial assets reached HKD 56.94 billion, marking a 50% increase year-on-year [1] Business Development - OSL Pay has shown strong revenue performance since its launch, indicating its role as a major growth driver [1] - The company plans to explore and expand its payment business while building a compliant and efficient global digital asset payment solution [1] - OSL Group is accelerating its internationalization strategy and has completed several significant acquisitions [1]

Core Viewpoint - OSL Group reported strong mid-year performance with significant revenue growth, driven by its new payment business, OSL Pay, which has become a key growth engine since its launch in April [1] Financial Performance - Core business revenue reached HKD 189 million, a year-on-year increase of 187% [1] - Total revenue amounted to HKD 195 million, reflecting a year-on-year growth of 58% [1] - OSL Pay generated revenue of HKD 55.94 million, accounting for 29% of total revenue [1] - Total transaction volume on the platform was HKD 68.2 billion, up 200% year-on-year [1] - Custodial asset scale reached HKD 56.94 billion, marking a 50% increase year-on-year [1] Business Development - OSL Pay has shown strong revenue performance since its launch, indicating its role as a major growth driver for the company [1] - The company aims to explore and expand its payment business while building a compliant and efficient global digital asset payment solution [1] - OSL Group is accelerating its internationalization strategy and has completed several significant acquisitions [1]

Core Viewpoint - EDA Group Holdings (02505) experienced a significant stock increase of over 11% following the announcement of a partnership with UTCPAY Limited to enhance digital asset payment solutions for cross-border e-commerce clients [1] Group 1: Partnership Details - On August 27, EDA Group Holdings entered into a partnership agreement with UTCPAY Limited to collaborate in the fields of digital asset trading, Web3 technology, and blockchain applications [1] - The partnership aims to leverage both parties' expertise and resources to provide advanced digital asset payment service solutions for EDA Group's cross-border e-commerce clients [1] Group 2: Technical Collaboration - UTCPAY will provide EDA Group with access to its digital asset payment solution technology, while not participating in the fund settlement business for EDA Group's clients [1] - EDA Group will utilize UTCPAY's technology to facilitate digital asset transactions for its clients and will have full control over the fund settlement service needs of clients using UTCPAY's solutions [1] Group 3: Service Offerings - The collaboration will include the launch of technology services such as stablecoin payments, aimed at optimizing payment solutions and enhancing customer experience [1] - The partnership seeks to promote the widespread application of stablecoins in payment scenarios within the cross-border e-commerce logistics industry [1]

Group 1 - EDA Group Holdings (02505) experienced a significant stock increase of over 11%, reaching a price of 3.17 HKD with a trading volume of 3.49 million HKD [1] - The company announced a partnership agreement with UTCPAY Limited on August 27, focusing on collaboration in digital asset trading, Web3 technology, and blockchain applications [1] - The partnership aims to leverage both parties' expertise and resources to provide advanced digital asset payment service solutions for EDA Group's cross-border e-commerce clients [1] Group 2 - UTCPAY will provide EDA Group with access to its digital asset payment solution technology but will not be involved in the settlement of funds for EDA Group's clients [1] - EDA Group will utilize UTCPAY's technology to facilitate digital asset transactions for its clients and will maintain full control over the settlement service needs of clients using UTCPAY's solutions [1] - The collaboration will include the launch of technology services such as stablecoin payments, optimizing payment solutions, enhancing customer experience, and promoting the use of stablecoins in cross-border e-commerce logistics payment scenarios [1]