Company: OWLS
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0000950123-25-000547
Chunk: 4

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-01-24
Form: DRS/A
Chunk 4
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 our platform and come to understand their business pain points. Our OwlTing Blockchain Services emerged from such business
understanding, and we have aimed to build a blockchain traceability solution that empowers organic farmers with better transparency of their business and operations, which can be extended to other use cases.

By building our expertise in blockchain ledger transaction models, we concluded that the prevention of double spending with the use of
timestamps and proof of work could also be utilized in the hospitality industry, which faces the need to address double-booking problems. We thus expanded into the hospitality sector in 2018 by offering innovative solutions to hotels and other
hospitality industry customers through our platforms, including the OwlNest hotel property management system, or PMS, that leverages blockchain technology to prevent double bookings,
and our OwlJourney and OwlTing Experiences, which are online travel agency, or OTA, platforms that benefit from
accurate real-time inventory data from integration with OwlNest’s inventory system, to empower travel service providers with optimized efficiencies and comprehensive travel experiences to offer to their customers.

As we further developed our presence in the hospitality industry, we also gained a first-hand understanding of the challenges of cross-border
payments faced by our hospitality partners. We saw the issues faced by our hospitality partners and their two most prominent pain points in the payment process: high processing costs from cross-border transactions and delayed settlement from the
payers, including large OTAs.

In response, we launched OwlPay in 2023
intending to enable businesses in the hospitality sector and beyond to use stablecoins and/or fiat currency in payouts to global suppliers. OwlPay is an application programming interface, or API, based payment platform with secure, real-time
and cost-effective one-stop payment solutions covering a range of services from payment gateway to business payout. Using blockchain

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technology and developer-friendly APIs for integration, OwlPay aims to modernize business payments. OwlPay is a full-stack payment service platform that supports multiple payout
settlement routes in not just fiat currency, but also stablecoin USD Coin (“USDC”) backed by U.S. dollar-denominated assets. All of these features are designed to streamline the payment experience for businesses, especially for SMEs that
have limited scale of operations but still need to effect cross-border payments. In addition to serving business clients, OwlPayalso provides individual customers with stablecoin-related payment services, which would enable a simpler, more
convenient and faster way to perform cross-border transactions and remittances.

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