Company: OWLS
Filing Date: 2025-09-24
Form Type: F-1/A
Source: 0001193125-25-213968
Chunk: 177

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-24
Form: F-1/A
Chunk 177
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 end-consumer payments and paying out suppliers. We believe
the combination of our various service offerings will create the potential for a diverse and recurring revenue stream through our payment business, where payment volume is endogenously generated and captured within our OwlTing Group ecosystem.

OwlPay’s Competition

OwlPayis designed to tackle the continuously evolving global payments environment. By offering a regulated, secured payment platform
that combines multiple solutions in fiat and stablecoin, we believe that we are well-positioned to utilize our competitive advantages and meet the needs of today’s business payments. However, we do face significant competition from existing
and potential players.

The traditional payment ecosystem consisting of banks and credit card networks – despite having certain
disadvantages in speed, accessibility, transparency and cost – continues to be a large and established payment ecosystem. We may face competition from participants in the traditional payment ecosystem, including merchant banks, correspondent
banks, credit card networks and card issuing banks. However, as a payment platform, we may also collaborate with those incumbents in the traditional payment ecosystem: for example, we collaborate with banks to provide business customers using the
bank’s payment route with a more comprehensive and user-friendly payment management and payout solution. We also expect to provide certain of our solutions under OwlPay to banks and credit card network intending to leverage stablecoin
payments, such as white label wallet and AML/KYC service package.

We also face competition from PSPs such as PayPal, Block and Stripe,
which integrate processing, payment, and merchant acquiring functions, are quickly adopting blockchain technology solutions and have more financial resources and are larger organizations than we are at present. Blockchain networks present PSPs with
two unique opportunities to generate additional revenue and broaden their total addressable markets: adoption at application layer, by enabling faster and more secure payment gateways, using smart contracts to automate invoice processing and
offering digital wallet solutions along with traditional methods between merchants and customers; and at the infrastructure layer, by using distributed ledgers and stablecoin for faster, secure and transparent settlements between existing financial
systems and public blockchain networks.

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OwlPaydifferentiates itself by the comprehensive and flexible service offerings,
which are rooted from our experience and understanding of the real world cross-border business payments needs. It also stands out in its regulatory landscape and extensive AML and KYC package. For businesses that are used to the legacy cross-border
payment infrastructure, OwlPay offers them a platform product to seamlessly transition to the possibility of stablecoin payments that are faster, cheaper,