Company: OWLS
Filing Date: 2025-02-07
Form Type: DRS/A
Source: 0000950123-25-001222
Chunk: 168

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-02-07
Form: DRS/A
Chunk 168
---
 expect to upgrade the qualification as a Crypto Asset Service Provider, or CASP,
under Markets in Crypto-Assets Regulation (MiCAR) in the EU. We also plan to further expand to Brazil, Argentina and other markets in South America where we could provide virtual asset services without being subject to licensing requirements.

We believe our payment business will be the most significant driver of our future business expansion plans. We believe our expansion into new
products and markets from our current customer-centric businesses will enable us to capture cross-selling opportunities with our existing relationships in the e-commerce and hospitality industries, and to grow
into a comprehensive cross-border payment platform and business ecosystem.

For the nine months ended September 30, 2024, our
company’s total revenue was comprised of our operations in the following main business segments: (i) Payments contributed to 52% of our total revenue; (ii) Hospitality (which include software services and platform services)
contributed to 37% of our total revenue; and (iii) E-commerce contributed to 11% of our total revenue.

116

Our Development Focus and Target Market

In 2020, the G20 made speed, cost, accessibility and transparency the four challenges faced in business and individual cross-border payments,
as stated in the Enhancing Cross-border Payments – Stage 3 Road Map report by the Financial Stability Board. Currently, cross-border business payments involve complex currency reconciliation processes that require significant investment in time
and resources by a lengthy list of parties involved, including without limitation the payer and payee businesses, merchant banks, correspondent banks, credit card networks and card issuing banks. The traditional route of payment with the banking
system relies on the SWIFT network to implement cross-border payments; alternatively, credit card networks offer payment options at higher transaction fees. Public blockchain ledger provides a new SWIFT-like settlement ledger that has the potential
to complete global settlements within seconds and with much cheaper network fees.

We designed OwlPay with the goal to streamline global business transactions and enhance the efficiency of digital payment systems for SME conducting cross-border payments. Supporting a flexible infrastructure for
both fiat currency and stablecoins, OwlPay aims to develop a secure, regulated, Web2-Web3 hybrid payments platform that can make it faster, cheaper and easier for businesses to make and accept payments on an international scale.

OwlPay’s Market

OwlPay aims to serve the cross-border payments markets. According to the 2023 McKinsey Global Payments Report, global payment revenue,
comprised of both commercial and consumer domestic