Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 11

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 11
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 services and platform services) contributed to 37% of our total revenue; and (iii) E-commerce contributed to 10% of our total
revenue.

OwlPay’s Market

OwlPay aims to serve the cross-border payments markets, including our own end customers and those through third-party participants in
the digital assets economy and in the payment industry. According to the 2024

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McKinsey Global Payments Report, the global payment industry handled US$1.8 quadrillion in transaction value in 2023; global payment revenue, comprised of both commercial and consumer domestic and cross-border payment services, reached an all-timehigh of over US$2.4 trillion in 2023 and will reportedly grow at a 5% annual rate after 2023. It is also expected to exceed US$3.1 trillion by 2028 according to the same report. We believe that cross-border payment dynamics are robust, and according to the 2024 McKinsey Global Payments Report, global revenue from cross-border transactions was estimated at around US$288 billion in 2023, a 20% increase from the previous year. OwlPaytargets cross-border B2B business payments and B2C payments. According to the 2024 McKinsey Global Payments Report, the global B2B cross-border payments market has witnessed significant growth and transformation, with cross-border payment revenue totaling approximately US$210 billion in 2023. North America, Latin America and the EMEA experienced double-digit revenue growth, while the Asia-Pacific region (excluding China) saw a 25% increase in 2023, according to the same McKinsey report. OwlPayalso provides individuals with the ability to transfer funds cross-border within minutes with stablecoins. OwlPayalso provides individuals with the ability to transfer funds cross-border within minutes with stablecoins. We believe that the remittance market, which represents C2C payments, also plays an important role in the global payment ecosystem. Along with its growth, we believe that the B2B payment market is experiencing changes in the form of waves of digitization and innovation. While fintech innovators have accelerated the digitization of B2C/C2C payments, B2B payments remain highly reliant on legacy systems, leaving payors and payees with significant challenges that include access to fewer correspondent banks, slow settlement, high overall costs and a lack of transparency. Intermediary banking today remains the most prevalent cross-border payment method.We believe that the total available market size for B2