Company: OWLS
Filing Date: 2025-01-24
Form Type: DRS/A
Source: 0000950123-25-000547
Chunk: 174

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-01-24
Form: DRS/A
Chunk 174
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 first movers in this space and has successfully developed of a platform using stablecoin as an efficient means of settlement for our primary customers, such as
international e-commerce platforms and OTAs. We also plan to integrate the functionalities of OwlPay Wallet Pro into the OwlPay platform so that customers will be able to access various
fiat currency and stablecoin payment options and perform these payment transactions on a single platform. Combining traditional fiat currency and credit card solutions with an advanced stablecoin transaction infrastructure in one offering,
OwlPay aims to serve as a full-stack payment platform that empowers the users with the flexibility to choose the payment method that best suits their needs, and the liberty to switch from processing transactions with fiat currency to
stablecoins. By leveraging our early mover advantages, we believe we are well-positioned to capture the opportunity for blockchain-based payment services and expand our customer base in the underserved market.

Our Global Licensing Infrastructure

Many of the governments and financial authorities around the world have developed regulatory frameworks for the payment industry, which could
be complicated to navigate and may continue to evolve. We have set out to build a global licenses portfolio, including the MSB registration with the U.S. federal government and the MTLs from a total of 30 states in the United States that we have
obtained and the VASP registration in Poland. We have been making applications for the payment-related licenses in stages and have invested over three years in building our current license portfolio. We have also developed and invested in our
business to meet various requirements for obtaining and maintaining these payment-related licenses, including bonding, minimum capital and net worth requirements, staffing of qualified professionals and development of suitable internal controls and
reporting and recordkeeping mechanisms. For more details, see “—Regulations.”

We are also in the process of applying for
and obtaining additional relevant licenses in jurisdictions including the remaining states of the United States, Japan, Singapore and Hong Kong, expect to upgrade the qualification as a CASP in the EU, and are preparing to further expand our license
portfolio to cover other regions including Latin America. Preparation and the application process for these payment-related licenses often take considerable amount of time and effort. We have been coordinating and building internal resources among
our legal, compliance, finance and R&D teams, as well as connecting with outside counsels for various jurisdictions, in making progress in pursuit of such licenses.

We believe our global licensing portfolio better positions us in dealing with the evolving regulatory landscape and expanding our reach for
clients and potential