Company: KOYNU
Filing Date: 2025-07-31
Form Type: S-1/A
Source: 0001829126-25-005627
Chunk: 239

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-07-31
Form: S-1/A
Chunk 239
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 the resilience of the internet economy, coupled with private consumption,
strong developer talent, public and private investment, investments in digital infrastructure, and new government policies and regulations
will continue to drive this growth in Africa.

South Asia

With a population of 419
million and a nominal GDP of approximately $775 billion as of 2023, the economies of Pakistan and Bangladesh have sizable populations
and have demonstrated fast economic growth. In particular, Bangladesh has grown its GDP in excess of 7% per annum since 2014.

Smartphone penetration in
Pakistan has grown to nearly 98 million subscribers, or 6.5 times since 2013 as shown by the Pakistan Telecom Authority. According to
the Bangladesh Bureau of Statistics, Bangladesh has over 89.9% smartphone penetration as of 2022.

As mobile adoption in both Pakistan
and Bangladesh switches from 3G and 4G to 5G, we believe there will be tremendous opportunities as the share of people online grows.
In particular, we believe South Asia presents tremendous market opportunities for new economy companies.

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Southeast Asia

With a population of 678
million and a nominal GDP of approximately $3.9 trillion in 2023, we believe the Association of Southeast Asian Nations, or ASEAN, made
up of countries in Southeast Asia including Indonesia, Thailand, Singapore, Vietnam, the Philippines, Malaysia, Brunei Darussalam, Myanmar,
Cambodia and Laos) will become a major regional economic force and a driver of global growth. ASEAN remains one of the fastest growing
regions in the world with most economies seeing growth of 5% or more per annum and according to estimates by ASEAN, and will become the
fourth-largest economy in the world by 2030 after the United States, China, and the European Union.

With approximately 480 million
internet users in the region, of which nearly half connect to the internet primarily through their mobile phones, Southeast Asia boasts
one of the most engaged mobile internet audiences in the world. In addition, with the number of people aged 15 to 35 projected to reach
218 million by 2030, Southeast Asia’s internet economy is experiencing rapid growth, with projections to reach $1 trillion by 2030.
This growth is fueled by a young, tech-savvy population, increasing smartphone adoption, and a burgeoning middle class.

In addition, we believe the
Southeast Asian region presents market opportunities in the financial sector given the