Company: KOYNU
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001829126-25-003675
Chunk: 27

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-05-15
Form: DRS
Chunk 27
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 half under the age of 25, rapidly rising per capita incomes and urbanization levels, we believe South Asia is a very attractive 
 market for technology and technology enabled businesses in sectors such as e-commerce, ed-tech and food-tech. We believe high mobile        
 penetration rates in South Asia have created opportunities for digital finance services such as mobile wallets, consumer finance and        
 mobile payments for a population that is largely unbanked and underbanked as well as digital media services like streaming and gaming.      |

| ● | South                                                                                                                                     
 East Asia: SEA represents relatively more mature markets with higher income levels and more developed infrastructure as compared to MENA, 
 SSA and SA, including higher e-commerce spending and significant time spent online by the high proportion of young population. This has   
 led to an explosion of new media and gaming companies alongside more mature e-commerce, internet infrastructure, classifieds and other    
 specialized players.                                                                                                                      |

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Middle East and North Africa

With a population of approximately 508 million and a nominal GDP of approximately $4.32 trillion in 2023, MENA includes Morocco, Algeria, Tunisia, Libya and Egypt in North Africa. It also includes the GCC countries, comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, Iraq, and the Levantine nations of Syria, Lebanon, and Jordan.

We believe the growth of e-commerce in MENA has further shed light on the necessity of hard and soft infrastructure to support its growth. In particular, cash on delivery is today approximately 60% of all e-commerce transaction in MENA. MasterCard finds that post-COVID consumers in MENA are 95% more likely to consider using an emerging payment method including cryptocurrency, biometrics, contactless or QR codes in the future. We believe there are opportunities for companies to address payments, logistics, and deliveries. For these reasons, we believe there are significant market opportunities in these segments.

Sub-Saharan Africa

With a population of 1.26 billion, and a nominal GDP of approximately $2.04 trillion in 2023, we believe Africa will be a major future economic source and a driver of global growth. Over the last decade GDP grew by 2.8% per year between 2013 and 2023, more than twice that of the EU-28 (1.5%), and Latin America (1.4%) over the same period. We believe African demographics are arguably the best in the world, with population growth to