Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 161

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 161
---
 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.

Fast-Growing Addressable Payments Markets: Cross-Border Business Payments

OwlPay targets 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.

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 B2B payments is significant and rapidly
expanding as trends towards digitization broaden access to more users. By offering modernized, streamlined end-to-end payment solutions, we believe that we are
well-positioned to capitalize on its early mover advantage in the blockchain-enabled payment industry to capture a meaningful share of the growing B2B and B2C markets.

While traditional trade corridors between major economies (e.g., U.S.-China, U.S.-EU, intra-EU)
continue to have large cross-border transaction volumes due to established trade relationships, payment flows in emerging markets like Latin America are experiencing strong growth and becoming increasingly prominent. We are prioritizing commercial
development in these high growth markets by seeking to obtain regulatory licenses and approvals for U.S.-Japan B2B and B2C, as well as U.S.-LATAM B2B, B2C and cross-border remittance.

The Latin American digital payment market grew from US$89 billion in 2017 to US$215 billion in 202