FINR Fintech Scion Ltd (PK)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _______ to _______

 

Commission File Number: 000-55685

 

FINTECH SCION LIMITED
(Exact name of registrant as specified in its charter)

 

Nevada		30-0803939
(State or other jurisdiction of incorporation)		(I.R.S. Employer Identification No.)
M Floor & 1st Floor, No. 33, Jalan Maharajalela,  50150, Kuala Lumpur, Malaysia		N/A
(Address of principal executive offices)		(Zip Code)

 

+603 9226 0908

 (Registrant’s telephone number, including area code)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act: None.

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging Growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

 

As of December 1, 2024, there were 198,742,643 shares of the issuer’s common stock issued and outstanding.

 

 

 FINTECH SCION LIMITED AND SUBSIDIARIES

 

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED September 30, 2024

TABLE OF CONTENTS

 

		PAGE
	PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19
	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	21
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities And Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	22
	SIGNATURES	23

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA

 

This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding:

 

	●	our projected financial position and estimated cash burn rate;
	●	our estimates regarding expenses, future revenues and capital requirements;

 

	●	our ability to continue as a going concern;
	●	our need to raise substantial additional capital to fund our operation;
	●	our dependence on third parties in the conduct of our operations;
	●	our ability to obtain the necessary regulatory approvals to market and commercialize our products;
	●	the impact of a health epidemic, on our business, our operations or the global economy as a whole;
	●	the results of market research conducted by us or others;
	●	our ability to obtain and maintain intellectual property protection for our current and future products;
	●	our ability to protect our intellectual property rights and the potential for us to incur substantial costs from lawsuits to enforce or protect our intellectual property rights;
	●	the possibility that a third party may claim we or our third-party licensors have infringed, misappropriated or otherwise violated their intellectual property rights and that we may incur substantial costs and be required to devote substantial time defending against claims against us;
	●	our reliance on third-party suppliers and manufacturers;
	●	the success of competing payment platforms and products that are or become available;
	●	our ability to expand our organization to accommodate potential growth and our ability to retain and attract key personnel;
	●	the potential for us to incur substantial costs resulting from product liability lawsuits against us and the potential for these product liability lawsuits to cause us to limit our commercialization of our products; and
	●	the successful development of our commercialization capabilities, including sales and marketing capabilities.

 

All of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.

 

This Quarterly Report on Form 10-Q may include market data and certain industry data and forecasts, which we may obtain from internal company surveys, market research, consultant surveys, publicly available information, reports of governmental agencies and industry publications, articles and surveys. Industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. While we believe that such studies and publications are reliable, we have not independently verified market and industry data from third-party sources.

 

 

FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

 

	PAGE
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Operations and Comprehensive Loss	6
Condensed Consolidated Statements of Cash Flows	7
Notes to Unaudited Condensed Consolidated Financial Statements	8

 

 

FINTECH SCION LIMITED AND SUBSIDIARIES

 CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars)

 

		As of				As of
		September 30,				December 31,
		2024 (Unaudited)				2023 (Audited)
ASSETS
Current assets
Cash and cash equivalents		$	4,014,768			$	3,765,959
Accounts receivable			56,001				59,974
Amount due from related parties			—				—
Inventories			12,000				12,000
Other receivables, prepayments and other current assets			118,153				509,451
Total Current Assets			4,200,922				4,347,384
Non-current assets
Intangible asset			11,465				34,707
Goodwill			16,657,653				16,657,653
Property and equipment, net			31,447				38,600
Total Non-Current Assets			16,700,565				16,730,960
TOTAL ASSETS		$	20,901,487			$	21,078,344
LIABILITIES
Current liabilities
Amounts due to related parties		$	1,458,808			$	755,040
Accounts payable			335,046				47,662
Accruals and other payables			2,335,201				1,953,160
Total Current Liabilities			4,129,055				2,755,862
TOTAL LIABILITIES			4,129,055				2,755,862
Commitments and Contingencies (Note 10)			—				—
STOCKHOLDERS’ EQUITY
Preferred stock par value $0.001: 25,000,000 shares authorized; and 0 outstanding			—				—
Common stock par value $0.001: 400,000,000 and $0.001: 400,000,000 shares authorized, respectively; 198,742,643 and 298,742,643 shares issued and outstanding, respectively			198,743				298,743
Additional paid-in capital			58,148,510				58,148,510
Accumulated surplus			(41,535,796)				(40,140,592)
Accumulated other comprehensive income			(37,302)				16,734
Equity attributable to equity holders of the parent			16,774,155				18,323,395
Non-controlling interests			(1,723)				(913)
Total Stockholders’ Equity			16,772,432				18,322,482
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	20,901,487			$	21,078,344

 

 The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

FINTECH SCION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In U.S. dollars)

 

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2024				2023				2024				2023
REVENUE		$	220,209			$	946,830			$	561,174			$	2,377,652
COST OF REVENUE			(8,827)				(72,486)				(67,782)				(114,991)
GROSS PROFIT			211,382				874,344				493,392				2,262,661
OPERATING EXPENSES
General and administrative expenses			(398,340)				(1,259,700)				(1,691,780)				(3,043,686)
Total operating expenses			(398,340)				(1,259,700)				(1,691,780)				(3,043,686)
LOSS FROM OPERATIONS			(186,958)				(385,356)				(1,198,388)				(781,025)
OTHER INCOME/(EXPENSE), NET
Other income			—				241,386				1,937				330,877
Other expense			(7,615)				(58)				(199,563)				(862)
Total Other income / (Expense), net			(7,615)				241,328				(197,626)				330,015
NET LOSS BEFORE TAX		$	(194,573)			$	(144,028)			$	(1,396,014)			$	(451,010)
Income tax			—				996				—				(1,177)
NET LOSS		$	(194,573)			$	(143,032)			$	(1,396,014)			$	(452,187)
Loss attributable to non-controlling interest			229				233				810				734
NET LOSS FOR THE PERIOD			(194,344)				(142,799)				(1,395,204)				(451,453)
OTHER COMPREHENSIVE INCOME / (LOSS)
Foreign currency translation adjustment			(58,057)				(17,506)				(54,036)				13,558
TOTAL COMPREHENSIVE INCOME / (LOSS)		$	(252,401)			$	(160,305)			$	(1,449,240)			$	(437,895)
Weighted average number of common shares outstanding - basic and diluted			198,742,643				198,742,643				198,742,643				198,742,643
Net Income (Loss) per share - basic and diluted		$	(0.00)			$	(0.00)			$	(0.01)			$	(0.00)

 

The accompanying notes are an integral part of these condensed consolidated financial statements. 

 

 

FINTECH SCION LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In U.S. dollars)

 

		For the Period Ended September 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(1,396,014)			$	(452,187)
Items not involving cash:
Depreciation and amortization of– property and equipment and right-of-use assets			32,001				27,048
Changes in operating assets and liabilities
Accounts receivables			3,973				1,250,976
Other receivables, prepayments and other current assets			391,298				749,094
Inventories			—				(11,961)
Accounts Payable			287,384				(823,577)
Accrued expense and other payables			382,041				37,152
Net (used in) / cash generated by operating activities			(299,317)				776,545
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment and rights-of-use assets			(1,606)				(10,897)
Net (used in) / cash generated by investing activities			(1,606)				(10,897)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares			(100,000)				—
(Repayments) / Proceeds from related parties			703,768				(845,440)
Net cash generated by / (used in) financing activities			603,768				(845,440)
EFFECT OF EXCHANGE RATES ON CASH			(54,036)				13,558
NET CHANGE IN CASH AND CASH EQUIVALENTS			248,809				(66,234)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			3,765,959				3,791,378
CASH AND CASH EQUIVALENTS, END OF PERIOD		$	4,014,768			$	3,725,144
SUPPLEMENTAL OF CASH FLOW INFORMATION
Cash paid for interest expenses		$	—			$	—
Cash paid for income tax		$	—			$	—

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

FINTECH SCION LIMITED AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(In U.S. dollars)

 

1.	ORGANIZATION AND BUSINESS

 

Fintech Scion Limited (“the Company”) formerly known as HWGC Holdings Limited, incorporated in Nevada.

 

The Company holds the following equity interests in its subsidiaries: 

 

						Interest
No.		Name of subsidiary		Country of incorporation		2024 %			2023 %			Principal activities
1		FintechCashier Asia P.L.C., formerly known as HWGG Capital P.L.C. (“FintechAsia”)		Malaysia		100			100			Money broking
2		HWG Cash Singapore Pte Ltd (“HCS”)*		Singapore		55			55			Trading of digital assets
3		HWGC KZ Limited (“HKZ”)*		Kazakhstan		100			100			Software development
4		Fintech Scion Limited (“Fintech”)		United Kingdom		100			100			Holding company and protection of Intellectual Property
5		Fintech Digital Solutions Limited (“FDS”)		United Kingdom		100			100			Digital payment services
6		Fintech Digital Consulting Limited (“FDC”)		United Kingdom		100			100			Technology provider and payment consulting

 

 

*	HCS and HKZ are currently dormant.

 

The Company offers digital banking services by providing the tools, skills, and solutions to facilitate payment services to merchants, offering a variety of secured, online and fully managed transactions and settlements.

 

2.	UNAUDITED INTERIM FINANCIAL STATEMENTS

 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information under Article 8 of Regulation S-X. They do not include all information and foot notes required by U.S. GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statement for the year ended December 31, 2023, included in the Company’s Form 10-K/A filed with the SEC on October 28, 2024 (“Annual Report on Form 10-K/A”). The interim unaudited consolidated financial statements should be read in conjunction with those audited consolidated financial statements included in our Annual Report on Form 10-K/A.

 

In the opinion of management, the Company has made all adjustments necessary to present a fair statement of the financial position as of September 30, 2024, results of operations for the three months ended September 30, 2024 and 2023, and cash flows for the three months ended September 30, 2024 and 2023. All significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the three months ended September 30, 2024 are not necessarily indicative of the results of operations for the entire fiscal year.

 

8 

 

 

Recently issued accounting pronouncements

 

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

 

3.	ACCOUNTS RECEIVABLES

 

Accounts receivable represent balances from transactions fees receivable generated from financial payment and settlement services such as from the Payment Services Provider, Foreign Exchange (FX) Conversion fees and whitelabelling services.

 

Services billed are generally settled upon financial services have been rendered. Only limited clients are extended with credits.

 

As of September 30, 2024, accounts receivable balances of $56,001 mainly derived from whitelabelling services. As of December 31, 2023, accounts receivable balances of $59,974 mainly derived from whitelabelling services and commissions receivables.

 

The company considers accounts receivable to be fully collectible, therefore no impairment is necessary as at September 30, 2024 and December 31, 2023. 

 

4.	OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS

 

Other receivables, prepayments and other current assets consist of the following:

 Schedule of other receivables and other assets

		September 30, 2024				December 31, 2023
Other receivables (1)		$	108,190			$	294,780
Deposits (2)		$	2,265			$	110,161
Prepayments (3)		$	7,698			$	4,510
Common stock not paid (4)		$	—			$	100,000
Total		$	118,153			$	509,451

 

(1)

Other receivables primarily represent balances in liquidity solution providers.

	(2)	Deposits represented payments for rental, utilities, and deposit payment to product suppliers.
	(3)	Prepayments mainly consists of prepayment for insurance and IT related fees.

(4)

Common stock not paid consists of the shares issued to CICO as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.

 

5.

GOODWILL

 

The table below sets forth the carrying amount of goodwill for September 30, 2024 and December 31, 2023.

 

		As of  September 30, 2024				As of  December 31, 2023
Gross carrying amount		$	—			$	—
Acquired in business combination (1)			55,794,524				55,794,524
Total			55,794,524				55,794,524
Accumulated impairment		$	(39,136,871)			$	—
Impairment (2)			—				(39,136,871)
			—				—
Goodwill, net		$	16,657,653			$	16,657,653

 

9 

 

 

(1)

Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.

 

(2)

The Company has adopted a policy of performing its annual goodwill impairment test in the fourth quarter of every year. In connection with the annual goodwill impairment test in the fourth quarter of 2023, the Company estimated the fair value of our FintechAsia reporting unit using the income approach. In the annual 2023 test, the FintechAsia reporting unit exceeded the carrying values by more than 50 percent. The Company performed a qualitative test on our FintechAsia reporting unit and concluded it was more likely than not the fair value of this reporting unit exceeded its carrying value.

 

During the year ended December 31, 2023, the Company recorded a goodwill impairment charge of $39,136,871 in our FintechAsia reporting unit, primarily due to the surrendering of our credit token license, significant impacts on money broking transactional volume following the cryptocurrency market crash in 2022, and the fair value of share price which is much higher than the fair value of the assets acquired. Both significantly impacted forecasted cash flows used in our analysis. Moreover, operating expenses did not decline proportionally to revenue. In addition, inflationary pressures also caused our forecasted expenses to increase. Furthermore, our discounted cash flows utilized a higher risk-adjusted discount rate for the 2023 impairment test, primarily due to central banks raising interest rates in 2023 and increased country-specific risk due to macroeconomic factors.

 

The Company estimated the fair value of the FintechAsia reporting unit based on income approach. Fair value under the income approach was determined by discounting to present value the estimated future cash flows of the reporting unit.

 

In estimating the future cash flows of the FintechAsia reporting unit, the Company utilized a combination of market and company-specific inputs that a market participant would use in assessing the fair value of the reporting units. The primary market input was revenue growth rates. These rates were based upon historical trends and estimated future growth drivers such as the money brokering, payment solutions, and white labelling growth rate. Significant company-specific inputs included assumptions regarding how the reporting unit could leverage operating expenses as revenue grows.

 

Under the guideline public company methodology, the Company took into consideration specific risk differences between our reporting unit and the comparable companies, such as recent financial performance, size risks and product portfolios, among other considerations.

 

The Company used significant unobservable inputs within the income approach valuation method. These include the discount rate of 25.05%, being the calculated weighted average cost of capital for our company, and the long-term growth rate of 1.50% was based on the annual percentage change of real GDP growth. Significant increases (decreases) in growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.

 

The Company will continue to monitor the fair value of our reporting units in our interim and annual reporting periods. While the policy of the Company on conducting impairment on annual basis stand, it is the directors’ responsibility to ensure that the reports (including annual and quarterly reports) are accurate. Hence, for good corporate governance practice purposes, the directors have also reviewed the fair value of goodwill in both quantitative and qualitative information during this quarterly period. If our estimated cash flows decrease, the Company may have to record further impairment charges in the future. Factors that could result in our cash flows being lower than our current estimates include: 1) decreased revenues caused by unforeseen changes the market, 2) our inability to achieve the estimated operating margins in our forecasts from our restructuring programs, cost saving initiatives, and other unforeseen factors, and 3) the weakening of foreign currencies against the U.S. Dollar. Additionally, changes in the broader economic environment could cause changes to our estimated discount rates and comparable company valuation indicators, which may impact our estimated fair values. Due to the significant carrying amount of goodwill recognized, any further impairment may cause a significant adverse financial impact on the Company that could raise doubt about the Company’s ability to continue as a going concern.

 

10 

 

 

For the quarterly period ended September 30, 2024, the management has determined that a quarterly goodwill impairment assessment is not necessary for the following reasons, despite the annualized financial performance of the FintechAsia reporting unit for the full year 2024 being lower than our current estimates:

 

1.

New Clients Onboarding: FintechAsia has onboarded new clients with the potential for significant transaction volumes. The level of contribution from these new clients remains undetermined, as it will depend on the volume of transactions. Based on discussions with clients, the Company believes there is still a possibility of reaching breakeven for FintechAsia by the end of 2024.

2.

Cost Saving Initiatives: The costs associated with Fintech are expected to decrease significantly in 2024. The full impact of these cost-saving initiatives will be more accurately reflected in the Company’s results when the books are closed at year-end.

 

Given these factors, the management believes that conducting a quarterly goodwill impairment test would not provide an accurate reflection of the Company's financial position and would not align with the adopted policy. The year-end goodwill impairment review for the annual financial statements is based on a complete 12-month period of results, allowing for a more robust assessment of the contracts entered into by the Company. This approach is consistent with the policy adopted for the Company’s goodwill assessment and the impairment provisions for the Form 10-K for the financial year ended December 31, 2023. Management will conduct a more detailed analysis to determine whether further impairment is required when preparing the Form 10-K for the financial year ending December 31, 2024.

 

For the quarterly period ended September 30, 2024, our total assets stood at $20,901,487, while our total stockholders' equity was $16,772,432. For discussion purposes, assuming a full goodwill impairment of $16,657,653, our total assets would be reduced to $4,243,834, and total stockholders' equity would decrease to $114,779. Even after this assumed impairment, our total assets would still exceed total liabilities of $4,129,055 by $114,779 and our total stockholders' equity would remain positive. Management believes that the going concern basis for the preparation of the financial statements is appropriate, even with a full goodwill impairment (which is highly unlikely, as FintechAsia will continue to drive value, and therefore goodwill will not require a full impairment). The scenario of full impairment presented above is a conservative assumption to demonstrate that, even in this unlikely case, the Group would still maintain positive total assets and stockholders' equity.

 

For the quarterly period ended September 30, 2024, the Company reported amounts due to related parties totalling $1,458,808. These loans were obtained to provide the Company with the necessary funds to meet its short-term financial obligations. To enhance investor confidence, the Company intends to negotiate with the related parties to secure their continued support by extending the due date of these loans for a period of no less than 12 months, with the assurance that no repayment will be sought until the Company’s liabilities are stabilized.

 

 

6.	PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consist of the following:

 

		As of September 30, 2024				As of December 31, 2023
Office equipment		$	8,944			$	8,628
Computer equipment			50,834				49,600
Furniture and fittings			4,880				4,824
Software and website			10,173				10,173
			74,831				73,225
Less: Accumulated depreciation			(43,384)				(34,625)
Balance at end of period/year		$	31,447			$	38,600

 

 Depreciation expenses charged to the statements of operations and comprehensive loss for the nine months periods ended September 30, 2024 and 2023 were $8,759 (three months: $3,474) and $9,772 (three months $2,893) respectively.

 

 

7.	ACCRUED EXPENSE AND OTHER PAYABLES

 

Accrued expense and other payables consist of the following:

 Schedule of accruals and other payables

		As of September 30, 2024				As of December 31, 2023
Provisions and accruals (1)		$	542,308			$	319,939
Others (2)			1,792,893				1,633,221
Balance at end of period/year		$	2,335,201			$	1,953,160

 

	(1)	Provisions and accruals consists mainly of audit and accountancy fees and includes $52,000 of share options issued to directors at the year ended December 31, 2023. The Company will fund this expenditure through revenue generated or, if necessary, additional paid-up capital from existing major shareholders.
	(2)	Other payables mainly consists of client funds. These are clients’ funds, which will be returned to clients upon completion of transaction with such clients. This will be paid from the Company’s cash and cash equivalent

 

8.

REVENUE

 

Within the current period, the Company mainly derives its revenue from its whitelabelling service. The Company considers its performance obligation satisfied and recognizes revenue over time when the service is provided.

 

Previously, the Company derived its revenue mainly from transaction fees earned through financial payment and settlement services. For these transaction fee revenues, the Company views itself as the agent in these transactions and as a result, records revenue on a net basis. The Company considers its performance obligation satisfied and recognizes revenue at the point in time the transaction is processed.

 

12 

 

 

The disaggregation of revenue of the Company by the services rendered for the nine months ended September 30, 2024 and 2023 is as follows:

 

		Nine Months Ended September 30, 2024
		2024				2023
Payment Services Provider (PSP)			—				556,474
Foreign Exchange (FX) Conversion			123,167				1,774,947
Whitelabelling			277,036				46,231
Referral fees(1)			160,971				—
Total Revenue			561,174				2,377,652

 

(1)

Referral fees is a new revenue stream within 2024 following the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom. As a result, the existing client base of Fintech was transferred to a third party and a revenue share agreement was established.

 

9.	RELATED PARTY BALANCES AND TRANSACTIONS

Schedule of related party transaction

		As of  September 30, 2024				As of  December 31, 2023
Amount due to related parties
Ho Wah Genting Group Sdn Bhd (1)		$	283,517			$	25,748
Shalom Dodoun (2)			789,271				727,624
Natalie Kastberg (3)			1,754				1,668
CICO Digital Solutions Limited (4)			384,265				—
Total Amount due to related parties		$	1,458,808			$	755,040

 

The related party balances are unsecured, and should there be a going concern issue then the due date of these owing will be extended for a period of no less than 12 months.

 

(1)

Dato’ Lim Hui Boon, the previous president of the Company, is the previous director of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company.

 

Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company, is a previous director of HWGGSB.

 

Dato’ Lim Hui Boon and Mr. Lim Chun Hoo were resigned from HWGGSB on July 1, 2024 and March 11, 2024.

 

The amount due to HWGGSB as at September 30, 2024 and December 31, 2023, were advances made by HWGGSB to the Company.

 

	(2)	Mr Shalom Dodoun (“Mr Shalom”) was the previous director and CEO of the Company. The amount due to Mr Shalom as at September 30, 2024 and December 31, 2023, were advances made by Mr Shalom to the Company. Mr Shalom agreed to grant the Company an unsecured Sterling term loan facility and the Company shall pay interest on the Loan at the rate of 6% per annum above Barclays Bank Rate.   The interest expenses charged to the statements of operations and comprehensive loss for the nine months periods ended September 30, 2024 and 2023 were $48,053 (three months: $16,025) and $42,789 (three months $14,645) respectively.
	(3)	Ms Natalie Kastberg (“Ms Kastberg”), is a current director of Fintech. The amount due to Ms Kastberg as at September 30, 2024 and December 31, 2023, were advances made by Ms Kastberg to the Company.
	(4)	Mr Shalom, the previous director and CEO of the Company, is a shareholder in CICO Digital Solutions Limited (“CICO”). The amount due to CICO as at September 30, 2024, were advances made by CICO to the Company.

 

13 

 

 

(5)

Total payment made in the form of compensation, which includes salary, bonus, stock awards and all other compensation have been made to the following officer of the Company that are individually in excess of $100,000 annually:

 

Schedule of officers

		As of  September 30, 2024				As of  December 31, 2023
Directors & Officers
Shalom Dodoun – Previous Director, Chief Executive Officer of the Company		$	227,289			$	287,138
Richard Berman – Non-executive Director of the Company (6)		$	90,000			$	100,000

 

(6)

Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

 

10.	COMMITMENTS AND CONTINGENCIES

 

Capital Commitments

 

	(1)	Upon the successful uplisting of the Company to Nasdaq, Mr Richard Berman, the non-executive director of the Company, shall be rewarded with Company’s shares, up to a maximum of 1% of the Company’s market capitalization. The number of shares to be issued shall be calculated based on the market share price (as stated on Nasdaq) on the first closing date of the Company listed on Nasdaq.
	(2)	Following the financial year end, the 100,000,000 shares that were issued to CICO for the acquisition of assets as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023, were cancelled and removed from the Company’s issued and outstanding shares of common stock on January 30, 2024. The total issued and outstanding shares of the Company will be reduced to 198,742,643 shares on January 30, 2024.

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited interim condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled “Risk Factors” included in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2023, as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. All amounts in this report are in U.S. dollars, unless otherwise noted.

 

Throughout this Quarterly Report on Form 10-Q, references to “we,” “our,” “us,” the “Company,” “Fintech,” or “Fintech Scion” refer to Fintech Scion Limited, individually, or as the context requires, collectively with its subsidiaries. 

 

 

Overview

 

Fintech Scion Limited (“Fintech Scion”, the “Company”, “we”, “our”, or “us”) is a fintech enterprise poised to revolutionize the financial landscape through our digital Banking-as-a-Service (BaaS) platform. Our mission is to empower merchants by furnishing them with an integrated suite of tools, skills, and solutions that streamline payment services, unlocking a realm of secure, online, and fully managed transactions and settlements. We currently operate through our wholly-owned subsidiaries based in Malaysia and the United Kingdom.

 

At the core of our enterprise lies a sophisticated financial ecosystem, underpinned by a robust technological infrastructure. This infrastructure has been developed with the mission of empowering financial institutions to offer seamless, consolidated experiences across diverse verticals encompassing business-to-business, business-to-consumer, and consumer-to-business domains.

 

In an era where merchants are leveraging an array of software solutions and digital tools to bolster their competitive edge, our role has emerged as a pivotal enabler. The intricate challenge of managing disparate software systems sourced from various providers has become an impediment for merchants of all sizes to seamlessly embrace payments.

 

Our current clientele encompasses an array of enterprises and organizations, spanning varied sectors, including, but not limited to the management consultancy services, development of software and programming activities, e-commerce, tours and entertainment operations, information technology and investment banking all with a common objective: to minimize the intricacies and costs associated with fund transfers. We extend our services to online businesses, providing comprehensive solutions encompassing payment collection, cross-border transactions, FX services, and corporate bank accounts.

 

Our cutting-edge payments platform boasts a comprehensive suite of integrated payment products and services tailored to various channels–be it in-store, online, or through mobile and tablet interfaces. This suite encompasses end-to-end payment processing for an array of payment types, merchant acquiring and issuing, diverse methods of mobile and contactless payments, and QR code-based solutions. Complementary software integrations, virtual international bank account numbers (IBAN), integrated mobile point-of-sale (POS) solutions, risk management tools, and robust reporting and analytics capabilities augment our platform's offerings.

 

Our payment services seamlessly integrating e-money remittance solutions within the global marketplace, spanning open banking and credit card processing to wire transfers. Our unique Software-as-a-Service (SaaS) model empowers clients to focus on their core operations and sales while we handle the intricate aspects of payment processing. This streamlined approach facilitates efficient onboarding, elevates customer retention, and cultivates new revenue streams.

 

Our vision transcends boundaries as we aspire to cement our position as a global leader in the payments and banking sphere. Our team, comprising seasoned experts across operations, technology, sales, legal, compliance, and more, forms the backbone of our enterprise.

 

The crux of our vision lies in simplifying and automating global fund transfers while upholding the highest standards of security. We endeavor to furnish merchants with an all-encompassing Merchant Payment Ecosystem (MPE), a unified platform catering to their diverse payment needs. Our technology leverages the Gateway Cashier Technology to deliver unparalleled services.

 

Our diverse merchant base ranges from small to medium-sized enterprises, or SMEs, to large enterprises, spanning sectors such as hospitality, e-gaming, consulting, retail, marketing, and e-commerce. While we are rooted in the SaaS framework, our belief in democratizing technology has led us to offer an initial free platform, generating revenue through value-added services.

 

Our revenue streams encompass processing fees based on payment volumes, a hybrid model featuring fixed transaction fees and monthly charges, and diverse layers that allow us to cross-sell services and nurture lasting client relationships. Currently, we derive all our revenues from our operating subsidiaries based in Malaysia and the United Kingdom.

 

In the competitive landscape, our distinct layers constitute the heart of our approach, underpinned by a commitment to exemplary customer service. We understand the nuanced needs of various merchants and have meticulously curated layers tailored to their requirements, including cutting-edge technology, diverse payment processing, integrated banking, and strategic licensing solutions. These layers collectively form the bedrock of our operations, fostering seamless merchant experiences and propelling us to the forefront of the industry.

 

 

As we chart our course, we stand poised to not only cater to our diverse clientele but to exceed their expectations. Our pursuit of excellence remains unwavering as we continue to innovate, expand our offerings, and forge new partnerships to reshape the payments and banking landscape.

 

Results of Operations

 

Three Months Ended September 30, 2024 Compared to Three Months Ended September 30, 2023

 

Revenue generated by the Company during the three months ended September 30, 2024 consists of three components, including: Payment Service Provider (PSP), Foreign Exchange (FX) Conversion and Whitelabelling. The revenue generated from each component is outlined in the following table.

 

Revenue

 

		Three Months Ended September 30, 2024
		2024				2023
Payment Services Provider (PSP)			—				196,316
Foreign Exchange (FX) Conversion			95,788				731,298
Whitelabelling			78,372				19,216
Referral fees(1)			46,049				—
Total Revenue			220,209				946,830

 

(1)

Referral fees is a new revenue stream within 2024 following the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom. As a result, the existing client base of Fintech was transferred to a third party and a revenue share agreement was established.

 

We recognized $220,209 and $946,830 revenues for the three months ended September 30, 2024 and 2023, respectively. The decrease in revenue was primarily due to lower-than-expected transactions for both the Payment Services Provider and Foreign Exchange (FX) Conversion services. There has been less onboarding of new clients in the third quarter of 2024 for our services, which mean we are primarily servicing existing clients. Additionally, the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom, also partially impacted our operations. Revenue recognized during the period is mainly from foreign exchange conversion provided by FintechAsia and referral fees provided by FDS. 

 

Cost of Revenue

 

Cost of revenue for the three months ended September 30, 2024 was $8,827 compared to $72,486 for the three months ended September 30, 2023. The decrease in cost of revenue is not in proportion to the decrease in revenue due to a change in the revenue mix towards whitelabelling and referral fees which have lower cost of revenue than PSP and FX.

 

Gross Profit

 

Gross profit for the three months ended September 30, 2024 was $211,382 compared to $874,344 for the period ended September 30, 2023. The decrease resulted primarily from the lower-than-expected revenue generated from our services.

 

Operating Expenses

 

For the three months ended September 30, 2024, we incurred total operating expenses in the amount of $398,340 compared to $1,259,700 for the three months ended September 30, 2023. The decrease of $861,360 or 68% was mainly attributed to the significant decrease in the general and administrative expenses of Fintech. This includes a $369,726 or 100% decrease of platform development fees, a $217,134 or 99% decrease of consultancy fees, and a $109,746 or 100% decrease of rent expenses.

 

 

Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2023 

 

Revenue

 

		Nine Months Ended September 30,
		2024				2023
Payment Services Provider (PSP)			—				556,474
Foreign Exchange (FX) Conversion			123,167				1,774,947
Whitelabelling			277,036				46,231
Referral fees			160,971				—
Total Revenue			561,174				2,377,652

 

We recognized $561,174 and $2,377,652 revenues for the nine months ended September 30, 2024 and 2023, respectively. The decrease in revenue was primarily due to lower-than-expected transactions for both the Payment Services Provider and Foreign Exchange (FX) Conversion services. There has been less onboarding of new clients in the third quarter of 2024 for our services, which mean we are primarily servicing existing clients. Additionally, the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom, also partially impacted our operations. Revenue recognized during the period is mainly from whitelabelling provided by FintechAsia and referral fees provided by FDS. 

 

Cost of Sales

 

Cost of sales for the nine months ended September 30, 2024 was $67,782 compared to $114,991 for the nine months ended September 30, 2023. The decrease in cost of revenue is not in proportion to the decrease in revenue due to an increase in processing fees for our business transaction.

 

Gross Profit

 

Gross profit for the nine months ended September 30, 2024 was $493,392 compared to $2,262,661 for the period ended September 30, 2023. The decrease resulted primarily from the lower-than-expected revenue generated from our services.

 

Operating Expenses

 

For the nine months ended September 30, 2024, we incurred total operating expenses in the amount of $1,691,780, composed solely of general and administrative expenses. Whilst, for the nine months ended September 30, 2023, we incurred total operating expenses in the amount of $3,043,686, composed solely of general and administrative expenses. The decrease of $1,351,906 or 44% was mainly attributed to the significant decrease in the general and administrative expenses of Fintech, which decreased by $1,389,154 or 60%.

 

Liquidity and Capital Resources

 

As of September 30, 2024, we had a cash balance of $4,014,768. During the period ended September 30, 2024, net cash used in operating activities totaled $299,317. Net cash used in investing activities totaled $1,606. Net cash generated by financing activities during the period totaled $603,768. The resulting change in cash for the period was an increase of $248,809, which was primarily due to cash generated by financing activities. As of September 30, 2024, we had current liabilities of $4,129,055, which was composed of amount due to related parties of $1,458,808, accounts payable of $335,046, and accruals and other payable of $2,335,201. We had net assets of $16,772,432 and $18,322,482 as of September 30, 2024 and December 31, 2023, respectively. For the period ended September 30, 2024, we have recognized goodwill of $16,657,653 compared to $16,657,653 for the year ended December 31, 2023. After completing our annual impairment review for each reporting unit during the fourth quarter of 2023, we concluded that goodwill of Fintech was impaired in the year ended December 31, 2023 and an impairment loss of $39,136,871 was recorded. We have recognized goodwill of $16,657,653 as a result from the acquisition of Fintech during the year ended December 31, 2022. We believe no impairment is required during the period ended September 30, 2024. However, due to the significant carrying amount of goodwill recognized, any indication of impairment that causes losses and give rise to substantial doubt about our ability to continue as going concern.

 

 

Cash Flows

 

The following table sets forth summary cash flow information for the periods presented:

 

		Nine Months Ended September 30,
		2024				2023
Net (used in) / cash generated by operating activities		$	(299,317)			$	776,545
Net (used in) / cash generated by investing activities		$	(1,606)			$	(10,897)
Net cash generated by / (used in) financing activities		$	603,768			$	(845,440)
Effect of exchange rates on cash		$	(54,036)			$	13,558
Change in cash and cash equivalents		$	248,809			$	(66,234)

 

Cash Flows from Operating Activities

 

For the nine months ended September 30, 2024, cash used in operating activities was $299,317 which consisted of a net loss for the nine months ended September 30, 2024 of $1,396,014. Cash generated by other receivables, prepayments and other assets was $391,298, accrued expense and other payables was $382,041, accounts payables was $287,384, depreciation and amortization of property and equipment and right-of-use assets was $32,001, and accounts receivable was $3,973.

 

For the nine months ended September 30, 2023, net cash generated by operating activities was $776,545 which consisted of a net loss for the nine months ended September 30, 2023 of $452,187. Cash generated from accounts receivables was $1,250,976, other receivables, prepayments and other assets was $749,094, accrued expense and other payables was $37,152, and depreciation and amortization of property and equipment and right-of-use assets was $27,048. Cash used by accounts payables was $823,577 and inventories was $11,961.

 

Cash Flows from Investing Activities

 

For the nine months ended September 30, 2024, net cash used in investing activities was $1,606 which consisted of cash used in the purchase of property and equipment and right-of-use assets of $1,606.

 

For the nine months ended September 30, 2023, cash used in investing activities was $10,897 which consisted of cash used in purchase of property and equipment and right-of-use assets of $10,897.

 

Cash Flows from Financing Activities

 

For the nine months ended September 30, 2024, net cash generated by financing activities was $603,768 which consisted of cash generated by proceeds from related parties of $703,768 and cash used in the issuance of shares of $100,000.

 

For the nine months ended September 30, 2023, cash used in financing activities was $845,440 which consisted of repayments to related parties of $845,440.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements, financing, or other relationships with unconsolidated entities or other persons.

 

 

Critical Accounting Policies and Estimates

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: research and development expense recognition, valuation of common shares and stock options, allowances of deferred tax assets, valuation of debt related instruments, and cash flow assumptions regarding going concern considerations. Although management believes the estimates that have been used are reasonable, actual results could vary from the estimates that were used.

 

Recently Issued Accounting Standards

 

The recently issued accounting pronouncements are included in Note 2 Unaudited Interim Financial Statements for disclosures on accounting policies related to our business. 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

The Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act.

 

ITEM 4.

CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management including our principal executive and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Based upon their evaluation of those controls and procedures performed as of the end of the period covered by this report, our principal executive and principal financial officer concluded that our disclosure controls and procedures were effective in ensuring that: (i) information required to be disclosed by us in reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

 

In order to ensure that our subsequent periodic quarterly reports for the financial year 2024 are filed in accordance with effective internal control over financial reporting, the company has temporarily held the filings of these quarterly reports until our Annual Report for the year ended December 31, 2023 is evaluated as effective by management.

 

For the financial year ended December 31, 2023, our management concluded that we did not maintain effective internal control over financial reporting, due to a weakness in our internal control over financial reporting, related to the acquisition of Fintech. This weakness was brought to our attention only when we received the SEC Staff Statement on June 11, 2024. In response to this weakness, the management has recognized the impact of the financial statement as described in the Annual Report on Form 10-K/A for the year ended December 31, 2023. Due to this weakness, the Company’s management has expended, and will continue to expend, substantial effort and resources for the remediation and improvement of our internal control over financial reporting.

 

 

On October 28, 2024, we filed the Annual Report on Form 10-K/A for the year ended December 31, 2023 with SEC. On November 4, 2024, we received the SEC Staff Statement confirming that they have completed their review of our Form 10-K/A. Hence, we are now filing this Quarterly Report for the period ended September 30, 2024 after the quarterly evaluation on our internal control over financial reporting has been completed, as described below.

 

Management’s Quarterly Report on Internal Control over Financial Reporting. 

 

Lim Chun Hoo, our Chief Executive Officer (“CEO"), is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, our principal executive and principal financial officer and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

 

a)

Ensuring that the management of each subsidiary pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

b)

Exercising the rights as the CEO of Company to oversee all internal control’s function, instruct amendment to policy and procedures, carry out internal control audit and other necessary means on each of the subsidiary to ensure that it is consistent with the Securities Exchange Act of 1934;

c)

Provide reasonable assurance by involving in the subsidiary’s material decision-making process that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of management and our directors; and

d)

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. All material acquisition and disposal of subsidiary’s asset shall be approved by the board of director of the Company.

e)

Because of its inherent limitations, our internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree goodwill of compliance with the policies or procedures may deteriorate.

 

Our Chief Executive Officer assessed the effectiveness of our internal control over financial reporting as of September 30, 2024. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework (2013). A material weakness, as defined by SEC rules, is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Our management has carried out an evaluation, with the participation and under the supervision of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures. Based upon their participation in that evaluation, the CEO and CFO concluded that the disclosure controls and procedures were effective as of September 30, 2024.

 

Accordingly management believes, based on its knowledge, that (1) this report does not contain any untrue statement of a material fact or omit to state a material face necessary to make the statements made not misleading with respect to the period covered by this report, and (2) the financial statements, and other financial information included in this report, fairly present in all material respects our financial condition, results of operations and cash flows for the years and periods then ended.

 

This report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our independent registered public accounting firm pursuant to rules of the SEC that permit us to provide only management’s report in this report.

 

 

Changes in Internal Controls

 

As discussed above, there were changes in the Company’s internal control over financial reporting during the most recent fiscal year that have affected the effectiveness of the Company’s internal control over financial reporting. Our current plans include acquiring enhanced access to accounting literature, research materials and documents, and increasing communication among our personnel, and considering the engagement of third-party professionals to consult with us on the application of complex accounting transactions.

 

PART II - OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

 

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties and an adverse result in these, or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

 

ITEM 1A.

RISK FACTORS

 

Risk factors that affect our business and financial results are discussed in Part I, Item 1A “Risk Factors,” in our Annual Report on Form 10-K/A for the year ended December 31, 2023 as filed with the SEC on October 28, 2024. There have been no material changes in our risk factors from those previously disclosed in our Periodic Reports. You should carefully consider the risks described in our Periodic Reports, which could materially affect our business, financial condition or future results. The risks described in our Periodic Reports are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.

MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.

OTHER INFORMATION

 

During the fiscal quarter ended September 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

 

 

ITEM 6.

EXHIBITS

 

Exhibit Number		Description of Exhibit
31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002
32.1**		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
104*		Cover Page Interactive Data File – the cover page from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, is formatted in Inline XBRL and included in the Exhibit 101 Inline XBRL Document Set

* Filed herewith

** Furnished herewith

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

 

	FINTECH SCION LIMITED
Date: December 4, 2024	By:	/s/ Lim Chun Hoo
	Lim Chun Hoo Chief Executive Officer (Principal Executive Officer)
Date: December 4, 2024	By:	/s/ Colin Ellis
	Colin Ellis Chief Financial Officer (Principal Financial and Accounting Officer)

 

Exhibit 31.1

 

Certification of Chief Executive Officer of Fintech Scion Limited

Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

 

I, Lim Chun Hoo, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Fintech Scion Limited;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: December 4, 2024	By:	/s/ Lim Chun Hoo
	Name:	Lim Chun Hoo
	Title:	Chief Executive Officer
		(Principal Executive Officer)

 Exhibit 31.2

 

Certification of Chief Financial Officer of Fintech Scion Limited

Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002

 

I, Colin Ellis, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Fintech Scion Limited;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: December 4, 2024	By:	/s/ Colin Ellis
	Name:	Colin Ellis
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 32.1

 

Statement of Chief Executive Officer and Chief Financial Officer 

Pursuant to Section 1350 of Title 18 of the United States Code

 

In connection with the Quarterly Report on Form 10-Q of Fintech Scion Limited (the “Company”) for the quarter ended September 30, 2024 (the “Report”), the undersigned, Lim Chun Hoo and Colin Ellis, the Chief Executive Officer and Chief Financial Officer, respectively, of Fintech Scion Limited (the “Company”), hereby certify that based on the undersigned’s knowledge:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m or 78o(d)), and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.

 

Date: December 4, 2024	By:	/s/ Lim Chun Hoo
	Name:	Lim Chun Hoo
	Title:	Chief Executive Officer
		(Principal Executive Officer)

 

Date: December 4, 2024	By:	/s/ Colin Ellis
	Name:	Colin Ellis
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

 

v3.24.3

Cover - shares	9 Months Ended
	Sep. 30, 2024	Dec. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	000-55685
Entity Registrant Name	FINTECH SCION LIMITED
Entity Central Index Key	0001623590
Entity Tax Identification Number	30-0803939
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	M Floor
Entity Address, Address Line Two	1st Floor
Entity Address, Address Line Three	No. 33, Jalan Maharajalela
Entity Address, City or Town	Kuala Lumpur
Entity Address, Country	MY
Entity Address, Postal Zip Code	50150
City Area Code	603
Local Phone Number	9226 0908
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		198,742,643

v3.24.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 4,014,768	$ 3,765,959
Accounts receivable	56,001	59,974
Amount due from related parties
Inventories	12,000	12,000
Other receivables, prepayments and other current assets	118,153	509,451
Total Current Assets	4,200,922	4,347,384
Non-current assets
Intangible asset	11,465	34,707
Goodwill	16,657,653	16,657,653
Property and equipment, net	31,447	38,600
Total Non-Current Assets	16,700,565	16,730,960
TOTAL ASSETS	20,901,487	21,078,344
Current liabilities
Amounts due to related parties	1,458,808	755,040
Accounts payable	335,046	47,662
Accruals and other payables	2,335,201	1,953,160
Total Current Liabilities	4,129,055	2,755,862
TOTAL LIABILITIES	4,129,055	2,755,862
Commitments and Contingencies (Note 10)
STOCKHOLDERS’ EQUITY
Preferred stock par value $0.001: 25,000,000 shares authorized; and 0 outstanding
Common stock par value $0.001: 400,000,000 and $0.001: 400,000,000 shares authorized, respectively; 198,742,643 and 298,742,643 shares issued and outstanding, respectively	198,743	298,743
Additional paid-in capital	58,148,510	58,148,510
Accumulated surplus	(41,535,796)	(40,140,592)
Accumulated other comprehensive income	(37,302)	16,734
Equity attributable to equity holders of the parent	16,774,155	18,323,395
Non-controlling interests	(1,723)	(913)
Total Stockholders’ Equity	16,772,432	18,322,482
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 20,901,487	$ 21,078,344

v3.24.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	25,000,000	25,000,000
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	400,000,000	400,000,000
Common stock, issued	198,742,643	298,742,643
Common stock, outstanding	198,742,643	298,742,643

v3.24.3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
REVENUE	$ 220,209	$ 946,830	$ 561,174	$ 2,377,652
COST OF REVENUE	(8,827)	(72,486)	(67,782)	(114,991)
GROSS PROFIT	211,382	874,344	493,392	2,262,661
OPERATING EXPENSES
General and administrative expenses	(398,340)	(1,259,700)	(1,691,780)	(3,043,686)
Total operating expenses	(398,340)	(1,259,700)	(1,691,780)	(3,043,686)
LOSS FROM OPERATIONS	(186,958)	(385,356)	(1,198,388)	(781,025)
OTHER INCOME/(EXPENSE), NET
Other income		241,386	1,937	330,877
Other expense	(7,615)	(58)	(199,563)	(862)
Total Other income / (Expense), net	(7,615)	241,328	(197,626)	330,015
NET LOSS BEFORE TAX	(194,573)	(144,028)	(1,396,014)	(451,010)
Income tax		996		(1,177)
NET LOSS	(194,573)	(143,032)	(1,396,014)	(452,187)
Loss attributable to non-controlling interest	229	233	810	734
NET LOSS FOR THE PERIOD	(194,344)	(142,799)	(1,395,204)	(451,453)
OTHER COMPREHENSIVE INCOME / (LOSS)
Foreign currency translation adjustment	(58,057)	(17,506)	(54,036)	13,558
TOTAL COMPREHENSIVE INCOME / (LOSS)	$ (252,401)	$ (160,305)	$ (1,449,240)	$ (437,895)
Weighted average number of common shares outstanding - basic and diluted	198,742,643	198,742,643	198,742,643	198,742,643
Net Income (Loss) per share - basic and diluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.00)

v3.24.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,396,014)	$ (452,187)
Items not involving cash:
Depreciation and amortization of– property and equipment and right-of-use assets	32,001	27,048
Changes in operating assets and liabilities
Accounts receivables	3,973	1,250,976
Other receivables, prepayments and other current assets	391,298	749,094
Inventories		(11,961)
Accounts Payable	287,384	(823,577)
Accrued expense and other payables	382,041	37,152
Net (used in) / cash generated by operating activities	(299,317)	776,545
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment and rights-of-use assets	(1,606)	(10,897)
Net (used in) / cash generated by investing activities	(1,606)	(10,897)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares	(100,000)
(Repayments) / Proceeds from related parties	703,768	(845,440)
Net cash generated by / (used in) financing activities	603,768	(845,440)
EFFECT OF EXCHANGE RATES ON CASH	(54,036)	13,558
NET CHANGE IN CASH AND CASH EQUIVALENTS	248,809	(66,234)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,765,959	3,791,378
CASH AND CASH EQUIVALENTS, END OF PERIOD	4,014,768	3,725,144
SUPPLEMENTAL OF CASH FLOW INFORMATION
Cash paid for interest expenses
Cash paid for income tax

v3.24.3

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS   Fintech Scion Limited (“the Company”) formerly known as HWGC Holdings Limited, incorporated in Nevada.   The Company holds the following equity interests in its subsidiaries:                              Interest     No.   Name of subsidiary   Country of incorporation    2024 %      2023 %     Principal activities   1   FintechCashier Asia P.L.C., formerly known as HWGG Capital P.L.C. (“FintechAsia”)   Malaysia   100     100     Money broking   2   HWG Cash Singapore Pte Ltd (“HCS”)*   Singapore   55     55     Trading of digital assets   3   HWGC KZ Limited (“HKZ”)*   Kazakhstan   100     100     Software development   4   Fintech Scion Limited (“Fintech”)   United Kingdom   100     100     Holding company and protection of Intellectual Property   5   Fintech Digital Solutions Limited (“FDS”)   United Kingdom   100     100     Digital payment services   6   Fintech Digital Consulting Limited (“FDC”)   United Kingdom   100     100     Technology provider and payment consulting       * HCS and HKZ are currently dormant.   The Company offers digital banking services by providing the tools, skills, and solutions to facilitate payment services to merchants, offering a variety of secured, online and fully managed transactions and settlements.

v3.24.3

UNAUDITED INTERIM FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
UNAUDITED INTERIM FINANCIAL STATEMENTS	2. UNAUDITED INTERIM FINANCIAL STATEMENTS   The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information under Article 8 of Regulation S-X. They do not include all information and foot notes required by U.S. GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statement for the year ended December 31, 2023, included in the Company’s Form 10-K/A filed with the SEC on October 28, 2024 (“Annual Report on Form 10-K/A”). The interim unaudited consolidated financial statements should be read in conjunction with those audited consolidated financial statements included in our Annual Report on Form 10-K/A.   In the opinion of management, the Company has made all adjustments necessary to present a fair statement of the financial position as of September 30, 2024, results of operations for the three months ended September 30, 2024 and 2023, and cash flows for the three months ended September 30, 2024 and 2023. All significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the three months ended September 30, 2024 are not necessarily indicative of the results of operations for the entire fiscal year.   Recently issued accounting pronouncements   From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption.

v3.24.3

ACCOUNTS RECEIVABLES	9 Months Ended
	Sep. 30, 2024
Credit Loss [Abstract]
ACCOUNTS RECEIVABLES	3. ACCOUNTS RECEIVABLES   Accounts receivable represent balances from transactions fees receivable generated from financial payment and settlement services such as from the Payment Services Provider, Foreign Exchange (FX) Conversion fees and whitelabelling services.   Services billed are generally settled upon financial services have been rendered. Only limited clients are extended with credits.   As of September 30, 2024, accounts receivable balances of $56,001 mainly derived from whitelabelling services. As of December 31, 2023, accounts receivable balances of $59,974 mainly derived from whitelabelling services and commissions receivables.   The company considers accounts receivable to be fully collectible, therefore no impairment is necessary as at September 30, 2024 and December 31, 2023.

v3.24.3

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2024
Other Receivables Prepayments And Other Current Assets
OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS	4. OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS   Other receivables, prepayments and other current assets consist of the following:  Schedule of other receivables and other assets     September 30, 2024     December 31, 2023                 Other receivables (1)   $ 108,190     $ 294,780   Deposits (2)   $ 2,265     $ 110,161   Prepayments (3)   $  7,698     $  4,510   Common stock not paid (4)   $ —     $ 100,000    Total   $ 118,153     $ 509,451       (1) Other receivables primarily represent balances in liquidity solution providers.   (2) Deposits represented payments for rental, utilities, and deposit payment to product suppliers.   (3) Prepayments mainly consists of prepayment for insurance and IT related fees.   (4) Common stock not paid consists of the shares issued to CICO as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.

v3.24.3

GOODWILL	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	5. GOODWILL   The table below sets forth the carrying amount of goodwill for September 30, 2024 and December 31, 2023.       As of  September 30, 2024     As of  December 31, 2023                 Gross carrying amount   $ —     $ —   Acquired in business combination (1)     55,794,524       55,794,524    Total     55,794,524       55,794,524   Accumulated impairment   $ (39,136,871)     $ —   Impairment (2)     —       (39,136,871)         —       —                     Goodwill, net   $ 16,657,653     $ 16,657,653         (1) Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.   (2) The Company has adopted a policy of performing its annual goodwill impairment test in the fourth quarter of every year. In connection with the annual goodwill impairment test in the fourth quarter of 2023, the Company estimated the fair value of our FintechAsia reporting unit using the income approach. In the annual 2023 test, the FintechAsia reporting unit exceeded the carrying values by more than 50 percent. The Company performed a qualitative test on our FintechAsia reporting unit and concluded it was more likely than not the fair value of this reporting unit exceeded its carrying value.   During the year ended December 31, 2023, the Company recorded a goodwill impairment charge of $39,136,871 in our FintechAsia reporting unit, primarily due to the surrendering of our credit token license, significant impacts on money broking transactional volume following the cryptocurrency market crash in 2022, and the fair value of share price which is much higher than the fair value of the assets acquired. Both significantly impacted forecasted cash flows used in our analysis. Moreover, operating expenses did not decline proportionally to revenue. In addition, inflationary pressures also caused our forecasted expenses to increase. Furthermore, our discounted cash flows utilized a higher risk-adjusted discount rate for the 2023 impairment test, primarily due to central banks raising interest rates in 2023 and increased country-specific risk due to macroeconomic factors.   The Company estimated the fair value of the FintechAsia reporting unit based on income approach. Fair value under the income approach was determined by discounting to present value the estimated future cash flows of the reporting unit.   In estimating the future cash flows of the FintechAsia reporting unit, the Company utilized a combination of market and company-specific inputs that a market participant would use in assessing the fair value of the reporting units. The primary market input was revenue growth rates. These rates were based upon historical trends and estimated future growth drivers such as the money brokering, payment solutions, and white labelling growth rate. Significant company-specific inputs included assumptions regarding how the reporting unit could leverage operating expenses as revenue grows.   Under the guideline public company methodology, the Company took into consideration specific risk differences between our reporting unit and the comparable companies, such as recent financial performance, size risks and product portfolios, among other considerations.   The Company used significant unobservable inputs within the income approach valuation method. These include the discount rate of 25.05%, being the calculated weighted average cost of capital for our company, and the long-term growth rate of 1.50% was based on the annual percentage change of real GDP growth. Significant increases (decreases) in growth rates, control premiums and multiples, assuming no change in discount rates, would result in a significantly higher (lower) fair value measurement. Significant decreases (increases) in discount rates, assuming no changes in growth rates, control premiums and multiples, would result in a significantly higher (lower) fair value measurement.   The Company will continue to monitor the fair value of our reporting units in our interim and annual reporting periods. While the policy of the Company on conducting impairment on annual basis stand, it is the directors’ responsibility to ensure that the reports (including annual and quarterly reports) are accurate. Hence, for good corporate governance practice purposes, the directors have also reviewed the fair value of goodwill in both quantitative and qualitative information during this quarterly period. If our estimated cash flows decrease, the Company may have to record further impairment charges in the future. Factors that could result in our cash flows being lower than our current estimates include: 1) decreased revenues caused by unforeseen changes the market, 2) our inability to achieve the estimated operating margins in our forecasts from our restructuring programs, cost saving initiatives, and other unforeseen factors, and 3) the weakening of foreign currencies against the U.S. Dollar. Additionally, changes in the broader economic environment could cause changes to our estimated discount rates and comparable company valuation indicators, which may impact our estimated fair values. Due to the significant carrying amount of goodwill recognized, any further impairment may cause a significant adverse financial impact on the Company that could raise doubt about the Company’s ability to continue as a going concern.     For the quarterly period ended September 30, 2024, the management has determined that a quarterly goodwill impairment assessment is not necessary for the following reasons, despite the annualized financial performance of the FintechAsia reporting unit for the full year 2024 being lower than our current estimates:   1. New Clients Onboarding: FintechAsia has onboarded new clients with the potential for significant transaction volumes. The level of contribution from these new clients remains undetermined, as it will depend on the volume of transactions. Based on discussions with clients, the Company believes there is still a possibility of reaching breakeven for FintechAsia by the end of 2024. 2. Cost Saving Initiatives: The costs associated with Fintech are expected to decrease significantly in 2024. The full impact of these cost-saving initiatives will be more accurately reflected in the Company’s results when the books are closed at year-end.   Given these factors, the management believes that conducting a quarterly goodwill impairment test would not provide an accurate reflection of the Company's financial position and would not align with the adopted policy. The year-end goodwill impairment review for the annual financial statements is based on a complete 12-month period of results, allowing for a more robust assessment of the contracts entered into by the Company. This approach is consistent with the policy adopted for the Company’s goodwill assessment and the impairment provisions for the Form 10-K for the financial year ended December 31, 2023. Management will conduct a more detailed analysis to determine whether further impairment is required when preparing the Form 10-K for the financial year ending December 31, 2024.   For the quarterly period ended September 30, 2024, our total assets stood at $20,901,487, while our total stockholders' equity was $16,772,432. For discussion purposes, assuming a full goodwill impairment of $16,657,653, our total assets would be reduced to $4,243,834, and total stockholders' equity would decrease to $114,779. Even after this assumed impairment, our total assets would still exceed total liabilities of $4,129,055 by $114,779 and our total stockholders' equity would remain positive. Management believes that the going concern basis for the preparation of the financial statements is appropriate, even with a full goodwill impairment (which is highly unlikely, as FintechAsia will continue to drive value, and therefore goodwill will not require a full impairment). The scenario of full impairment presented above is a conservative assumption to demonstrate that, even in this unlikely case, the Group would still maintain positive total assets and stockholders' equity.   For the quarterly period ended September 30, 2024, the Company reported amounts due to related parties totalling $1,458,808. These loans were obtained to provide the Company with the necessary funds to meet its short-term financial obligations. To enhance investor confidence, the Company intends to negotiate with the related parties to secure their continued support by extending the due date of these loans for a period of no less than 12 months, with the assurance that no repayment will be sought until the Company’s liabilities are stabilized.

v3.24.3

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	6. PROPERTY AND EQUIPMENT, NET   Property and equipment, net consist of the following:       As of September 30, 2024     As of December 31, 2023                 Office equipment   $ 8,944     $ 8,628   Computer equipment     50,834       49,600   Furniture and fittings     4,880       4,824   Software and website     10,173       10,173         74,831       73,225   Less: Accumulated depreciation     (43,384)       (34,625)   Balance at end of period/year   $ 31,447     $ 38,600      Depreciation expenses charged to the statements of operations and comprehensive loss for the nine months periods ended September 30, 2024 and 2023 were $8,759 (three months: $3,474) and $9,772 (three months $2,893) respectively.

v3.24.3

ACCRUED EXPENSE AND OTHER PAYABLES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSE AND OTHER PAYABLES	7. ACCRUED EXPENSE AND OTHER PAYABLES   Accrued expense and other payables consist of the following:  Schedule of accruals and other payables     As of September 30, 2024     As of December 31, 2023                 Provisions and accruals (1)   $ 542,308     $ 319,939   Others (2)     1,792,893       1,633,221   Balance at end of period/year   $ 2,335,201     $ 1,953,160       (1) Provisions and accruals consists mainly of audit and accountancy fees and includes $52,000 of share options issued to directors at the year ended December 31, 2023. The Company will fund this expenditure through revenue generated or, if necessary, additional paid-up capital from existing major shareholders.   (2) Other payables mainly consists of client funds. These are clients’ funds, which will be returned to clients upon completion of transaction with such clients. This will be paid from the Company’s cash and cash equivalent

v3.24.3

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
REVENUE	8. REVENUE   Within the current period, the Company mainly derives its revenue from its whitelabelling service. The Company considers its performance obligation satisfied and recognizes revenue over time when the service is provided.   Previously, the Company derived its revenue mainly from transaction fees earned through financial payment and settlement services. For these transaction fee revenues, the Company views itself as the agent in these transactions and as a result, records revenue on a net basis. The Company considers its performance obligation satisfied and recognizes revenue at the point in time the transaction is processed.     The disaggregation of revenue of the Company by the services rendered for the nine months ended September 30, 2024 and 2023 is as follows:       Nine Months Ended September 30, 2024       2024     2023   Payment Services Provider (PSP)     —       556,474   Foreign Exchange (FX) Conversion     123,167       1,774,947   Whitelabelling     277,036       46,231   Referral fees(1)     160,971       —   Total Revenue     561,174       2,377,652     (1) Referral fees is a new revenue stream within 2024 following the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom. As a result, the existing client base of Fintech was transferred to a third party and a revenue share agreement was established.

v3.24.3

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	9. RELATED PARTY BALANCES AND TRANSACTIONS Schedule of related party transaction     As of  September 30, 2024     As of  December 31, 2023   Amount due to related parties                 Ho Wah Genting Group Sdn Bhd (1)   $ 283,517     $ 25,748   Shalom Dodoun (2)     789,271       727,624   Natalie Kastberg (3)     1,754       1,668   CICO Digital Solutions Limited (4)     384,265       —   Total Amount due to related parties   $ 1,458,808     $ 755,040     The related party balances are unsecured, and should there be a going concern issue then the due date of these owing will be extended for a period of no less than 12 months.     (1) Dato’ Lim Hui Boon, the previous president of the Company, is the previous director of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company.   Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company, is a previous director of HWGGSB.   Dato’ Lim Hui Boon and Mr. Lim Chun Hoo were resigned from HWGGSB on July 1, 2024 and March 11, 2024.   The amount due to HWGGSB as at September 30, 2024 and December 31, 2023, were advances made by HWGGSB to the Company.     (2) Mr Shalom Dodoun (“Mr Shalom”) was the previous director and CEO of the Company. The amount due to Mr Shalom as at September 30, 2024 and December 31, 2023, were advances made by Mr Shalom to the Company. Mr Shalom agreed to grant the Company an unsecured Sterling term loan facility and the Company shall pay interest on the Loan at the rate of 6% per annum above Barclays Bank Rate.   The interest expenses charged to the statements of operations and comprehensive loss for the nine months periods ended September 30, 2024 and 2023 were $48,053 (three months: $16,025) and $42,789 (three months $14,645) respectively.     (3) Ms Natalie Kastberg (“Ms Kastberg”), is a current director of Fintech. The amount due to Ms Kastberg as at September 30, 2024 and December 31, 2023, were advances made by Ms Kastberg to the Company.   (4) Mr Shalom, the previous director and CEO of the Company, is a shareholder in CICO Digital Solutions Limited (“CICO”). The amount due to CICO as at September 30, 2024, were advances made by CICO to the Company.             (5) Total payment made in the form of compensation, which includes salary, bonus, stock awards and all other compensation have been made to the following officer of the Company that are individually in excess of $100,000 annually:   Schedule of officers     As of  September 30, 2024     As of  December 31, 2023   Directors & Officers                 Shalom Dodoun – Previous Director, Chief Executive Officer of the Company   $ 227,289     $ 287,138   Richard Berman – Non-executive Director of the Company (6)   $ 90,000     $ 100,000       (6) Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

v3.24.3

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES   Capital Commitments     (1) Upon the successful uplisting of the Company to Nasdaq, Mr Richard Berman, the non-executive director of the Company, shall be rewarded with Company’s shares, up to a maximum of 1% of the Company’s market capitalization. The number of shares to be issued shall be calculated based on the market share price (as stated on Nasdaq) on the first closing date of the Company listed on Nasdaq.     (2) Following the financial year end, the 100,000,000 shares that were issued to CICO for the acquisition of assets as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023, were cancelled and removed from the Company’s issued and outstanding shares of common stock on January 30, 2024. The total issued and outstanding shares of the Company will be reduced to 198,742,643 shares on January 30, 2024.

v3.24.3

ORGANIZATION AND BUSINESS (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company holds the following equity interests in its subsidiaries	The Company holds the following equity interests in its subsidiaries:                              Interest     No.   Name of subsidiary   Country of incorporation    2024 %      2023 %     Principal activities   1   FintechCashier Asia P.L.C., formerly known as HWGG Capital P.L.C. (“FintechAsia”)   Malaysia   100     100     Money broking   2   HWG Cash Singapore Pte Ltd (“HCS”)*   Singapore   55     55     Trading of digital assets   3   HWGC KZ Limited (“HKZ”)*   Kazakhstan   100     100     Software development   4   Fintech Scion Limited (“Fintech”)   United Kingdom   100     100     Holding company and protection of Intellectual Property   5   Fintech Digital Solutions Limited (“FDS”)   United Kingdom   100     100     Digital payment services   6   Fintech Digital Consulting Limited (“FDC”)   United Kingdom   100     100     Technology provider and payment consulting       * HCS and HKZ are currently dormant.

v3.24.3

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2024
Other Receivables Prepayments And Other Current Assets
Schedule of other receivables and other assets	Other receivables, prepayments and other current assets consist of the following:  Schedule of other receivables and other assets     September 30, 2024     December 31, 2023                 Other receivables (1)   $ 108,190     $ 294,780   Deposits (2)   $ 2,265     $ 110,161   Prepayments (3)   $  7,698     $  4,510   Common stock not paid (4)   $ —     $ 100,000    Total   $ 118,153     $ 509,451       (1) Other receivables primarily represent balances in liquidity solution providers.   (2) Deposits represented payments for rental, utilities, and deposit payment to product suppliers.   (3) Prepayments mainly consists of prepayment for insurance and IT related fees.   (4) Common stock not paid consists of the shares issued to CICO as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.

v3.24.3

GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
The table below sets forth the carrying amount of goodwill for September 30, 2024 and December 31, 2023	The table below sets forth the carrying amount of goodwill for September 30, 2024 and December 31, 2023.       As of  September 30, 2024     As of  December 31, 2023                 Gross carrying amount   $ —     $ —   Acquired in business combination (1)     55,794,524       55,794,524    Total     55,794,524       55,794,524   Accumulated impairment   $ (39,136,871)     $ —   Impairment (2)     —       (39,136,871)         —       —                     Goodwill, net   $ 16,657,653     $ 16,657,653         (1) Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.   (2) The Company has adopted a policy of performing its annual goodwill impairment test in the fourth quarter of every year. In connection with the annual goodwill impairment test in the fourth quarter of 2023, the Company estimated the fair value of our FintechAsia reporting unit using the income approach. In the annual 2023 test, the FintechAsia reporting unit exceeded the carrying values by more than 50 percent. The Company performed a qualitative test on our FintechAsia reporting unit and concluded it was more likely than not the fair value of this reporting unit exceeded its carrying value.

v3.24.3

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and equipment, net consist of the following	Property and equipment, net consist of the following:       As of September 30, 2024     As of December 31, 2023                 Office equipment   $ 8,944     $ 8,628   Computer equipment     50,834       49,600   Furniture and fittings     4,880       4,824   Software and website     10,173       10,173         74,831       73,225   Less: Accumulated depreciation     (43,384)       (34,625)   Balance at end of period/year   $ 31,447     $ 38,600

v3.24.3

ACCRUED EXPENSE AND OTHER PAYABLES (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of accruals and other payables	Accrued expense and other payables consist of the following:  Schedule of accruals and other payables     As of September 30, 2024     As of December 31, 2023                 Provisions and accruals (1)   $ 542,308     $ 319,939   Others (2)     1,792,893       1,633,221   Balance at end of period/year   $ 2,335,201     $ 1,953,160       (1) Provisions and accruals consists mainly of audit and accountancy fees and includes $52,000 of share options issued to directors at the year ended December 31, 2023. The Company will fund this expenditure through revenue generated or, if necessary, additional paid-up capital from existing major shareholders.   (2) Other payables mainly consists of client funds. These are clients’ funds, which will be returned to clients upon completion of transaction with such clients. This will be paid from the Company’s cash and cash equivalent

v3.24.3

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
The disaggregation of revenue of the Company by the services rendered for the nine months ended September 30, 2024 and 2023 is as follows	The disaggregation of revenue of the Company by the services rendered for the nine months ended September 30, 2024 and 2023 is as follows:       Nine Months Ended September 30, 2024       2024     2023   Payment Services Provider (PSP)     —       556,474   Foreign Exchange (FX) Conversion     123,167       1,774,947   Whitelabelling     277,036       46,231   Referral fees(1)     160,971       —   Total Revenue     561,174       2,377,652     (1) Referral fees is a new revenue stream within 2024 following the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom. As a result, the existing client base of Fintech was transferred to a third party and a revenue share agreement was established.

v3.24.3

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of related party transaction	Schedule of related party transaction     As of  September 30, 2024     As of  December 31, 2023   Amount due to related parties                 Ho Wah Genting Group Sdn Bhd (1)   $ 283,517     $ 25,748   Shalom Dodoun (2)     789,271       727,624   Natalie Kastberg (3)     1,754       1,668   CICO Digital Solutions Limited (4)     384,265       —   Total Amount due to related parties   $ 1,458,808     $ 755,040     The related party balances are unsecured, and should there be a going concern issue then the due date of these owing will be extended for a period of no less than 12 months.     (1) Dato’ Lim Hui Boon, the previous president of the Company, is the previous director of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company.   Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company, is a previous director of HWGGSB.   Dato’ Lim Hui Boon and Mr. Lim Chun Hoo were resigned from HWGGSB on July 1, 2024 and March 11, 2024.   The amount due to HWGGSB as at September 30, 2024 and December 31, 2023, were advances made by HWGGSB to the Company.     (2) Mr Shalom Dodoun (“Mr Shalom”) was the previous director and CEO of the Company. The amount due to Mr Shalom as at September 30, 2024 and December 31, 2023, were advances made by Mr Shalom to the Company. Mr Shalom agreed to grant the Company an unsecured Sterling term loan facility and the Company shall pay interest on the Loan at the rate of 6% per annum above Barclays Bank Rate.   The interest expenses charged to the statements of operations and comprehensive loss for the nine months periods ended September 30, 2024 and 2023 were $48,053 (three months: $16,025) and $42,789 (three months $14,645) respectively.     (3) Ms Natalie Kastberg (“Ms Kastberg”), is a current director of Fintech. The amount due to Ms Kastberg as at September 30, 2024 and December 31, 2023, were advances made by Ms Kastberg to the Company.   (4) Mr Shalom, the previous director and CEO of the Company, is a shareholder in CICO Digital Solutions Limited (“CICO”). The amount due to CICO as at September 30, 2024, were advances made by CICO to the Company.
Schedule of officers	Schedule of officers     As of  September 30, 2024     As of  December 31, 2023   Directors & Officers                 Shalom Dodoun – Previous Director, Chief Executive Officer of the Company   $ 227,289     $ 287,138   Richard Berman – Non-executive Director of the Company (6)   $ 90,000     $ 100,000       (6) Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

v3.24.3

The Company holds the following equity interests in its subsidiaries (Details)		9 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Fintech Cashier Asia PLC [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation		Malaysia
Fintech Cashier Asia PLC [Member] | Other Investees One [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities		Money broking
Fintech Cashier Asia PLC [Member] | Ownership One [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate		100.00%	100.00%
HWG Cash Singapore Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation	[1]	Singapore
HWG Cash Singapore Pte Ltd [Member] | Other Investees Two [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities	[1]	Trading of digital assets
HWG Cash Singapore Pte Ltd [Member] | Ownership Two [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate	[1]	55.00%	55.00%
HWGC KZ Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation	[1]	Kazakhstan
HWGC KZ Limited [Member] | Other Investees Three [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities	[1]	Software development
HWGC KZ Limited [Member] | Ownership Three [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate	[1]	100.00%	100.00%
Fintech Scion Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation		United Kingdom
Fintech Scion Limited [Member] | Other Investees Four [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities		Holding company and protection of Intellectual Property
Fintech Scion Limited [Member] | Ownership Four [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate		100.00%	100.00%
Fintech Digital Solutions Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation		United Kingdom
Fintech Digital Solutions Limited [Member] | Other Investees Five [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities		Digital payment services
Fintech Digital Solutions Limited [Member] | Ownership Five [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate		100.00%	100.00%
Fintech Digital Consulting Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation		United Kingdom
Fintech Digital Consulting Limited [Member] | Other Investees Six [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities		Technology provider and payment consulting
Fintech Digital Consulting Limited [Member] | Ownership Six [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate		100.00%	100.00%
[1] HCS and HKZ are currently dormant.

v3.24.3

ACCOUNTS RECEIVABLES (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Accounts receivable	$ 56,001	$ 59,974

v3.24.3

Schedule of other receivables and other assets (Details) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Other Receivables Prepayments And Other Current Assets
Other receivables	[1]	$ 108,190	$ 294,780
Deposits	[2]	2,265	110,161
Prepayments	[3]	7,698	4,510
Common stock not paid	[4]		100,000
Total		$ 118,153	$ 509,451
[1] Other receivables primarily represent balances in liquidity solution providers. [2] Deposits represented payments for rental, utilities, and deposit payment to product suppliers. [3] Prepayments mainly consists of prepayment for insurance and IT related fees. [4] Common stock not paid consists of the shares issued to CICO as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023.

v3.24.3

The table below sets forth the carrying amount of goodwill for September 30, 2024 and December 31, 2023 (Details) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount
Acquired in business combination	[1]	55,794,524	55,794,524
Total		55,794,524	55,794,524
Accumulated impairment		(39,136,871)
Impairment	[2]		(39,136,871)
Goodwill, net		$ 16,657,653	$ 16,657,653
[1] Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in our Annual Report on Form 10-K/A for the year ended December 31, 2023. [2] The Company has adopted a policy of performing its annual goodwill impairment test in the fourth quarter of every year. In connection with the annual goodwill impairment test in the fourth quarter of 2023, the Company estimated the fair value of our FintechAsia reporting unit using the income approach. In the annual 2023 test, the FintechAsia reporting unit exceeded the carrying values by more than 50 percent. The Company performed a qualitative test on our FintechAsia reporting unit and concluded it was more likely than not the fair value of this reporting unit exceeded its carrying value.

v3.24.3

GOODWILL (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impairment loss		$ 39,136,871
Discount rate	25.05%
Growth rate	1.50%
Total assets	$ 20,901,487	21,078,344
Total stockholders' equity	16,772,432	18,322,482
Goodwill impairment	16,657,653
Total assets reduced after full goodwill impairment	4,243,834
Total stockholders' equity reduced after full goodwill impairment	114,779
Total liabilities	4,129,055	2,755,862
Total assets exceeds total liabilities	16,774,155	18,323,395
Amount due to related parties	$ 1,458,808	$ 755,040

v3.24.3

Property and equipment, net consist of the following (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 74,831	$ 73,225
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(43,384)	(34,625)
Property, Plant and Equipment, Net	31,447	38,600
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	8,944	8,628
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	50,834	49,600
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,880	4,824
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 10,173	$ 10,173

v3.24.3

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 3,474	$ 2,893	$ 8,759	$ 9,772

v3.24.3

Schedule of accruals and other payables (Details) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Provisions and accruals	[1]	$ 542,308	$ 319,939
Others	[2]	1,792,893	1,633,221
Balance at end of period/year		$ 2,335,201	$ 1,953,160
[1] Provisions and accruals consists mainly of audit and accountancy fees and includes $52,000 of share options issued to directors at the year ended December 31, 2023. The Company will fund this expenditure through revenue generated or, if necessary, additional paid-up capital from existing major shareholders. [2] Other payables mainly consists of client funds. These are clients’ funds, which will be returned to clients upon completion of transaction with such clients. This will be paid from the Company’s cash and cash equivalent

v3.24.3

The disaggregation of revenue of the Company by the services rendered for the nine months ended September 30, 2024 and 2023 is as follows (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue		$ 220,209	$ 946,830	$ 561,174	$ 2,377,652
Payment Services Provider PSP [Member]
Total revenue					556,474
Foreign Exchange FX Conversion [Member]
Total revenue				123,167	1,774,947
Whitelabelling [Member]
Total revenue				277,036	46,231
Referral Fees [Member]
Total revenue	[1]			$ 160,971
[1] Referral fees is a new revenue stream within 2024 following the discontinue of our EMD agency service in December 2023, to comply with updated regulatory compliance mandates from the United Kingdom. As a result, the existing client base of Fintech was transferred to a third party and a revenue share agreement was established.

v3.24.3

Schedule of related party transaction (Details) - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Amount due to related parties		$ 1,458,808	$ 755,040
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Interest on loan		6.00%	6.00%
Ho Wah Genting Group Sdn Bhd [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[1]	$ 283,517	$ 25,748
Shalom Dodoun [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[2]	789,271	727,624
Natalie Kastberg [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[3]	1,754	1,668
CICO Digital Solutions Limited [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[4]	$ 384,265	$ 0
[1] Dato’ Lim Hui Boon, the previous president of the Company, is the previous director of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, the previous CFO and the current CEO and director of the Company. [2] Mr Shalom Dodoun (“Mr Shalom”) was the previous director and CEO of the Company. The amount due to Mr Shalom as at September 30, 2024 and December 31, 2023, were advances made by Mr Shalom to the Company. Mr Shalom agreed to grant the Company an unsecured Sterling term loan facility and the Company shall pay interest on the Loan at the rate of 6% per annum above Barclays Bank Rate. [3] Ms Natalie Kastberg (“Ms Kastberg”), is a current director of Fintech. The amount due to Ms Kastberg as at September 30, 2024 and December 31, 2023, were advances made by Ms Kastberg to the Company. [4] Mr Shalom, the previous director and CEO of the Company, is a shareholder in CICO Digital Solutions Limited (“CICO”). The amount due to CICO as at September 30, 2024, were advances made by CICO to the Company.

v3.24.3

Schedule of officers (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2024	Dec. 31, 2023
Shalom Dodoun Director Chief Executive Officer of the Company [Member]
Related Party Transaction [Line Items]
Amount due from director		$ 227,289	$ 287,138
Richard Berman Non Executive Director of the Company [Member]
Related Party Transaction [Line Items]
Amount due from director	[1]	$ 90,000	$ 100,000
[1] Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

v3.24.3

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative)	Sep. 30, 2024 USD ($)
Officer [Member]
Other compensation	$ 100,000

v3.24.3

COMMITMENTS AND CONTINGENCIES (Details Narrative) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jan. 30, 2024
Restructuring Cost and Reserve [Line Items]
Other commitments description	Upon the successful uplisting of the Company to Nasdaq, Mr Richard Berman, the non-executive director of the Company, shall be rewarded with Company’s shares, up to a maximum of 1% of the Company’s market capitalization. The number of shares to be issued shall be calculated based on the market share price (as stated on Nasdaq) on the first closing date of the Company listed on Nasdaq.
Percentage of capital commitments	1.00%
Common stock, issued	198,742,643	298,742,643
Common stock, outstanding	198,742,643	298,742,643
CICO Digital Solutions Limited [Member]
Restructuring Cost and Reserve [Line Items]
Number of shares converted		100,000,000
Common stock, issued			198,742,643
Common stock, outstanding			198,742,643

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