OSL Group Limited

2025 total transaction volume increased 201% year over year to over HKD 200 billion. Non-IFRS income rose 150% year over year to HKD 534.1 million, which the CFO also described as cash revenue of HKD 534 million. Stablecoins accounted for about 60% of transaction volume, and overseas operations contributed roughly 67% of IFRS income according to management commentary, or roughly 76% of reported income in the CFO’s remarks. Management said adjusted operating loss was reduced to below HKD 300 million, and that operating loss as a percentage of cash revenue was broadly in line with 2024. Forward-looking, management did not give formal quarterly or full-year numerical guidance; instead, it said growth should continue to come from broader geographic coverage, on-off-ramp services, stablecoin cross-border payments, and further M&A, particularly in selected emerging markets in Asia and potentially LatAm and Africa.

Kevin Cui framed 2025 as a major transition year, arguing that OSL is evolving into infrastructure for stablecoin payments and an AI-driven agentic economy rather than just a crypto exchange. He stressed a “once-in-a-generation opportunity” as legacy financial rails remain slow and fragmented, while blockchain enables 24/7 instant settlement and programmable execution. His tone was very optimistic and strategic, with repeated emphasis on scale, licensing, liquidity and global reach as the company’s core advantages.

Ivan Wong highlighted record-high revenue and strong growth across key metrics, driven by a stablecoin-centric model. He said non-IFRS income increased over 150% to HKD 534 million, overseas operations now account for roughly 76% of reported income, and stablecoins make up about 60% of transaction volume. He also explained that staff costs, technology expense and legal/professional fees rose because of hiring, cloud and security investment, and M&A/licensing activity, but adjusted operating loss still came in below HKD 300 million. He emphasized that OSL is now sufficiently geographically covered and capitalized to keep driving top-line growth.

Analysts asked about RWA/tokenization, the company’s strategic shift, M&A, licensing complexity, revenue sustainability, and Hong Kong’s upcoming stablecoin regime. Management said it sees itself mainly as a facilitator rather than a primary issuer in RWA and tokenization, leaning on security, compliance and partner-led distribution. On M&A, Ivan said OSL will remain acquisitive, with a focus on selected emerging markets, stablecoin payments, on-ramp capabilities and licensing. On revenue durability, he said the business now has more diversified growth pockets than in 2024, including Europe on-off-ramp, Banxa, BizPay and Indonesia, and he expressed confidence in continued growth.