Fintech Scion (FINR) 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
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	Portman House
Entity Address, Address Line Two	2 Portman Street
Entity Address, City or Town	London, W1H 6DU
Entity Address, Country	GB
Entity Address, Postal Zip Code	N/A
City Area Code	44
Local Phone Number	203 982 5041
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 3,725,144	$ 3,791,378
Accounts receivable	541,219	1,792,195
Amount due from related parties	31,144	1,296,935
Inventories	14,233	2,272
Other receivables, prepayments and other current assets	300,199	1,049,292
Total Current Assets	4,611,939	7,932,072
Non-current assets
Intangible asset	42,455	59,803
Goodwill	55,794,524	55,794,524
Property and equipment, net	40,059	38,862
Total Non-Current Assets	55,877,038	55,893,189
TOTAL ASSETS	60,488,977	63,825,261
Current liabilities
Amounts due to related parties	352,602	2,463,833
Accounts payable	25,111	2,131,388
Accruals and other payables	1,668,098	348,246
Total Current Liabilities	2,045,811	4,943,467
TOTAL LIABILITIES	2,045,811	4,943,467
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   shares authorized, respectively; 198,742,643   issued and outstanding, respectively	198,743	198,743
Additional paid-in capital	111,770,998	111,770,998
Merger reserves	(55,000,000)	(55,000,000)
Accumulated surplus	891,336	1,342,788
Accumulated other comprehensive income	579,493	565,935
Equity attributable to equity holders of the parent	58,440,570	58,878,464
Non-controlling interests	2,596	3,330
Total Stockholders’ Equity	58,443,166	58,881,794
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 60,488,977	$ 63,825,261

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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, outstanding	198,742,643	198,742,643
Common stock, issued	198,742,643	198,742,643

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
REVENUE	$ 946,830		$ 2,377,652	$ 325
COST OF REVENUE	(72,486)		(114,991)	(292)
GROSS PROFIT	874,344		2,262,661	33
OPERATING EXPENSES
General and administrative expenses	(1,259,700)	(217,953)	(3,043,686)	(533,842)
Total operating expenses	(1,259,700)	(217,953)	(3,043,686)	(533,842)
LOSS FROM OPERATIONS	(385,356)	(217,953)	(781,025)	(533,809)
OTHER INCOME/(EXPENSE), NET
Other income	241,386	39,383	330,877	204,434
Other expense	(58)	(778)	(862)	(6,121)
Total Other income / (Expense), net	241,328	38,605	330,015	198,313
NET LOSS BEFORE TAX	(144,028)	(179,348)	(451,010)	(335,496)
Income tax	996		(1,177)
NET LOSS	(143,032)	(179,348)	(452,187)	(335,496)
Loss attributable to non-controlling interest	233		734
NET LOSS FOR THE PERIOD	(142,799)	(179,348)	(451,453)	(335,496)
OTHER COMPREHENSIVE INCOME / (LOSS)
Foreign currency translation adjustment	(17,506)	156,190	13,558	287,170
TOTAL COMPREHENSIVE LOSS	$ (160,305)	$ (23,158)	$ (437,895)	$ (48,326)
Weighted average number of common shares outstanding - basic and diluted	198,742,643	5,409,310	198,742,643	5,409,310
Net Income (Loss) per share - basic and diluted	$ 0	$ (0.03)	$ 0	$ (0.06)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (452,187)	$ (335,496)
Items not involving cash:
Depreciation and amortization of– property and equipment and right-of-use assets	27,048	40,259
Interest expenses on lease obligation		2,525
Changes in operating assets and liabilities
Accounts receivables	1,250,976
Other receivables, prepayments and other current assets	749,094	10,803
Inventories	(11,961)
Accounts Payable	(823,577)	62
Commission payables		(12,558)
Accrued expense and other payables	37,152	(3,618)
Net generated from / (used in) operating activities	776,545	(298,023)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of rights-of-use assets	(10,897)	(22,484)
Disposal of rights-of-use assets		965
Net cash used in investing activities	(10,897)	(21,519)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of principal portion of lease liabilities		(24,371)
(Repayments) / Proceeds from related parties	(845,440)	358,783
Net cash (used in) / provided by financing activities	(845,440)	334,412
EFFECT OF EXCHANGE RATES ON CASH	13,558	(4,725)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(66,234)	10,145
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,791,378	37,033
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,725,144	47,178
SUPPLEMENTAL OF CASH FLOW INFORMATION
Cash paid for interest expenses
Cash paid for income tax

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	9 Months Ended
	Sep. 30, 2023
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 2023 % 2022 % 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 7 Vitaxel Sdn Bhd (“VSB”) Malaysia — — Direct selling industry 8 Vitaxel Online Mall Sdn Bhd (“VOM”) Malaysia — — Online shopping platforms The Company was previously engaged in direct selling industry and online shopping platform, primarily through its operating entities in Malaysia. During the financial year ended December 31, 2022, the Company restructured after the consummation of two share exchange agreements and the disposal of VSB and VOM. The Company upon the restructuring, offers digital Banking-as-a-Service (BaaS) 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. Restructuring Transactions The following restructuring transactions occurred during the year ended December 31, 2022: i. Acquisition of FintechAsia (formerly known as HWGG Capital P.L.C.) ii. Acquisition of Fintech iii. Disposal of VSB and VOM Information of the restructuring transactions were disclosed in the notes to the consolidated financial statement for the year ended December 31, 2022, included in the Company’s Form 10-K filed with the Security and Exchange Commission (“SEC”) by the Company on April 17, 2023.

UNAUDITED INTERIM FINANCIAL STA

UNAUDITED INTERIM FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2023
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, 2022, included in the Company’s Form 10-K filed with the SEC. The interim unaudited consolidated financial statements should be read in conjunction with those audited consolidated financial statements included in Form 10-K. 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, 2023, results of operations for the three months ended September 30, 2023 and 2022, and cash flows for the three months ended September 30, 2023 and 2022. All significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the three months ended September 30, 2023 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.

ACCOUNTS RECEIVABLES

ACCOUNTS RECEIVABLES	9 Months Ended
	Sep. 30, 2023
Credit Loss [Abstract]
ACCOUNTS RECEIVABLES	3. ACCOUNTS RECEIVABLES Accounts receivable represent balances from: (i) transactions fees receivable generated from financial payment and settlement services. (ii) non-interest-bearing credit tokens issue to authorized agents. Services billed are generally settled upon financial services have been rendered. Only limited clients are extended with credits. As of September 30, 2023, accounts receivable balances of $ 541,219 1,792,195 597,986 1,194,209 The company considers accounts receivable to be fully collectible, therefore no impairment is necessary as at September 30, 2023 and December 31, 2022.

OTHER RECEIVABLES, PREPAYMENTS

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Other receivables (1) $ 198,349 $ 949,430 Deposits (2) 89,888 87,805 Prepayments (3) 11,962 12,057 Total $ 300,199 $ 1,049,292 (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.

GOODWILL

GOODWILL	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	5. GOODWILL The table below sets forth the carrying amount of goodwill for September 30, 2023 and December 31, 2022. As of September 30, 2023 As of December 31, 2022 Gross carrying amount $ — $ — Acquired in business combination (1) 55,794,524 55,794,524 Total 55,794,524 55,794,524 Accumulated impairment $ — $ — Impairment (2) — — — — Goodwill, net $ 55,794,524 $ 55,794,524 (1) Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in Note 1: Organization and business. (2) The management performs goodwill impairment test annually. On November 30, 2022, the reverse acquisition by Fintech/the Company was completed. As the acquisition date and financial period end is of a relatively short period, the management has not identified any indicators that relate to the impairment of goodwill. As such no impairment of goodwill has been made. In the event that after year end if any events occur that may have a negative impact on the carrying amount of goodwill and will have significant effect on the results of the Company, it may raise significant doubts for the Company’s ability to continue as a going concern.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	6. PROPERTY AND EQUIPMENT, NET Property and equipment, net consist of the following: Schedule of property, plant and equipment, net As of September 30, 2023 As of December 31, 2022 Office equipment $ 7,408 $ 7,067 Computer equipment 40,372 31,959 Furniture and fittings 5,745 4,501 Software and website 18,101 17,202 71,626 60,729 Less: Accumulated depreciation (31,567) (21,867 ) Balance at end of period/year $ 40,059 $ 38,862 Depreciation expenses charged to the statements of operations and comprehensive loss for the nine month periods ended September 30, 2023 and 2022 were $ 9,700 7,908

ACCRUED EXPENSE AND OTHER PAYAB

ACCRUED EXPENSE AND OTHER PAYABLES	9 Months Ended
	Sep. 30, 2023
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, 2023 As of December 31, 2022 Provisions and accruals $ 194,796 $ 163,217 Others (1) 1,473,302 185,029 Balance at end of period/year $ 1,668,098 $ 348,246 (1) Other payables consist of transactions for clients and commissions payable. While the transactions are being processed, they are held in a client account. There are fees for incoming and outgoing transactions. The client funds held are in transit due to SWIFT T+X and time differences when one part of the world is open and the other closed on the next day and/or holiday/weekend. For example, if a client wants to send Euros or Dollars to pay an invoice, we won't pay till the funds arrive in our account. There then needs to be an FX conversion which results in the funds being sent to the account on the invoice.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
REVENUE	8. REVENUE The Company derives 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 geographical region for the period ended September 30, 2023 and 2022 is as follows: United Kingdom Malaysia Total 2023 2022 2023 2022 2023 2022 Transaction fees 2,227,353 — 116,488 325 2,343,841 325 Other — — 33,811 — 33,811 — Total revenue 2,227,353 — 150,299 325 2,377,652 325

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	9. RELATED PARTY BALANCES AND TRANSACTIONS Schedule of related party transaction As of September 30, 2023 As of December 31, 2022 Amount due from related parties Ho Wah Genting Group Sdn Bhd (2) $ 31,144 $ 799,094 HWG Fintech International Ltd (2) — 497,841 GrandeLife Inc. (3) — — Snatch Asia Sdn Bhd (4) — — Total Amount due from related parties $ 31,144 $ 1,296,935 Amount due to related parties Grande Legacy Inc. (1) $ — $ 266,610 GrandeLife Inc. (3) 22,262 329,565 HWG Digital Investment Bank (Malaysia) P.L.C. (2) — 1,596,825 Vitaxel Sdn Bhd (1) — 23,933 Ho Wah Genting Group Sdn Bhd (2) — — Shalom Dodoun (4) 330,340 246,900 Total Amount due to related parties $ 352,602 $ 2,463,833 The related party balances are unsecured, interest-free and repayable on demand. (1) During the year ended December 31, 2022, Vitaxel Sdn Bhd (“VSB”) and Vitaxel Online Mall Sdn Bhd (“VOM”), which are dormant, have been disposed as part of the restructuring transactions as disclosed in Note 1: Organization and Business. Both VSB and VOM are disposed to Mr Leong Yee Ming, a previous director and CEO of the Company, which also includes certain intercompany debt assignment. Upon completion of the disposal, related party balances that are outstanding relating to advances made by Grande Legacy Inc. (“GL”) and Vitaxel Sdn Bhd are $ 266,610 23,933 As at September 30, 2023, the amount due to GL and VSB are $ nil nil (2) Dato’ Lim Hui Boon, the previous president of the Company, is the Group President of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, a director of the Company. Mr Lim Chun Hoo is also a director in Ho Wah Genting Group Sdn Bhd (“HWGGSB”), HWG Fintech International Ltd (“HWGFI”) and a previous director of HWG Digital Investment Bank (Malaysia) P.L.C. (“HDIB”). HDIB is previously known as Ho Wah Genting Investment Bank (Labuan) P.L.C. The amount due from HWGGSB and HWGFI as at September 30, 2023 and December 31, 2022, were advances made by the Company to HWGGSB and HWGFI. Whilst amount due to HDIB were advances made by HDIB to the Company. (3) Mr Leong Yee Ming, a previous director and CEO of the Company, is a director of GrandeLife Inc. (4) Mr Shalom Dodoun (“Mr Shalom”) is the director and Chief Executive Officer of the Company. The amount due to Mr Shalom as at September 30, 2023 and December 31, 2022, were advances made by Mr Shalom 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 Schedule of officers September 30, 2023 December 31, Officers Shalom Dodoun – Director, Chief Executive Officer of the Company $ 158,782 $ 142,005

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Capital Commitments As of September 30, 2023, and December 31, 2022, Company has no

ORGANIZATION AND BUSINESS (Tabl

ORGANIZATION AND BUSINESS (Tables)	9 Months Ended
	Sep. 30, 2023
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 2023 % 2022 % 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 7 Vitaxel Sdn Bhd (“VSB”) Malaysia — — Direct selling industry 8 Vitaxel Online Mall Sdn Bhd (“VOM”) Malaysia — — Online shopping platforms

OTHER RECEIVABLES, PREPAYMENT_2

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Other receivables (1) $ 198,349 $ 949,430 Deposits (2) 89,888 87,805 Prepayments (3) 11,962 12,057 Total $ 300,199 $ 1,049,292 (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.

GOODWILL (Tables)

GOODWILL (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
The table below sets forth the carrying amount of goodwill for September 30, 2023 and December 31, 2022.	The table below sets forth the carrying amount of goodwill for September 30, 2023 and December 31, 2022. As of September 30, 2023 As of December 31, 2022 Gross carrying amount $ — $ — Acquired in business combination (1) 55,794,524 55,794,524 Total 55,794,524 55,794,524 Accumulated impairment $ — $ — Impairment (2) — — — — Goodwill, net $ 55,794,524 $ 55,794,524 (1) Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in Note 1: Organization and business. (2) The management performs goodwill impairment test annually. On November 30, 2022, the reverse acquisition by Fintech/the Company was completed. As the acquisition date and financial period end is of a relatively short period, the management has not identified any indicators that relate to the impairment of goodwill. As such no impairment of goodwill has been made. In the event that after year end if any events occur that may have a negative impact on the carrying amount of goodwill and will have significant effect on the results of the Company, it may raise significant doubts for the Company’s ability to continue as a going concern.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment, net	Property and equipment, net consist of the following: Schedule of property, plant and equipment, net As of September 30, 2023 As of December 31, 2022 Office equipment $ 7,408 $ 7,067 Computer equipment 40,372 31,959 Furniture and fittings 5,745 4,501 Software and website 18,101 17,202 71,626 60,729 Less: Accumulated depreciation (31,567) (21,867 ) Balance at end of period/year $ 40,059 $ 38,862

ACCRUED EXPENSE AND OTHER PAY_2

ACCRUED EXPENSE AND OTHER PAYABLES (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 As of December 31, 2022 Provisions and accruals $ 194,796 $ 163,217 Others (1) 1,473,302 185,029 Balance at end of period/year $ 1,668,098 $ 348,246 (1) Other payables consist of transactions for clients and commissions payable. While the transactions are being processed, they are held in a client account. There are fees for incoming and outgoing transactions. The client funds held are in transit due to SWIFT T+X and time differences when one part of the world is open and the other closed on the next day and/or holiday/weekend. For example, if a client wants to send Euros or Dollars to pay an invoice, we won't pay till the funds arrive in our account. There then needs to be an FX conversion which results in the funds being sent to the account on the invoice.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue Recognition and Deferred Revenue [Abstract]
The disaggregation of revenue of the Company by geographical region for the period ended September 30, 2023 and 2022 is as follows:	The disaggregation of revenue of the Company by geographical region for the period ended September 30, 2023 and 2022 is as follows: United Kingdom Malaysia Total 2023 2022 2023 2022 2023 2022 Transaction fees 2,227,353 — 116,488 325 2,343,841 325 Other — — 33,811 — 33,811 — Total revenue 2,227,353 — 150,299 325 2,377,652 325

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of related party transaction	Schedule of related party transaction As of September 30, 2023 As of December 31, 2022 Amount due from related parties Ho Wah Genting Group Sdn Bhd (2) $ 31,144 $ 799,094 HWG Fintech International Ltd (2) — 497,841 GrandeLife Inc. (3) — — Snatch Asia Sdn Bhd (4) — — Total Amount due from related parties $ 31,144 $ 1,296,935 Amount due to related parties Grande Legacy Inc. (1) $ — $ 266,610 GrandeLife Inc. (3) 22,262 329,565 HWG Digital Investment Bank (Malaysia) P.L.C. (2) — 1,596,825 Vitaxel Sdn Bhd (1) — 23,933 Ho Wah Genting Group Sdn Bhd (2) — — Shalom Dodoun (4) 330,340 246,900 Total Amount due to related parties $ 352,602 $ 2,463,833 The related party balances are unsecured, interest-free and repayable on demand. (1) During the year ended December 31, 2022, Vitaxel Sdn Bhd (“VSB”) and Vitaxel Online Mall Sdn Bhd (“VOM”), which are dormant, have been disposed as part of the restructuring transactions as disclosed in Note 1: Organization and Business. Both VSB and VOM are disposed to Mr Leong Yee Ming, a previous director and CEO of the Company, which also includes certain intercompany debt assignment. Upon completion of the disposal, related party balances that are outstanding relating to advances made by Grande Legacy Inc. (“GL”) and Vitaxel Sdn Bhd are $ 266,610 23,933 As at September 30, 2023, the amount due to GL and VSB are $ nil nil (2) Dato’ Lim Hui Boon, the previous president of the Company, is the Group President of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, a director of the Company. Mr Lim Chun Hoo is also a director in Ho Wah Genting Group Sdn Bhd (“HWGGSB”), HWG Fintech International Ltd (“HWGFI”) and a previous director of HWG Digital Investment Bank (Malaysia) P.L.C. (“HDIB”). HDIB is previously known as Ho Wah Genting Investment Bank (Labuan) P.L.C. The amount due from HWGGSB and HWGFI as at September 30, 2023 and December 31, 2022, were advances made by the Company to HWGGSB and HWGFI. Whilst amount due to HDIB were advances made by HDIB to the Company. (3) Mr Leong Yee Ming, a previous director and CEO of the Company, is a director of GrandeLife Inc. (4) Mr Shalom Dodoun (“Mr Shalom”) is the director and Chief Executive Officer of the Company. The amount due to Mr Shalom as at September 30, 2023 and December 31, 2022, were advances made by Mr Shalom to the Company.
Schedule of officers	(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 Schedule of officers September 30, 2023 December 31, Officers Shalom Dodoun – Director, Chief Executive Officer of the Company $ 158,782 $ 142,005

The Company holds the following

The Company holds the following equity interests in its subsidiaries: (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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%	100%
HWG Cash Singapore Pte Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation	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	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	55%	55%
HWGC KZ Limited [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation	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	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	100%	100%
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%	100%
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%	100%
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%	100%
Vitaxel Sdn Bhd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation	Malaysia
Vitaxel Sdn Bhd [Member] | Other Investees Seven [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities	Direct selling industry
Vitaxel Sdn Bhd [Member] | Ownership Seven [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate
Vitaxel Online Mall Sdn Bhd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Country of incorporation	Malaysia
Vitaxel Online Mall Sdn Bhd [Member] | Other Investees Eight [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Principal activities	Online shopping platforms
Vitaxel Online Mall Sdn Bhd [Member] | Ownership Eight [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Interests rate

ACCOUNTS RECEIVABLES (Details N

ACCOUNTS RECEIVABLES (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Accounts receivable	$ 541,219	$ 1,792,195
Commissions receivables		597,986
Non interest bearing credit tokens		$ 1,194,209

Schedule of other receivables a

Schedule of other receivables and other assets (Details) - USD ($)		Sep. 30, 2023	Dec. 31, 2022
Other Receivables Prepayments And Other Current Assets
Other receivables	[1]	$ 198,349	$ 949,430
Deposits	[2]	89,888	87,805
Prepayments	[3]	11,962	12,057
Total		$ 300,199	$ 1,049,292
[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.

The table below sets forth the

The table below sets forth the carrying amount of goodwill for September 30, 2023 and December 31, 2022. (Details) - USD ($)		Sep. 30, 2023	Dec. 31, 2022
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
Impairment	[2]
Goodwill, net		$ 55,794,524	$ 55,794,524
[1]Goodwill was acquired during the year ended December 31, 2022 resulted from the acquisition of Fintech as disclosed in Note 1: Organization and business.[2]The management performs goodwill impairment test annually. On November 30, 2022, the reverse acquisition by Fintech/the Company was completed. As the acquisition date and financial period end is of a relatively short period, the management has not identified any indicators that relate to the impairment of goodwill. As such no impairment of goodwill has been made. In the event that after year end if any events occur that may have a negative impact on the carrying amount of goodwill and will have significant effect on the results of the Company, it may raise significant doubts for the Company’s ability to continue as a going concern.

Schedule of property, plant and

Schedule of property, plant and equipment, net (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 71,626	$ 60,729
Less: accumulated depreciation	(31,567)	(21,867)
Property and equipment, net	40,059	38,862
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,408	7,067
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	40,372	31,959
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,745	4,501
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 18,101	$ 17,202

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 9,700	$ 7,908

Schedule of accruals and other

Schedule of accruals and other payables (Details) - USD ($)		Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Provisions and accruals		$ 194,796	$ 163,217
Others	[1]	1,473,302	185,029
Balance at end of period/year		$ 1,668,098	$ 348,246
[1]Other payables consist of transactions for clients and commissions payable. While the transactions are being processed, they are held in a client account. There are fees for incoming and outgoing transactions. The client funds held are in transit due to SWIFT T+X and time differences when one part of the world is open and the other closed on the next day and/or holiday/weekend. For example, if a client wants to send Euros or Dollars to pay an invoice, we won't pay till the funds arrive in our account. There then needs to be an FX conversion which results in the funds being sent to the account on the invoice.

The disaggregation of revenue o

The disaggregation of revenue of the Company by geographical region for the period ended September 30, 2023 and 2022 is as follows: (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Transaction fees			$ 2,343,841	$ 325
Other fees			33,811
Total revenue	$ 946,830		2,377,652	325
UNITED KINGDOM
Transaction fees			2,227,353
Other fees
Total revenue			2,227,353
MALAYSIA
Transaction fees			116,488	325
Other fees			33,811
Total revenue			$ 150,299	$ 325

Schedule of related party trans

Schedule of related party transaction (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Amount of due from related parties		$ 31,144	$ 1,296,935
Amount due to related parties		352,602	2,463,833
Ho Wah Genting Group Sdn Bhd [Member]
Related Party Transaction [Line Items]
Amount of due from related parties	[1]	31,144	799,094
Amount due to related parties	[1]
HWG Fintech International Ltd [Member]
Related Party Transaction [Line Items]
Amount of due from related parties	[1]		497,841
Grande life Inc [Member]
Related Party Transaction [Line Items]
Amount of due from related parties	[2]
Amount due to related parties	[2]	22,262	329,565
Snatch Asia Sdn Bhd [Member]
Related Party Transaction [Line Items]
Amount of due from related parties	[3]
Grande Legacy Inc [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[4]		266,610
Amount due to related parties			266,610
HWG Digital Investment Bank Plc [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[1]		1,596,825
Vitaxel Sdn Bhd [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[4]		23,933
Amount due to related parties			23,933
Shalom Dodoun [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[3]	$ 330,340	$ 246,900
[1]Dato’ Lim Hui Boon, the previous president of the Company, is the Group President of Ho Wah Genting Group Sdn Bhd (“HWGGSB”). Dato’ Lim Hui Boon, is directly related to Mr Lim Chun Hoo, a director of the Company.[2]Mr Leong Yee Ming, a previous director and CEO of the Company, is a director of GrandeLife Inc.[3]Mr Shalom Dodoun (“Mr Shalom”) is the director and Chief Executive Officer of the Company. The amount due to Mr Shalom as at September 30, 2023 and December 31, 2022, were advances made by Mr Shalom to the Company.[4]During the year ended December 31, 2022, Vitaxel Sdn Bhd (“VSB”) and Vitaxel Online Mall Sdn Bhd (“VOM”), which are dormant, have been disposed as part of the restructuring transactions as disclosed in Note 1: Organization and Business.

Schedule of officers (Details)

Schedule of officers (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Other compensation	$ 100,000
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Amount due from director	$ 158,782	$ 142,005

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Capital commitments	$ 0	$ 0