Fintech Scion (FINR) 10-Q 19 Nov 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Nov. 18, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
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

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 3,455,972	$ 3,765,959
Accounts receivable	56,758	59,974
Amount due from related parties
Inventories	12,000	12,000
Other receivables, prepayments and other current assets	183,311	509,451
Total Current Assets	3,708,041	4,347,384
Non-current assets
Intangible asset	19,212	34,707
Goodwill	16,657,653	16,657,653
Property and equipment, net	33,063	38,600
Total Non-Current Assets	16,709,928	16,730,960
TOTAL ASSETS	20,417,969	21,078,344
Current liabilities
Amounts due to related parties	1,196,146	755,040
Accounts payable	382,109	47,662
Accruals and other payables	1,813,741	1,953,160
Total Current Liabilities	3,391,996	2,755,862
TOTAL LIABILITIES	3,391,996	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	(41,341,454)	(40,140,592)
Accumulated other comprehensive income	21,668	16,734
Equity attributable to equity holders of the parent	17,027,467	18,323,395
Non-controlling interests	(1,494)	(913)
Total Stockholders’ Equity	17,025,973	18,322,482
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 20,417,969	$ 21,078,344

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 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

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
REVENUE	$ 81,571	$ 583,628	$ 340,965	$ 1,430,822
COST OF REVENUE	(21,805)	(42,470)	(58,955)	(42,505)
GROSS PROFIT	59,766	541,158	282,010	1,388,317
OPERATING EXPENSES
General and administrative expenses	(409,548)	(900,620)	(1,293,440)	(1,783,986)
Total operating expenses	(409,548)	(900,620)	(1,293,440)	(1,783,986)
LOSS FROM OPERATIONS	(349,782)	(359,462)	(1,011,430)	(395,669)
OTHER INCOME/(EXPENSE), NET
Other income		46,515	2,022	89,491
Other expense	(114,694)	(230)	(192,035)	(804)
Total Other income / (Expense), net	(114,694)	46,285	(190,013)	88,687
NET LOSS BEFORE TAX	(464,476)	(313,177)	(1,201,443)	(306,982)
Income tax		453		(2,173)
NET LOSS	(464,476)	(312,724)	(1,201,443)	(309,155)
Loss attributable to non-controlling interest	147	61	581	501
NET LOSS FOR THE PERIOD	(464,329)	(312,663)	(1,200,862)	(308,654)
OTHER COMPREHENSIVE INCOME / (LOSS)
Foreign currency translation adjustment	(2,330)	17,038	4,934	31,063
TOTAL COMPREHENSIVE INCOME / (LOSS)	$ (466,659)	$ (295,625)	$ (1,195,928)	$ (277,591)
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	$ 0	$ (0.01)	$ 0

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,201,443)	$ (309,155)
Items not involving cash:
Depreciation and amortization of– property and equipment and right-of-use assets	20,780	16,481
Changes in operating assets and liabilities
Accounts receivables	3,216	1,316,056
Other receivables, prepayments and other current assets	326,140	699,414
Inventories		(13,500)
Accounts Payable	334,447	(939,555)
Accrued expense and other payables	(139,419)	499,752
Net (used in) / cash generated by operating activities	(656,279)	1,269,493
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment and rights-of-use assets	252	(8,795)
Net (used in) / cash generated by investing activities	252	(8,795)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of shares	(100,000)
(Repayments) / Proceeds from related parties	441,106	(589,994)
Net cash generated by / (used in) financing activities	341,106	(589,994)
EFFECT OF EXCHANGE RATES ON CASH	4,934	31,063
NET CHANGE IN CASH AND CASH EQUIVALENTS	(309,987)	701,767
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,765,959	3,791,378
CASH AND CASH EQUIVALENTS, END OF PERIOD	3,455,972	4,493,145
SUPPLEMENTAL OF CASH FLOW INFORMATION
Cash paid for interest expenses
Cash paid for income tax

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 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.

UNAUDITED INTERIM FINANCIAL STA

UNAUDITED INTERIM FINANCIAL STATEMENTS	6 Months Ended
	Jun. 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 June 30, 2024, results of operations for the three months ended June 30, 2024 and 2023, and cash flows for the three months ended June 30, 2024 and 2023. All significant intercompany transactions and balances are eliminated on consolidation. The results of operations for the three months ended June 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.

ACCOUNTS RECEIVABLES

ACCOUNTS RECEIVABLES	6 Months Ended
	Jun. 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 June 30, 2024, accounts receivable balances of $ 56,758 59,974 The company considers accounts receivable to be fully collectible, therefore no impairment is necessary as at June 30, 2024 and December 31, 2023.

OTHER RECEIVABLES, PREPAYMENTS

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 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 June 30, 2024 December 31, 2023 Other receivables (1) $ 97,162 $ 294,780 Deposits (2) $ 75,160 $ 110,161 Prepayments (3) $ 10,989 $ 4,510 Common stock not paid (4) $ — $ 100,000 Total $ 183,311 $ 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.

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	5. GOODWILL The table below sets forth the carrying amount of goodwill for June 30, 2024 and December 31, 2023 As of June 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 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 1.50 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 June 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. These cost savings are expected to be reflected in the Company’s financial performance starting from the quarterly period ending September 30, 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 June 30, 2024, our total assets stood at $ 20,417,969 17,025,973 16,657,653 3,760,316 368,320 3,391,996 368,320 For the quarterly period ended June 30, 2024, the Company reported amounts due to related parties totalling $ 1,196,146

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 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 June 30, 2024 As of December 31, 2023 Office equipment $ 8,579 $ 8,628 Computer equipment 49,406 49,600 Furniture and fittings 4,815 4,824 Software and website 10,173 10,173 72,973 73,225 Less: Accumulated depreciation (39,910) (34,625) Balance at end of period/year $ 33,063 $ 38,600 Depreciation expenses charged to the statements of operations and comprehensive loss for the six months periods ended June 30, 2024 and 2023 were $ 5,285 2,680 6,879 3,535

ACCRUED EXPENSE AND OTHER PAYAB

ACCRUED EXPENSE AND OTHER PAYABLES	6 Months Ended
	Jun. 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 June 30, 2024 As of December 31, 2023 Provisions and accruals (1) $ 397,176 $ 319,939 Others (2) 1,416,565 1,633,221 Balance at end of period/year $ 1,813,741 $ 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. (2) Other payables mainly consists of client funds.

REVENUE

REVENUE	6 Months Ended
	Jun. 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 six months ended June 30, 2024 and 2023 is as follows Total 2024 2023 Payment Services Provider (PSP) — 360,158 Foreign Exchange (FX) Conversion 27,379 1,043,648 Whitelabelling 198,664 27,016 Referral fees (1) 114,922 — Total Revenue 340,965 1,430,822 (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.

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	9. RELATED PARTY BALANCES AND TRANSACTIONS Schedule of related party transaction As of June 30, 2024 As of December 31, 2023 Amount due to related parties Ho Wah Genting Group Sdn Bhd (1) $ 191,714 $ 25,748 Shalom Dodoun (2) 724,308 727,624 Natalie Kastberg (3) 1,654 1,668 CICO Digital Solutions Limited (4) 278,470 — Total Amount due to related parties $ 1,196,146 $ 755,040 The related party balances are unsecured, interest-free and repayable on demand. (1) Dato’ Lim Hui Boon, the previous president of the Company, is the 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. The amount due to HWGGSB as at June 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 June 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 (3) Ms Natalie Kastberg (“Ms Kastberg”), is a current director of Fintech. The amount due to Ms Kastberg as at June 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 June 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 Schedule of officers As of June 30, 2024 As of December 31, 2023 Directors & Officers Shalom Dodoun – Previous Director, Chief Executive Officer of the Company $ 104,256 $ 287,138 Richard Berman – Non-executive Director of the Company (6) $ 60,000 $ 100,000 (6) Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 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 (2) Following the financial year end, the 100,000,000 198,742,643

ORGANIZATION AND BUSINESS (Tabl

ORGANIZATION AND BUSINESS (Tables)	6 Months Ended
	Jun. 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.

OTHER RECEIVABLES, PREPAYMENT_2

OTHER RECEIVABLES, PREPAYMENTS AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 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 June 30, 2024 December 31, 2023 Other receivables (1) $ 97,162 $ 294,780 Deposits (2) $ 75,160 $ 110,161 Prepayments (3) $ 10,989 $ 4,510 Common stock not paid (4) $ — $ 100,000 Total $ 183,311 $ 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.

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
The table below sets forth the carrying amount of goodwill for June 30, 2024 and December 31, 2023	The table below sets forth the carrying amount of goodwill for June 30, 2024 and December 31, 2023 As of June 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.

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 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 June 30, 2024 As of December 31, 2023 Office equipment $ 8,579 $ 8,628 Computer equipment 49,406 49,600 Furniture and fittings 4,815 4,824 Software and website 10,173 10,173 72,973 73,225 Less: Accumulated depreciation (39,910) (34,625) Balance at end of period/year $ 33,063 $ 38,600

ACCRUED EXPENSE AND OTHER PAY_2

ACCRUED EXPENSE AND OTHER PAYABLES (Tables)	6 Months Ended
	Jun. 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 June 30, 2024 As of December 31, 2023 Provisions and accruals (1) $ 397,176 $ 319,939 Others (2) 1,416,565 1,633,221 Balance at end of period/year $ 1,813,741 $ 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. (2) Other payables mainly consists of client funds.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue Recognition and Deferred Revenue [Abstract]
The disaggregation of revenue of the Company by the services rendered for the six months ended June 30, 2024 and 2023 is as follows	The disaggregation of revenue of the Company by the services rendered for the six months ended June 30, 2024 and 2023 is as follows Total 2024 2023 Payment Services Provider (PSP) — 360,158 Foreign Exchange (FX) Conversion 27,379 1,043,648 Whitelabelling 198,664 27,016 Referral fees (1) 114,922 — Total Revenue 340,965 1,430,822 (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.

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of related party transaction	Schedule of related party transaction As of June 30, 2024 As of December 31, 2023 Amount due to related parties Ho Wah Genting Group Sdn Bhd (1) $ 191,714 $ 25,748 Shalom Dodoun (2) 724,308 727,624 Natalie Kastberg (3) 1,654 1,668 CICO Digital Solutions Limited (4) 278,470 — Total Amount due to related parties $ 1,196,146 $ 755,040 The related party balances are unsecured, interest-free and repayable on demand. (1) Dato’ Lim Hui Boon, the previous president of the Company, is the 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. The amount due to HWGGSB as at June 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 June 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 (3) Ms Natalie Kastberg (“Ms Kastberg”), is a current director of Fintech. The amount due to Ms Kastberg as at June 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 June 30, 2024, were advances made by CICO to the Company.
Schedule of officers	Schedule of officers As of June 30, 2024 As of December 31, 2023 Directors & Officers Shalom Dodoun – Previous Director, Chief Executive Officer of the Company $ 104,256 $ 287,138 Richard Berman – Non-executive Director of the Company (6) $ 60,000 $ 100,000 (6) Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

The Company holds the following

The Company holds the following equity interests in its subsidiaries (Details)		6 Months Ended
		Jun. 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%	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	[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%	55%
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%	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%
[1]HCS and HKZ are currently dormant.

ACCOUNTS RECEIVABLES (Details N

ACCOUNTS RECEIVABLES (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Accounts receivable	$ 56,758	$ 59,974

Schedule of other receivables a

Schedule of other receivables and other assets (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Other Receivables Prepayments And Other Current Assets
Other receivables	[1]	$ 97,162	$ 294,780
Deposits	[2]	75,160	110,161
Prepayments	[3]	10,989	4,510
Common stock not paid	[4]		100,000
Total		$ 183,311	$ 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.

The table below sets forth the

The table below sets forth the carrying amount of goodwill for June 30, 2024 and December 31, 2023 (Details) - USD ($)		Jun. 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.

GOODWILL (Details Narrative)

GOODWILL (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 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	$ 20,417,969	21,078,344
Total stockholders' equity	17,025,973	18,322,482
Goodwill impairment	16,657,653
Total assets reduced after full goodwill impairment	3,760,316
Total stockholders' equity reduced after full goodwill impairment	368,320
Total liabilities	3,391,996	2,755,862
Total assets exceeds total liabilities	17,027,467	18,323,395
Amount due to related parties	$ 1,196,146	$ 755,040

Property and equipment, net con

Property and equipment, net consist of the following: (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 72,973	$ 73,225
Less: accumulated depreciation	(39,910)	(34,625)
Property and equipment, net	33,063	38,600
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,579	8,628
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	49,406	49,600
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,815	4,824
Software and Software Development Costs [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,173	$ 10,173

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 2,680	$ 3,535	$ 5,285	$ 6,879

Schedule of accruals and other

Schedule of accruals and other payables (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Provisions and accruals	[1]	$ 397,176	$ 319,939
Others	[2]	1,416,565	1,633,221
Balance at end of period/year		$ 1,813,741	$ 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.[2]Other payables mainly consists of client funds.

The disaggregation of revenue o

The disaggregation of revenue of the Company by the services rendered for the six months ended June 30, 2024 and 2023 is as follows (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue		$ 81,571	$ 583,628	$ 340,965	$ 1,430,822
Payment Services Provider PSP [Member]
Total revenue					360,158
Foreign Exchange FX Conversion [Member]
Total revenue				27,379	1,043,648
Whitelabelling [Member]
Total revenue				198,664	27,016
Referral Fees [Member]
Total revenue	[1]			$ 114,922
[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.

Schedule of related party trans

Schedule of related party transaction (Details) - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Amount due to related parties		$ 1,196,146	$ 755,040
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Interest on loan		6%	6%
Ho Wah Genting Group Sdn Bhd [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[1]	$ 191,714	$ 25,748
Shalom Dodoun [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[2]	724,308	727,624
Natalie Kastberg [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[3]	1,654	1,668
CICO Digital Solutions Limited [Member]
Related Party Transaction [Line Items]
Amount due to related parties	[4]	$ 278,470	$ 0
[1]Dato’ Lim Hui Boon, the previous president of the Company, is the 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 June 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

Schedule of officers (Details)

Schedule of officers (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Shalom Dodoun Director Chief Executive Officer of the Company [Member]
Related Party Transaction [Line Items]
Amount due from director		$ 104,256	$ 287,138
Richard Berman Non Executive Director of the Company [Member]
Related Party Transaction [Line Items]
Amount due from director	[1]	$ 60,000	$ 100,000
[1]Mr Richard Berman (“Mr Berman”), is a current non-executive director of the Company.

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative)	6 Months Ended
	Jun. 30, 2024 USD ($)
Description of debt	interest-free and repayable on demand.
Officer [Member]
Other compensation	$ 100,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - shares	6 Months Ended	12 Months Ended
	Jun. 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%
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