Okay, welcome everybody, and thank you for joining us today at the Sidoti Year-End Conference. My name is Brendan McCarthy. I'm an analyst here at Sidoti, and I'm very pleased to welcome MoneyHero Group, ticker is MNY. Presenting with us from the company will be CEO Rohith Murthy, as well as CFO Danny Leung. And before I hand it over, a quick reminder that the Q&A tab is located right at the bottom of your screen. Feel free to type in any questions throughout the presentation, and we can save time for Q&A at the end. But with that said, I will hand it over to Rohith. Thank you all for your time. We're very happy here to present the MNY story, and you know, MoneyHero today is actually at a very true inflection point. It's a business that has restored growth. We've rebuilt the margins, and more importantly, we are about to deliver our first profitable quarter since we listed two years back. Danny and I will walk you through the results, the strategy, and why we really believe we are entering a scalable compounding phase. Next slide, please. Just standard disclaimers, you know, we'll stay entirely within publicly disclosed information, but why don't I hand it over now to Danny to give you a snapshot of the business and our recent Q3 earnings. Okay, thank you, Rohith. Hi everyone, I'm Danny, CFO of the MoneyHero Group. Thank you very much for spending the time meeting with us today. So first, let me give you a quick snapshot of our group. MoneyHero is a leading platform for personal finance. We help people compare options and provide digital insurance brokerage services in Greater Southeast Asia. Our mission is to help everyone save, protect, and grow their money by making financial decisions easy and rewarding. Now, let's take a quick look at where we are as a business. We have 8.8 million members across four key markets in Singapore, Hong Kong, the Philippines, and Taiwan. We have established over 260 commercial partnerships, making us the largest digital acquisition partner in the region. Financially, we are in a strong position. We've close to $28 million in cash and no debt. In the first nine months of 2025, we generated $53.5 million in revenue, showing clear progress toward profitability. Our path to profitability is supported by a strategic focus on higher margin areas like insurance and wealth, which now make up 25% of our revenue this year. We're also implementing an AI-first strategy to enhance our services, which we'll discuss later. Next slide, please. We were founded in 2014 and went public in Nasdaq in October of 2023. Then in 2024, it became a year of reset for us, and then in 2025 marks a rebuilding phase aimed at achieving profitability. Looking ahead, we anticipate that 2026 will be the year that we scaled up profitably. Now, let's talk about our current progress. In Q3, which we have just recently announced last week, we've seen steady improvements in our operations, finance, and overall structure. We are completing our rebuild and getting close to a point where we can start scaling profitably. Our revenue has increased by 17% from the previous quarter and by 1% compared to last year, making our second consecutive quarter of double-digit growth. The insurance and wealth sectors now account for 23% of our revenue at close to $5 million, up 2 percentage points from last year. Our Adjusted EBITDA has improved by 68% year over year, thanks to a better revenue mix, an expanding partnership network, and efficiencies from our AI initiatives. Operating costs and expenses, excluding exchange difference, have dropped by 13% year over year to $23.9 million, driven by careful cost management and AI-driven efficiencies. Here, I will pass on to Rohith to talk about our future plan. Rohith, please. Thank you. Next slide, please. Now, when we think about our investment sort of thesis, it's built on five pillars. The first thing is our profitability inflection. In Q4, you know, we have a very clear path to sustain positive EBITDA. Number two, we are multi-geography, so we have a moat of being a market leader in all of our core markets: Hong Kong, Singapore, Philippines, and Taiwan. As Danny mentioned, we're really sort of building an AI-native operating model that can improve our customer acquisition cost, our conversions, and our cost to serve. And, you know, we really look at our business as a premium valuation opportunity. We're trading at 0.5x our revenue versus 612x for a lot of other profitable fintech peers. And we just have been very disciplined in terms of our execution. You know, as you look at our sort of quarterly earnings since Q1 last year, when we embarked on this journey, you will see a very disciplined execution on EBITDA improvements as well as our OPEX reduction. We believe this combination is really rare in fintech, and that's like our investment thesis. Next slide, please. Now, this business model has been established really well in the west, MoneySuperMarket in the U.K., but in the U.S., NerdWallet. So we really look at a useful benchmark for us as NerdWallet. I mean, they're roughly 10 times our scale, but the pattern is very similar: margin expansion, a real sort of deliberate mix shift towards insurance and wealth. And that's really sort of preceded the valuation breakout. We are really early in that journey, but our mix shift is happening a lot faster. Our model is a lot leaner. We're multi-market in four markets, and we're really AI-enabled from the start. And that's sort of a useful peer benchmarking as you think about our business. Next slide, please. Very experienced sort of leadership team. Now, I've been with the group since day one. I founded two of the businesses for MoneyHero: the Singapore business, as well as Creatory, which is our B2B business with content creators and KOLs and influencers who monetize through us. But this is a very experienced leadership team with deep category knowledge in digital banking, in operations and financial services, and we'll be very happy to go deeper during the Q&A. Next slide, please. As Danny mentioned, Q4 is the turning point for us. The guidance we've given is Q4 will be the first profitable quarter for us since listing. This has come through three drivers: a revenue shift towards higher margin, insurance and wealth, a cost base that's structurally lighter. And, you know, we've kicked off an AI transformation initiative within the organization called Odyssey, where we want to really sort of bring efficiency in everything we do to operate this business. And we believe this is just the start of this consistent profitability. This is not a one-off. Next slide, please. And as we think about like our vision and mission, our mission is very simple, and it's really enduring because we want to help everyone save, protect, and grow their money. And if we execute this mission well, we believe, you know, we can really help everyone have a resilient financial future. And it's this clarity that just keeps us focused on long-term value creation. Next slide, please. Now, across, you know, the markets we operate, we're a two-sided marketplace. We have very trusted brands and very strong consumer interests. Consumers come to us for content, for trust, for unbiased answers, as well as, you know, we give the richest rewards and incentives. As well as we have very strong partnerships with our providers who come to us for high-quality customers. And, you know, we run the entire sort of rewards engine for them. And I think this is what makes us like a very critical acquisition partner for our financial institutions in the region. Next slide, please. We have four core businesses across the four markets I mentioned. The first is a marketplace where we have B2C brands in each of the markets. Number two, we are a licensed insurance broker in three of our four markets. Creatory, I mentioned, a very fast-growing B2B marketing arm for us, as well as we have the largest personal finance community platform in Singapore, and together, we sort of reinforce both sides of our ecosystem: consumers as well as financial institutions. Next slide, please. Now, as far as our product flywheel is concerned, it's really powerful. It starts all with trusted content because, you know, that's what people come to us for, and then we provide a lot of tools that allow them to compare the markets, so it's very frictionless comparison. As I mentioned, in our region, in a very unique way, we provide the richest rewards and incentives when people shop for financial products. We power a lot of applications. You can buy insurance on our platform, and then we drive that sort of repeat usage. And through this, we have very rich data and insights that allow us now to do very smart matching for products, even for existing customers. And over time, this product sort of flywheel allows us to build that higher lifetime value, gives us better conversion, and more importantly, deeper defensibility. Next slide, please. Last year, when I took over as CEO, these are the five pillars we sort of laid out that are going to guide everything we do. Consumer pull, you know, we are in a push industry where financial products are pushed onto the providers. And here we are where we pull consumers onto a platform. We are digital conversion experts. So a lot of financial institutions come to us when they look at converting these customers digitally. I spoke about our insurance brokerage capability. We have very strong partner relationships, you know, more than 260 across the four markets, and over the last 18 months, we've been really trying to build the operating leverage. It's the leanest we've operated since listing, and I think that's where we believe, you know, these strategic pillars allow us to sort of create value and also, you know, allow us to really prevent distraction. Next slide, please. Now, in terms of our efficiency strategy, it has three parts. Number one is, I would say, buy over build. We're very clear that, you know, we want to be partnership-first and asset-light as we look at scaling our business. So if you take insurance, you know, we've not tried to build our own insurtech platform. We work with the leading insurtech, you know, providers. That allows us to go into the market quickly. We are asset-light. And at the same time, there's a lot of like organizational learning working with the best partners. AI is core to everything we do. It's already in play. A big part of our customer service has already been automated. We're generating a lot of our content through AI. And now with Agentic AI, we're also very excited to look at automating the workflows. And high-margin verticals is something that, you know, we were very clear we need to move into insurance and wealth. That's the playbook that's worked out beautifully well in the West. And I think this is what allows us to scale without having to rebuild that old cost base of ours. Next slide, please. This is brand new. We've launched a membership program in Hong Kong called the CreditHero Club in partnership with TransUnion. And what it does is we have pulled out the entire credit data of our consumers. We provide very personalized, you know, product insights and lending offers. And this is going to be super powerful because lending is a big part of our business. And this allows us to have stronger partner economics, a better lifetime value, and more importantly, higher engagement because consumers keep coming back to us to improve their credit profile. Next slide, please. I briefly spoke about Odyssey. This is our AI transformation, you know, initiative. Now, I've been a founder of this business, and this just answers a very simple question. If we were to like build this business again from scratch, what would we do differently? While we've done a, you know, really good job of digitizing a lot of information, digitizing a lot of the application, we are now looking to really automate end-to-end, and that's the sort of vision of Odyssey. And this is a transformation that will touch every aspect of the organization, as I mentioned, from content generation to engineering to product to customer service. And we're super excited about what we can do to make MoneyHero not only a profitable business, but an AI-native business. Next slide, please. We're very, I mean, over the last 10 years, you know, we've really sort of built category leadership in all our markets. Back in 2014, 2015, when we started, there were a lot of competitors in the region we operated. We are number one now in across all the markets. We are the only platform that publicly listed and, as Danny mentioned, also, you know, well capitalized. Next slide, please. This is something we've been very focused on. Like any other business, you know, we started off initially looking at traffic and visits, but now, you know, we've been building our membership base because, you know, that allows us to really focus on data, on more intense signals, better personalizations, and higher recurring engagement, and we believe this will really strengthen our data moat, so as you can see, our membership sort of base has been growing very steadily. Next slide, please. Now, we've only scratched the surface. We're still a very young company. We've been only around for a decade. We really believe this is going to be a very large, rapidly digitizing region, over 150 million population, rising disposable income, and a very high smartphone penetration. All this with AI, we feel, is a very attractive, addressable market for us to really capture as much of. And next slide, this sort of translates to the revenue opportunity we look at. We really believe, even in looking at our global peers, that this is, you know, a billion-dollar revenue opportunity for us. Insurance is going to be a standout opportunity. We've just started that engine. Consumer lending and cards, you know, while we are a category leader, we believe can still be a lot of addressable market for us to drive and capture. And I think that's where we're really looking at shifting our mix towards margin and growth. Next slide, please. And, you know, in the markets we're operating, digital trust is as important as product availability. You know, through our brands, through our content, through our rewards, through our membership program, we really have a really nice framework that turns first-time users into repeat customers. That's a key driver of lifetime value for us. I'll sort of now hand this over to Danny to sort of give you a sort of quick financial highlights. Okay. Thank you, Rohith. As we discussed, Q3 shows our steady progress in operations, finances, and structure toward long-term profitability. Revenue increased by 17% from the previous quarter and by 1% compared to last year. Our Adjusted EBITDA loss narrowed also significantly, improving by 68% year over year to a loss of $1.8 million, down from a $5.5 million loss in Q3 of last year. Overall, this quarter's result highlights a recovery based on strong unit economics, a focus on high-margin products, and also a growing partnership network and efficiency gains from AI. Next slide, please. Looking at our revenue mix here, wealth and insurance account for 25% of our revenue over the past nine months. This is a significant increase from 19% in the first nine months of 2024. And we expect this growth to continue in Q4. These sectors have much higher contribution margins compared to credit cards. So our shift towards them positively affected our adjusted EBITDA. On the right, you can see that this change has been supported by strong performance in our core markets, especially Singapore and Hong Kong, where we are building deeper relationships with banks and insurers. Next slide, please. Over the past year, we have reduced the total operating costs and expenses, excluding exchange difference, by 13%. This reduction was achieved through strict control of our marketing, technology, and employee expenses, along with efficiencies gained from AI-driven automation and technology consolidation. This change provided us with significant structural operating leverage. As our revenue recovers, our costs are not rising at the same pace, which helps us expand our margins and also our path towards profitability. Now, I'll hand it back to Rohith. Thanks, Danny. Look, our capital allocation philosophy is very straightforward. You know, we're very much looking at organic investments where our ROI is clear. And we spoke about, you know, insurance, wealth, AI, memberships. And, you know, being like now a category leader sitting on cash, we're also very, you know, very actively scanning the market for selective M&A opportunities where we feel the capabilities or any sort of licensing can really accelerate our roadmap. And that's how we think about, you know, how we want to allocate our capital. Next slide, please. I think this is like essentially the story in one slide. We are building an AI-first asset-light platform. We have clear market leadership, trusted brands, momentum with two consecutive quarters of, you know, revenue growth, a revenue shift, a mix that is shifting towards higher margins and a clear profitability trajectory. And for us, execution is now about consistency. And that's what we've been demonstrating quarter after quarter. Yeah, that's what we have here to present. And we'll be happy to take any questions. Great. Thank you, Rohith and Danny, for the overview. We can now open the floor for Q&A. And why don't we start off talking about some of those higher margin products and insurance and wealth management? What's really driven that shift in mix? And over the longer term, you know, how big of a piece of the business do you think these higher margin products can become? Sure. Look, I think to a large extent, when we build our brands, our brands are very trusted. We've built very strong relationships with banks. And consumers have been coming to us for simpler products, you know, call it credit cards or even personal loans. And, you know, we clearly saw an opportunity for us to shift into insurance. Firstly, having the license to do it. So we have a licensed insurance broker. That was something that, you know, we were very clear in our heads we needed to acquire. Number two, buy over build. We didn't want to sit and build the entire insurance tech platform ourselves. That would have taken a lot of time, which is why we have strategic partnerships that allowed us to go into market, providing real-time, you know, pricing for insurance products, powering end-to-end purchasing of insurance products, so today, you can be on a Uber or a Grab to the airport, and you can buy travel insurance within three clicks, so that's, you know, having that sort of seamless, frictionless shopping experience for insurance has been our focus, and then, you know, we continue to, you know, look at marketing because insurance is one space where a lot of education is required. Most, as you all appreciate, it's not a happy purchase. Most people don't get buy insurance or don't see the need for it, so we spend a lot of time educating the market through our content and including our creator network. So I think these have been things that have allowed us to really, you know, pivot into insurance and likewise into wealth as we look at, you know, investment sort of opportunities, whether that's stock brokerage, or even digital assets. And I think in terms of the guidance, we're very happy where insurance and wealth is sitting right now. It's, you know, more than 25%. We feel this number will only get better and higher in the coming years. That's great. That makes sense. And just as a follow-up, do you see any key hurdles or challenges to, you know, maybe maintaining that 25% threshold or growing that even more? Look, I think our biggest challenge would have been tech because you'll appreciate even when you look at something as simple as car insurance and motor insurance, you know, having a really strong digital purchasing journey. It requires a significant investment into your tech. Fortunately, that is a hurdle we don't have to face with because of our strategic partnerships, and we sort of, you know, we have two partners we work with on insurtech, but then again, look, insurance is something that requires a reasonable amount of education, so we are being very patient in terms of how we scale insurance. Unlike credit cards, which is a very lifestyle product, and, you know, we have very attractive rewards and incentives and personal loans to a large extent. It's almost like a one-time purchase of people who have cash needs. With insurance, you know, we have to look at different marketing strategies to help people get out of that inertia, switch products, or even, you know, be educated on the need for insurance. So it's not as, you know, for us, you know, as we look at even the marketing channels, there are quite a few swimming lanes for us as we look at insurance. And we've been very thoughtful of how we invest in each of those swimming lanes. Great. That's very helpful insight. And I wanted to transition to talk about customer acquisition. How has customer acquisition cost trended over time? How's the mix between, you know, paid-for partnerships and organic growth to the platform? How has that really shifted over time? Maybe Danny, you can just give a sense of like our cost of revenue and, you know, how that's been trending. Yeah. Okay. So if you look at, you know, the results that we have announced last week, you will see that the cost of our revenue is essentially the reward cost that we give to our users. So we give our rewards and incentive to attract users as a user acquisition for our customers, which are the providers, the banks, the insurers, and so forth and so on. So I guess the reward cost itself is a key cost to our company. It's close to roughly 50% of the total revenue that we make. And our decision to shift towards insurance, wealth, and personal loan is for this reason. We want to reduce the percentage of the cost of revenues as a percentage of our revenues. As by nature of those verticals, we are able to attract higher revenues, but at the same time, we are able to give out less rewards to attract those users. Great. That's very helpful. Appreciate the insight. We have a couple of questions from the attendees here. You mentioned, you know, partnerships with OSL and HashKey on the digital currency front. What's the company's plan in digital currency in the future regarding these partnerships? This is a very exciting space for us, but we have a very compliance-first lens on digital assets. I mean, this is also a space that's maturing in the markets we operate. So we have a very active conversation with our regulator. You all would have seen recently we launched a consumer research in partnership with Coinbase. We have partnerships in Hong Kong with OSL and HashKey. We see the space really developing well, but we have been very patient and compliance-first and really like sort of ensuring that every sort of step we take, either in the form of a new partnership or even as we look at new opportunities in digital assets, and that could be simple acquisition, it could be stablecoins. We are having a very active, you know, discussion with the regulator, but we're happy with the progress we made this year. But I think, you know, in next year with some of the things that are in the pipeline, we feel, you know, we'll have a lot more to announce. Got it. And last question here on the B2B side. What are you seeing from key bank and insurance partners in terms of marketing budgets and reliance on your platform for acquisition? And how does that kind of drive your revenue and maybe revenue concentration? Great question. We are like a leading acquisition partner for a lot of our partners. And, you know, when you think about the entire funnel, we get paid, you know, on performance. So whether that's a drawdown of a loan, a card approval, a purchase of an insurance. So to a large extent, we are not limited by, you know, marketing budgets that are typically allocated to cost per click, cost per lead sort of platforms where you can see these things gapped. You know, for a lot of our partners, our budgets are always on, meaning they want a lot more acquisition from us. And these are relationships we've built over a decade. So these are very strong strategic partnerships we have. So we also are a preferred partner as they look at scaling volumes. Sometimes it's exclusive products and offers on our platform. And in some cases, we are also able to drive, you know, APIs where we can do end-to-end purchases and journeys, you know, for selective products. Great. Well, Rohith and Danny, we really appreciate the overview and the time. It's a great story. And if there were any follow-up questions that we didn't get to, you feel free to reach out to MoneyHero Group at the contact email right there on the screen, or you can contact your Sidoti representative. Thank you, everybody, for your time. Thank you, everyone. Take care. Ciao. Thank you.