Good day, ladies and gentlemen, thank you for standing by. Welcome to MoneyHero Group First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would like now to turn the conference over to Chadwick Dorai, Strategic Finance Lead. Please go ahead.

Thank you, Olivia. Hello, everyone. Very good morning or good evening, depending on where you are. My name is Chadwick Dorai, and I am Strategic Finance Lead for MoneyHero Group overseeing our Investor Relations activities. We're excited to have you join us for MoneyHero Group's first quarter 2024 earnings conference call. Today we have with us Rohith Murthy, our CEO; and Hao Qian, our new CFO. Let's start with a few friendly reminders. First off, you can find detailed results in our earnings release located in the Investor Relations section of our website. Also, we are recording today's webcast, so don't worry if you miss anything. A replay and a transcript will be posted on our website under the Investor Relations section. A heads up, during this call we will discuss some future projections and expectations for our business. Keep in mind, these forward-looking statements are based on what we currently expect and are subject to risk and uncertainties that could cause our actual results to differ. We also encourage you to look at our earnings release and SEC filings for a detailed discussion of these risk factors. Remember, these forward-looking statements reflect our own views as of today and we are not obligated to update them unless required by law. Also, we'll talk about some non-IFRS financial measures today. For a reconciliation of non-IFRS financial measures to the most directly comparable IFRS metric, please see our earnings press release. And one last thing, all monetary references will be in United States dollars unless we say it otherwise. Shortly, Rohit, our CEO will be discussing our Q1 performance and will also be introducing our new CFO, Hao Qian. With that, let me pass on the time to Rohith Murthy, CEO of MoneyHero Group. Over to you, Rohit.

Thank you, Chad. Thank you all for joining us today. I'm pleased to report that we have continued to deliver strong earnings for the first quarter of 2024 with revenue increasing by 24% year-on-year to $22.2 million. Now, this significant growth underscores the effectiveness of our updated strategic initiatives and our deep understanding of the evolving and growing demand for personal financial services in our key markets. Now, despite Q1 historically being a lower quarter due to the Chinese New Year holidays and the shorter month of February, which typically results in a drop from Q4 to Q1, we have achieved substantial year-on-year growth. This demonstrates the resilience and strength of our business model in overcoming seasonal challenges. Now, reflecting on the five key pillars I outlined in our fourth quarter '23 earnings call, number one, consumer pull, conversion expertise, insurance brokerage, strong partner relationships, and operating leverage, we see clear improvements and direct impact in our Q1 results. Our focus on enhancing the user experience and providing high-quality content has continued to attract and retain consumers across all markets, driving significant inbound traffic to those respective platforms. Our conversion expertise continues to develop and strengthen, evidenced by the 72% year-on-year increase in approved applications in quarter one. Now, this dramatic improvement is a testament to a highly intuitive and streamlined UX and UI guiding consumers seamlessly through their financial decisions. Our insurance brokerage segment saw revenue increase by 44% YOY contributing 8.2% to our group revenue. As a major driver for MoneyHero, we continue to expand, but also simplify the insurance purchasing process for our users. Our strong partner relationships have remained a cornerstone of our business, enabling us to be the largest digital acquisition channel for many of our financial partners. This quarter, we successfully ramped up our…

Thank you, Rohith. Good day, everyone. As Rohith mentioned, I have just joined MoneyHero Group to oversee firms' financial systems and teams, including accounting, capital markets, legal compliance and the investment relationships. Additionally, I will play a key role in our street financial initiatives, including M&A and commercial partnerships. I've been 17 years of financial and leadership experience before joining MoneyHero Group. I hold numerous senior finance positions at Alibaba Group, including serving as venture CFO of the Lazada business units across multiple markets. I look forward to continued contribution to MoneyHero's continued success and the working with the talent team to drive further growth in the long-term shareholder value. Now, let's turn to our 1Q '24 financial performance. In the first quarter of 2024, MoneyHero delivered 24% year-over-year revenue growth to US$22.2 million. We realized significant growth year-over-year in Singapore up 61%, in the Hong Kong up 37%, where we have increased our customer acquisition and are strengthening our already dominant market share. This top-line growth was driven by maintaining a strong provider relationship and by investments in both traffic and the commercials. Our Philippine business decreased 4% year-over-year, largely due to revised pricing terms for key clients on the completion of its service migration post-acquisition. And our Taiwan business decreased 40% year-over-year to 1.4 million in the first quarter due to paused product offering for certain key clients. For Taiwan and the Philippines, we will focus on building long-term sustainable profitability and focus on building new verticals to replace the loss of revenue from key clients' decision to exit the market. Our B2B business, Creatory, also continued to show strong growth and increasing contribution to the group. With fourth quarter revenue increased 34% year-over-year to US$4.1 million, which represents 19% of group revenue. We will continue to leverage…

[Operator Instructions] And our first question coming from the line of Milo Bussell with Edison Group. Your line is open.

Hi guys, it's Milo Bussell from Edison. Congratulations on the results and thanks for the great presentation. Two questions from me, please. The first is the insurance vertical is obviously a strategic focus for you as you progress towards profitability. Are you seeing any changes in the competitive landscape within your markets and how do you see it evolving? And then the second question is on conversion rates. So could you just discuss some of the trends you're seeing today and how you're investing to continue the improvement? Thanks very much.

Thank you for the question. I'll take the - I'll start with the first question around insurance. Now I'll go back to our strategic pillars that I spoke about that have positioned us uniquely to succeed in the insurance landscape and let me elaborate on these strengths and see how, you know, the market is developing. Number one, consumer poll. Now we have a unique advantage in the insurance industry, which is typically a push market where products are sold rather than bought. And we have cultivated a strong consumer poll with users now actively coming to our platform to seek out insurance solutions. And this positions us exceptionally well to meet their needs and drive growth. Number two, conversion expertise. Now our platform enables users to purchase insurance policies directly streamlining the process and enhancing the user experience. We've seen a significant increase in users buying travel insurance directly on our platform demonstrating this conversion expertise. Number three, as a licensed insurance broker, we have the capability to expand into all forms of general insurance. Additionally, in markets like Hong Kong and Philippines, we can also offer life insurance broadening our product portfolio and market reach. Number four, data insights. Our central robust data platform now provides deep insights into our user base and this allows us to cross-sell and upsell relevant insurance products more effectively. Through the comprehensive marketing campaigns and growth strategies, we've also acquired a large user base and understand the needs through the various browsing, engagement, and purchasing data we capture. And of course, AI, we are really excited about leveraging AI to provide more proactive assistance to our users. Now AI will enable us to offer tailored recommendations and support when users are considering or they're ready to purchase insurance. Again, enhancing the overall…

Thank you. Moving on for next question. And our next question coming from the line of Nirgunan Tiruchelvam from Aletheia Capital. Your line is open.

Hi, thank you very much for a fantastic set of results and a very illuminating presentation. I have two questions. The first is, am I right in saying that except the Philippines, the user numbers have actually fallen in this quarter?

Sorry, could you repeat the first question? I couldn't get the first question again.

I refer to the quarterly user numbers.

Yes.

Am I correct in saying that except for the Philippines, the monthly unique users have actually fallen in every market?

No. Actually, as we look at our monthly unique users, we've actually seen our monthly unique users increase in many of our core markets. Now, we do have seasonality in some of the markets where we've seen a drop and that's primarily been in markets like Taiwan and to an extent in Philippines. However, we are not just focusing on monthly unique users because eventually we want users to transact and that's where we've seen a significant improvement in conversion rates. We actually have seen record number of transactions in this first quarter, which is a great sign because a lot more people are applying and getting the products, be it credit cards, personal loans and insurance. So we look at both these metrics side-by-side and where traffic continues to be a very important metric for us, but we're also obsessed around making sure that when that traffic comes, it converts into transactions and that's where we are seeing a significant improvement even if there is a marginal drop in a couple of our markets.

Thank you. I would like to ask a question on the [technical difficulty]

Pardon me. Looks like our participant disconnected their line. [Operator Instructions] I will turn the call back over to the speakers now.

I guess there are no more questions. So thank you again and we will be publishing our results and I look forward to the next earnings call. Thanks again for your time.

Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for your participating. And you may now disconnect.