What changed in this filing

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Item 1. Business

2024-05-10 compared with 2023-03-30 · 287 added, 258 removed, 171 unchanged (76% of the section changed)

17 unchanged sentences

subsidiaries:

incorporation

of issued capital

of ownership interest and voting power held

Place and date

of incorporation

Particulars of

issued capital

Principal activities

Proportional of ownership interest and voting power held

SEATech Ventures Corp.

Labuan / March 12, 2018

100 ordinary shares of US$1

100 ordinary shares of US$1 each

Investment holding

2 unchanged sentences

1 ordinary share of HK$1

Business mentoring, nurturing and incubation,

and corporate development advisory services

Business mentoring, nurturing and incubation, and corporate development advisory services

SEATech CVC Sdn.

SEATech Bigorange

SEATech Bigorange CVC Sdn.

Malaysia / October 04, 2021

17 unchanged sentences

future prospects in other ASIAN countries.

as part of our expansion plan, on September 20, 2022 Greenpro Capital Corp.

as part of our expansion plan, on September 20, 2022 Greenpro Capital Corp., a related party (NASDAQ:

GRNQ) appointed SEATech Ventures (HK) Limited as

8 unchanged sentences

Industry in Asia

has become a hotbed for adoption of some new technologies in recent years, especially in the field of Internet of things (IoT) and robotics.

This is partly driven by manufacturing firms, most notably in China, which are rapidly deploying these solutions.

It also reflects commitments

from Asian governments and business leaders to leverage new technologies as a solution to the region’s economic and demographic

challenges, such as robotics as a response to curb labor shortages in Japan.

Smart city investments in the region are also eye-catching,

with the high penetration rate of mobile devices allowing some countries to ‘leapfrog’ legacy technologies.

The challenge

will be to increase broader adoption of software solutions which have the potential to deliver a more transformative economic impact 1 .

by the rapid growth of IoT in recent years, coupled with the investments in the manufacturing and transportation industries, new technologies

are already approaching $1 trillion in annual revenue.

Over the next few years, other new categories such as robots/drones and AR/VR

headsets in addition to related software and services will see similar growth.

This increasing proportion of spending targeted at new

categories will drive the overall industry to a new growth surge over the next decade as businesses move beyond prototyping into broader

deployments of technologies such as augmented reality viewers and AI-enabled robots.

ICT industry in Asia continues to show significant expansion and vitality, especially in the realms of the Internet of Things (IoT) and

This growth is predominantly fueled by major manufacturing sectors in countries like China.

The strategic deployment of these

technologies address some of Asia’s crucial challenges such as aging populations and labor shortages, as exemplified by Japan’s

integration of robotics.

city initiatives are becoming increasingly prominent across Asia, spurred by high mobile device penetration.

This technological leap

allows several Asian countries to skip traditional infrastructural phases and adopt more advanced solutions directly.

Despite these advancements,

the broad adoption of transformative software solutions remains a considerable challenge that could drive deeper economic impacts if

Economically,

the influence of IoT is profound, with its expansion in sectors like manufacturing and transportation helping to propel new technology

revenues toward the $1 trillion mark annually.

Forecasts indicate that emerging technologies such as robotics, drones, AR/VR headsets,

and their associated software and services are set to experience substantial growth.

Specifically, the IoT market in Asia is expected

to reach about $398 billion by 2025, according to a report by GlobalData.

robotics market in Asia is also on a rapid ascent, anticipated to exceed $130 billion by 2025, driven by industrial and service sector

applications, according to the International Federation of Robotics.

Meanwhile, the AR and VR market in Asia could see revenues hitting

$70.8 billion by 2024, driven by increasing demand in gaming, training, and industrial applications.

to the future, the next three years are poised to see a dynamic shift as the ICT sector gears up for a new growth surge.

Businesses are

moving from prototyping to broader deployment of cutting-edge technologies such as augmented reality devices and AI-powered robots.

transition underscores the promising outlook for Asia’s ICT industry, positioning it as a global leader in technology adoption

and innovation.

This period of robust technological advancement and economic contribution paints a promising future for the ICT sector

Corporate USA:

https://www.idc.com/promo/global-ict-spending/regional-markets

GlobalData Report Store:

https://www.globaldata.com/data/

IDC Corporate USA;

2 unchanged sentences

Kong’s role as a leading business center in the Asia region can be evidenced by its advanced telecommunications infrastructure.

According to Global Information Technology Report 2016 by the World Economic Forum, Hong Kong is in the third rank in Asia (12th in the

world) in the Networked Readiness Index, indicating Hong Kong’s advanced position in telecommunications infrastructure, regulatory

environment, and business readiness of using information technology.

2 The ICT sector of Hong Kong is among the most advanced

in the world.

According to the annual global ICT Development Index published by ITU in November 2017, Hong Kong ranked second in Asia

after Korea, and sixth in the world.

industry of information and communications in Hong Kong had generated HK$84.1 billion (US$10.7 billion) of value added during 2016, contributing

According to the IMD World Digital Competitiveness Ranking 2022, as published by the IMD World Competitiveness Centre, Hong Kong was

ranked third in Asia and ninth in the world.

industry of information and communications in Hong Kong had generated HK$95.6 billion (US$12.3 billion) of value added in 2021, contributing

to 3.3% of GDP.

In term of industry data, Hong Kong had household broadband penetration rate at 92.6% (as at February 2018).

Hong Kong Internet connection speeds are among the highest in the world, according to the Office of the Communication Authority.

Kong, IT products and services suppliers were the largest category of IT users, accounting for 34.2% of total IT employment, followed

by the wholesale, retail, import/export, restaurants and hotels sector (28.8%), the financing, insurance, real estate and business services

sector (17.9%), and the community, social and personal services sector (11.4%).

Kong’s ICT spending is on track to grow 3.8% in 2018 to HK$144.42 billion, according to the latest projections from Gartner.

spending on technology and products in the market is projected to turnaround following a 9.2% decline in spending in 2017, and grow a

further 1.9% in 2019 to reach HK$147.19 billion.

Communications services will remain the largest category overall, but total spending

in this category is projected to decline slightly from 2017 to HK$49 billion.

Spending on devices by contrast will increase significantly

to HK$47.9 billion, taking it closer to becoming the top spending category in the Hong Kong market.

Spending on software will also increase

by 9.2% to HK$13.15 billion, and the IT services segment will grow 3.5% to HK$28.4 billion.

Data center systems spending will by contrast

stay mostly flat at HK$5.89 billion.

Kong government has put in place initiatives to foster the ICT industry development, which included funding support, provision of infrastructure,

international cooperation and manpower development.

One of the example will be The Smart City Blueprint, which unveiled in December 2017,

maps out development plans for the next five years to enhance Hong Kong sustainability by making use of innovation and technology.

Hong Kong government’s Innovation and Technology Fund (ITF) has provided an alternative source of funding for the IT industry.

As of end-March 2018, the ITF had approved 7,359 funding applications on projects with a total of HK$ 14 billion.

Last but not least,

Hong Kong has a large pool of skilled ICT professionals, providing services to clients spanning a wide range of businesses.

to the 2016 Manpower Survey Report conducted by the VTC, 87,794 persons were employed in principal jobs of the IT sector.

In term of industry data, Hong Kong had household broadband penetration rate at 99.5% (as at April 2022).

The Hong Kong

Internet connection speeds are among the highest in the world, according to the Office of the Communication Authority.

Hong Kong government has implemented various initiatives aimed at promoting the development of the ICT industry.

These initiatives encompass

funding support, infrastructure development, international collaboration, and workforce training.

Specifically outlined in the Smart

City Blueprint 2.0, adopted in December 2020, are over 130 initiatives aimed at enhancing public convenience.

The objective is to help

residents of Hong Kong grasp the advantages that innovation and technology in smart city endeavors will offer in their everyday lives.

Hong Kong government’s Innovation and Technology Fund (ITF) has provided an alternative source of funding for the IT industry to

support R&D development, facilitate technology adoption, nurture technology talent, support technology start-ups, and foster an I&T

As of end-February 2024, the ITF had approved 68,668 funding applications on projects with a total of HK$ 40.8 billion.

but not least, Hong Kong has a large pool of skilled ICT professionals, providing services to clients spanning a wide range of businesses.

According to 2022 Manpower Survey Report, as of April 2022, 112,425 people (including freelancers) were working in ICT-related fields

in Hong Kong, accounting for 2.99% of the labor force.

Kong Trade Development Council:

http://hong-kong-economy-research.hktdc.com/business-news/article/Hong-Kong-Industry-Profiles/Information-and-Communications-Technology-Industry-in-Hong-Kong/hkip/en/1/1X000000/1X006NLI.htm

World Kong Kong:

https://www.cw.com.hk/it-hk/hk-ict-market-forecast-to-grow-3-8-year

Hong Kong Trade Development Council;

see the section titled “Information and Communications Technology Industry in Hong Kong”,

Hong Kong Trade Development Council;

see the section titled “Information and Communications Technology Industry in Hong Kong”,

Hong Kong Trade Development Council;

see the section titled “Services Provider”,

Computer World Hong Kong;

see the section titled “HK ICT market forecast to grow 3.8% this year:”

Computer World Hong Kong;

see the section titled “HK ICT market forecast to grow 3.8% this year:”

https://research.hktdc.com/en/article/MzExMTUwMDAy#:~:text=Indeed%2C%20excellence%20in%20the%20telecommunications,3.3%25%20of%20Hong%20Kong’s%20GDP

Innovation and Technology Sector Manpower Survey Report:

https://manpower-survey.vtc.edu.hk/f/publication/13887/Manpower%20Survey%20Report%20for%20Innovation%20and%20Technology%20Sector.pdf

Industry in ASEAN

economy in Southeast Asia region is expected to grow at a yearly average of 5.2% from 2018 to 2022 7 , with studies projecting

the Association of Southeast Asia Nations (ASEAN) to become the fourth largest single market in the world by 2030 8 - putting

it behind only the US, China and the European Union.

The region’s steady growth is fueled by an increasingly well-educated workforce,

a wealth of natural resources, rapid urbanization and growing infrastructure spending.

In addition, ASEAN is in a strategic location

in the confluence of major trade routes, with US$5.3 trillion of global trade passing through each year 9 .

Our company sees

that the opportunity of ASEAN’s strong and vibrant economy, favorable demographics, ICT investments, and ongoing economic integration

have laid the foundation for rapid growth in the digital economy.

six largest economies in ASEAN (Indonesia, Thailand, Malaysia, Singapore, Philippines, and Vietnam) contribute 99% of the total ASEAN

Many of the fundamentals are already in place:

economy generating GDP of $2.5 trillion and growing at 6 percent per year

population of more than 600 million people, with 40 percent under 30 years of age

Well-developed

information and communications technology (ICT) cluster with a track record of innovation and investment in new technology

“Economic Outlook for Southeast Asia, China and India 2018:

Fostering Growth through Digitalisation”, OECD, 2018

“Winning hearts, minds in ASEAN”, The Straits Times, 25 August 2017

“ASEAN Matters for America”, East-West Center Publication, 2014

https://www.atkearney.com/digital-transformation/article?/a/the-asean-digital-revoluti-1

IT spending market in Southeast Asia is projected to rise to USD 33.97 trillion between 2021 and 2026, with an accelerated growth rate

of 8.4% annually.

The hardware segment, driven by increased mobile device usage like smartphones and tablets, will notably contribute

to revenue growth.

This segment is expected to maintain steady growth due to the rising adoption of VoLTE and 4G standards, prompting

consumers to upgrade their phones.

In addition, significant investments by telecommunication operators in 4G and 5G infrastructure will

further boost growth in the hardware segment of the IT spending market in Southeast Asia 2 .

Asia’s digital economies are set to reach $218 billion in total value of transactions this year, jumping 11% from a year ago despite

global macroeconomic headwinds, a new report by Google, Temasek and Bain & Company revealed.

2023, the digital economy in Southeast Asia generated $100 billion in revenue, growing at a compound annual growth rate (CAGR) of 27%

since 2021, which is 1.7 times faster than the growth of gross merchandise value (GMV).

E-commerce, travel, transport, and media sectors

contributed $70 billion in revenue.

Notably, this focus on revenue generation has not compromised consumer engagement or the growth of

GMV, which still increased by 11% to $218 billion in 2023.

Travel and transport sectors are projected to surpass pre-pandemic levels

in 2024, while e-commerce continues to exhibit resilience, driven by heightened competition.

https://www.prnewswire.com/news-releases/it-spending-market-size-in-southeast-asia-to-grow-by-usd-33-97-trillion-hardware-segment-to-be-significant-for-revenue-generation---technavio-301598739.html

Industry in Malaysia

where our company is based in, is the fourth largest economy in Southeast Asia and is known for its high labor productivity and diversified

Over the years, the country has transformed itself from being a primary commodities exporter into a leading exporter of electrical

appliances, electronic parts, and components.

Moving up the industrial value chain, it has also established itself as an attractive regional

ICT hub for services, information and technology, and e-commerce.

ICT industry has contributed recorded 18.3% to the national economy in 2017 as compared to 16.5% in 2010.

This industry showed an increasing

average annual growth rate of 9.0% over a seven-year period.

The contribution of ICT comprised 13.2% while the rest is contributed by

e-commerce in non-ICT industries.

The contribution of the ICT industry to Gross Domestic Product (GDP) recorded a growth of 8.4% with

a value of US$45 billion.

This information can be found at https://www.dosm.gov.my/v1/index.php.

March 2017, Malaysia launched the world’s first Digital Free Trade Zone (DFTZ) 11 outside of China that aims to capitalize

the confluence and exponential growth of the internet economy and cross-border e-commerce activities.

The DFTZ is expected to double

the growth rate of small and medium enterprises’ goods exports to reach US$38 billion and facilitate US$65 billion of goods movement

via the DFTZ (exports, imports, transshipments) by 2025.

More than 2,000 small and medium enterprises stand to get easier access to the

global market, especially the Chinese market, through the DFTZ.

The DFTZ is also expected to generate 60,000 new jobs in the country

its 2018 budget 12 , the government announced wide-ranging incentives to support businesses, including capital allowance for

ICT equipment and software, tax relief on services provided by the local authorities, and extended application period for principal hub

tax incentive among others.

The principal hub tax incentive aims to increase Malaysia’s competitiveness as the global operations

hub for multinational companies by offering tax exemptions to companies that set up their global operation centers in Malaysia.

also announced National Transformation 2050 vision that aims to improve the qualitative growth factors of the economy such as labor force

skills by preparing its citizens for future challenges such as the fourth industrial revolution - artificial intelligence, robotics,

digitalization, etc.

https://www.mdec.my/news/malaysia-launches-worlds-first-digital-free-trade-zone

www.treasury.gov.my/pdf/budget/speech/bs18.pdf

The Information and Communication

Technology (ICT) industry has grown significantly and is expected to grow continuously.

The size of the Malaysian ICT market is projected

to be USD 25.29 billion in 2024 and is projected to increase at a Compound Annual Growth Rate (CAGR) of 7.57% to USD 39.18 billion by

The main factor of this rise is the increasing in digitalization among most significant industrial sectors, which also includes

the creation and application of 5G technology 3 .

The rapid growth of Malaysia’s

ICT industry is supported by programs such as the MyDIGITAL initiative, which is a component of the Malaysia Digital Economy Blueprint.

By 2030, this initiative is intended to make Malaysia a high-income, digitally driven country and a leader in the digital economy in the

Malaysia’s potential as a regional data hub have been enhanced by the government’s Cloud First strategy under MyDIGITAL.

To further advance this goal, the Malaysian government’s approach to cybersecurity, data systems integration, and emerging digital

technologies is essential.

To improve Malaysia’s cybersecurity measures, the government has allocated US$434 million through the launch

of the Malaysia Cyber Security Strategy (MCSS).

The International Trade Administration states that this strategy emphasizes on the

significance of cybersecurity in protecting organizations as they move towards digital platforms 5 .

The ICT sector in Malaysia is

strategically positioned, offering significant opportunities in smart city technologies.

Smart city development in the country harnesses

cutting-edge technologies such as 5G, IoT, big data, cloud computing, and AI to enhance services, improve efficiency, and bolster economic

productivity while prioritizing sustainability.

These advancements not only reshape the ICT landscape but also position Malaysia for a

prominent role in the future global economy.

Overall, Malaysia’s ICT sector is rapidly evolving, driven by digitalization, government

initiatives, and technological progress, making it a vital contributor to the nation’s GDP and socio-economic development.

https://www.mordorintelligence.com/industry-reports/malaysia-ict-market.

https://www.pwc.com/my/en/publications/2021/pwc-annual-report-2021/client/national-mydigital-initiative.html

https://www.trade.gov/market-intelligence/malaysia-cybersecurity

Industry in Indonesia

in Indonesia, the country has the fastest growing mobile market in the Asia-Pacific region, while globally, it is the 4th largest mobile

market in the world.

The country has an extremely high penetration rate in mobile device at 112%, meaning 260 million of the country’s

population has access to a mobile device 13 .

This, combined with drivers like mass consumption of products, urbanization, and

a tech-hungry young population, has resulted in rapid development in the ICT industry in the country.

the country’s ICT industry has a primary focus on Software-as-a-Service (SaaS) and cloud computing, providing solution such as

data analytics, data center management, and managed services.

In July 2019, Softbank has announced a $2 billion investment in Indonesia,

aimed to upgrade the digital infrastructure of the country.

government of Indonesia has also introduced different initiatives and national programs, including Go Digital Vision 2020, e-smart IKM

and 100 Smart City Movement to drive the country’s economy towards the digital edge.

These programs aim to develop local startups,

support small to medium enterprises (SMEs) as well as to prepare and embrace internet of things (IoT).

Most notably, the Making Indonesia

4.0 road map launched in April 2019 seeks to diversify the economy away from a reliance on natural resources by developing higher-tech

export industries.

The plan will focus on areas like 3D printing, artificial intelligence, human-machine interface, robotics and sensor

technology, all of which require advanced digital capacity.

As such, the government expects to create between 7 million and 19 million

new jobs between 2018 and 2030 to support the development of the industry.

The government also expects a growth in the industrial sector’s

gross domestic product contribution from 20 percent to 30 percent over the same period.

has already achieved its goal to become largest digital economy in South East Asia by 2020, valued at US$40 billion.

Driven by the socio-demographic

and fiscal factors, the market value of Indonesia’s digital economy is expected to reach $130 billion by 2025.

https://www.s-ge.com/en/publication/industry-report/20182-ict-indonesia

https://www.thejakartapost.com/news/2019/12/10/ict-sector-gains-strength-as-indonesia-prioritizes-digital-economy.html

The Indonesia ICT market was

valued at US$ 36.90 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 17.09% to reach a value of US$ 81.21 billion

The cumulative revenue generation for ICT providers in Indonesia is estimated at US$ 334.96 billion for 2022-2027 6 .

Indonesia leads Southeast Asia’s digital economy contribution with the largest share of 42% or $691.8 billion 7 .

Indonesia’s ICT

industry focuses on their Software-as-a-Service (SaaS) and cloud computing, providing solution such as data analytics, data center management

and managed services.

Indonesia is at a pivotal point in its digitalization journey.

Cloud adoption is primarily focused on making existing

business processes more efficient and productive, but this will change over time as SaaS solutions become vital to building new business

and innovations.

Cloud-based solutions will also be essential to leveraging technologies like AI, which is widely seen as a major driver

of future economic growth.

Generative AI on the other hand

is projected to bring US$4.4 trillion in value to the global economy 8 .

By 2025, it is estimated that Indonesia’s

digital economy will increase GDP by USD 150 billion.

To achieve this, the Indonesian government is carrying out a significant infrastructure

As part of the digital transformation, the government has launched a number of national initiatives, such as Go Digital Vision

2020, e-smart IKM, and the 100 Smart City Movement.

The Telkom Indonesia group of

companies announced in July 2022 that it has partnered with Edgecore, a leading provider of network solutions, to open a demonstration

lab in Indonesia that will enable open, disaggregated solutions.

Edgecore expressed its strong support for open networking by offering

to sponsor and participate in the Indonesian demonstration lab.

NTT Indonesia also announced the opening of a high-tech data center in

To serve the expanding digital economy in Southeast Asia, NTT launched the biggest data center in Indonesia, expanding its hyperscale

data center presence there 9 .

https://www.globaldata.com/store/report/indonesia-ict-market-analysis/#:~:text=The%20Indonesia%20ICT%20market%20was,334.96%20billion%20for%202022%2D2027

https://www.asiabiztoday.com/2024/01/30/indonesia-leads-se-asias-digital-economy-contribution-with-42-gva-says-unafinancial-study/#:~:text=Indonesia%20accounted%20for%20the%20largest,%25)%20and%20Brunei%20(0.1%25)

https://www.techinasia.com/5-reasons-saas-adoption-indonesia-accelerating

https://www.mordorintelligence.com/industry-reports/indonesia-ict-market

Industry in Thailand

in Thailand, the industrial hub of South East Asia, the country is still in the starting/developing stage in its ICT industry.

The country’s

ICT industry is dominated by the hardware market, including CCTV and smart Bluetooth, which account for 67% of the industry value 15 .

Meanwhile, software and digital services account for the remaining.

As such, the potential of the industry is still largely untapped

and more advancement into digital spectrum can be expected.

government of Thailand is also stepping up its effort to encourage development of new start-ups with tech focus.

It has set up the Board

of Investment (BOI), a government agency to promote Foreign Direct Investment into the country by providing information, services, and

Some of the incentives include permission for 100% foreign ownership, up to 15 years exemption in corporate income tax, and

permission to bring in experts and skilled workers and their families.

The initiative aims to encourage firms like venture capitals and

corporate incubators to enter the local market, provide mentorships and accelerator programs that will help to get startup off the ground

and contribute to the growth of technology 16 .

The BOI is also targeting to increase funding of national research and development

to at least 1% of Thailand’s GDP with the targeted ratio of public to private R&D investment of 30:70, which private firms

will enjoy higher benefits of this initiatives 17 .

forward, International Data Corporation (IDC) Thailand predicts that from 2019 to 2022, IT-related spending in the country will reach

US$72 billion.

60% of Thailand’s IT spending will also be on 3rd platform technologies with 30% of enterprises will seek to build

“digital-native” IT environments.

Also, by 2024, it is expected that AI-enabled user interfaces and process automation will

replace one-third of today’s screen-based apps in Thailand.

The IDC also expects 61% of the country GDP, roughly U$317 billion

(based on 2019 GDP level) will be digitalized by 2022 18 .

https://www.nationthailand.com/Economy/30363105

https://www.truedigitalpark.com/article_details/56_Thailand-has-a-Bright-Future-in-the-Tech-Industry

https://juslaws.com/technology-industry.php

https://www.startupthailand.org/en/over-61-of-thailand-gdp-will-be-digitalized-by-2022/

The Thailand ICT market size

was shown to be over $19 billion in 2022 and is expected to grow at a CAGR of more than 14% in the period of 2022 to 2027, eventually

reaching over $38 billion by 2027.

The ICT market in Thailand is propelled by transitioning businesses from traditional to digital services,

government initiatives such as the National Strategy, Digital Park Thailand, National AI Strategy, and Thailand 4.0, increased internet

penetration, and other rapid technological advancements 10 .

The Thailand government are

taking actions in boosting the country’s IT sector due to their growing demand for digital transformation.

For example, the Thailand’s

Board of Investment (BOI) adopted a new Five-Year Investment Promotion Strategy, which targets industries and sectors that promote Thailand’s

long-term development 11 .

In 2024, the Thailand BOI announced that the applications for investment promotion in 2023 achieved

a 5 year high of 24 billion dollars combined value.

This was an increase of 43% compared to the previous year which was led by a large

foreign investment in the five priority sectors in the BOI new investment promotion strategy, which was more than half of the combined

In 2022, Huawei Technologies

planned in investing approximately $23 million USD in building its third data center in Thailand.

These infrastructure development projects

will further increase the demand for hardware and IT services.

Amazon Web Services (AWS) also signed an MOU with the Ministry of Digital

Economy and Society of Thailand (MDES) to bring digital transformation into Thailand.

AWS plans to invest more than $5 million USD in

Thailand over the next 15 years.

Besides that, SAP also announced their plans to accelerate cloud transformation for both private and

public sectors to increase efficiency, flexibility, and agility.

Alibaba Cloud company opened its first data center in Thailand in 2022

to support the Thai government’s National Strategic Plan up to year 2037.

Alibaba made announcements on their plans to invest $1

billion USD as this unveils a strategic roadmap for international business at the 2022 Alibaba Cloud Summit 13 .

https://www.globaldata.com/store/report/thailand-enterprise-ict-market-analysis/#:~:text=Thailand%20Enterprise%20ICT%20Market%20Overview,over%20%2438%20billion%20in%202027

https://www.boi.go.th/index.php?page=press_releases_detail&topic_id=133546&language=en

https://www.prnewswire.com/news-releases/thailand-boi-says-2023-investment-applications-up-43-to-usd-24-billion-as-large-fdi-projects-soar-302058865.html

https://www.mordorintelligence.com/industry-reports/thailand-ict-market

industry in Vietnam

has enjoyed its own economic miracle in recent years, showing the world how it turned the country from one of the poorest nations in

the world to become a middle-income nation.

The Southeast Asia country has grown its GDP for an average 6.8% 19 over the past

two decades to reach US$ 255 billion in 2019, rivalling China’s result during this period 20 .

with the economy, the country’s ICT industry has also experienced substantial growth of average 31.1% per year from 2014 to 2019.

The industry’s revenue reached US$110 billion in 2019, driven by government’s initiatives, rising middle class, growing internet

usage, and a young population 21 .

to Thailand, the hardware segment dominates the Vietnam ICT industry, accounting for 86% of the industry revenue in 2017.

recent years, the industry has seen tremendous potential in areas like software and services, evidenced from increased adoption of software

and service by the private and public sectors.

At the same time, the country has emerged as a destination of software outsourcing, competing

directly with India, China, and Philippines.

It is currently the eight largest provider of IT services globally.

government incentives have been introduced to encourage further development in the ICT industry.

Amongst the incentives, government has

exempted 100% of corporate income tax for IT companies for up to four years, followed by 50% tax exemption for up to nine years.

Subsequently,

the corporate income tax rate for IT Company will stay at 10%, compared to a 20% tax rate for traditional companies.

The government has

also implemented a zero percent value-added tax for computer programming activities.

the other side, new hi-tech parks will be constructed across the country from 2015 to 2030 though a combined effort by central and local

government, and private capital 22 .

The hi-tech parks will offer various benefits to investors to move into the hi-tech parks.

For example, the Da Nang High-tech Park offers CIT incentives, import duty exemptions, as well as one-stop administrative procedures

for investors located in the park 23 .

https://lkyspp.nus.edu.sg/gia/article/can-vietnam’s-tech-start-ups-prolong-the-economic-miracle

https://tradingeconomics.com/vietnam/gdp

https://www.thestar.com.my/news/regional/2019/12/20/vietnam-looks-to-boost-ict-focusing-on-domestic-firms

https://www.austrade.gov.au/australian/export/export-markets/countries/vietnam/industries/ICT

https://www.vietnam-briefing.com/news/vietnams-it-sector-5-industries-to-watch.html/

A recent industry report projects

that Vietnam’s ICT market will continue to grow rapidly in 2024.

As the public and private sectors increase their adoption of ICT

solutions, the ICT market is predicted to grow by 14% in 2023 to a value of VND 240 trillion Vietnam dong (equivalent to USD 10.2 billion).

By 2027, the market is expected to surpass VND 400 trillion Vietnam dong (equivalent to USD 17 billion).

The Vietnamese government has

recognized information and communications technology (ICT) as a significant industry and socioeconomic growth driver.

To enhance operational

efficiency and improve governance services, government agencies at all levels are being encouraged to implement advanced ICT solutions 14 .

The rapid adoption of digital

technologies in numerous industries is the main factor driving the Vietnamese market.

ICT solutions are being adopted by businesses, government

agencies, and educational institutions on a growing scale to modernize operations, boost efficiency, and provide better services.

the demand for ICT services, such as digital content and e-commerce, is increasing due to the nation’s increasing internet penetration,

which is being driven by inexpensive smartphones and developing infrastructure.

Fintech, e-commerce, and edtech innovation is supported

by government programs such as the “National Digital Transformation Program” and a vibrant startup ecosystem.

Because of Vietnam’s

favorable business climate and steady economy, the country is seeing an increase in foreign investments in the ICT sector, which promotes

knowledge sharing and technology transfer 15 .

There are five mobile operators

operating in Vietnam:

VNPT-Vinaphone, Mobifone, Viettel, Vietnammobile, and Gtel.

State-owned enterprises dominate the telecommunications

Additionally, there exist three mobile virtual network operators, namely Asim Telecom (Local), Mobicast (Reddi), and Dong Duong

Telecom (iTel).

The combined market share of the three network operators—VNPT-Vinaphone, Viettel, and Mobifone—is close to

The Ministry of Information and Communications in Vietnam estimates that as of September 2022, there were 127.207 million mobile

Vietnam is predicted to have 129.2 million subscribers by the end of 2032, with an average annual growth rate of only 0.5%

from 2022 to 2032.

89.2% of connections will have 5G capability by 2032.

The penetration rate of the Vietnamese mobile market is approximately

128%, indicating a highly saturated market.

A recent study also shows that

the cybersecurity market in Vietnam will generate USD 215 million in total revenue by 2023, with growth expected to occur at a rate of

roughly 15% year in 2022 and 2023.

According to World Bank estimates, as Vietnam pursues projects in e-government, the internet of things

(IOT), smart cities, financial technology, artificial intelligence, etc., the nation’s digital economy will surpass USD 43 billion

However, the public and private sectors are facing an increase in cyber threats as a result of the nation’s unprecedented

growth and demand for digital services 16 .

https://www.trade.gov/country-commercial-guides/vietnam-information-and-communication-technologies

https://www.imarcgroup.com/vietnam-ict-market#:~:text=%E2%80%8BVietnam%20ICT%20market%20is,7.74%25%20during%202024%2D2032

https://www.trade.gov/country-commercial-guides/vietnam-information-and-communication-technologies

industry in Philippines

ICT industry in Philippines is relatively young compare to other countries, but the country has started to receive growing attention

and foreign investment in recent years.

One of main reasons is the relatively low standard in the country’s telecoms sector, as

a result of lack of competition and limited investment.

order to overhaul the broadband capabilities, the Department of Information and Communications Technology (DICT) Philippines has introduced

the National Broadband Plan (NPL) in 2017, an US$ 4 billion initiative to deploy fiber optic cables and wireless technology to further

expand 3G, 4G, and LTE services throughout the country 25 .

Since then, steady progress in 4G availability has been made and

is set to make further progress.

Business process outsourcing (BPO) is one of the country’s leading generators of income.

In fact, DICT has projected around $38.9

billion revenue will be generated in the BPO service in the next six years25.

In the past year, the ICT sector has also become top investment

contributor for the country in 2019, attracting US$6 billion of foreign investment 26 .

Moving forward, the focus of the country

will remain in upgrading the network capabilities.

The development in passive telecommunication infrastructure such as fibre optic cables,

cable landing stations and submarine fibre optic is expected to contribute an annual investment inflow of US$1.9 billion until 2022.

https://oxfordbusinessgroup.com/overview/calling-all-competitors-network-expansion-efforts-accelerate-amid-growing-demand-data-and

https://www.eastvantage.com/insights/6-reasons-why-philippine-it-industry-booming-and-why-you-should-take-advantage-today

https://subtelforum.com/philippines-ict-sector-investments-reach-all-time-high/

Philippines ICT market size was valued at US$ 19.42 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 11.63%

to reach a value of US$ 33.65 billion by 2027.

The cumulative revenue generation for ICT providers in the Philippines is estimated at

US$ 154.18 billion for 2022-2027 17 .

Management International (BMI), a market research firm, projects that by 2025 software sales in the Philippines will total a $95

Local businesses have also increased their investment in enterprise architecture projects because of pushing for digital

transformation.

The availability of major security and enhancements for Microsoft Windows 11 was another factor driving the purchases.

The Philippines moved up two spots in the 2022 IMD Digital Competitiveness Ranking report, from 58th to 56th, from the previous year 18 .

Philippines move towards creating a “Bagong Pilipinas,” the government is implementing more effective methods of

delivering public services.

Launched in June 2023, the eGovPH App simplifies government procedures and has benefited 964,775 users with

its accessibility.

By collaborating with 38 government agencies, the DICT seeks to improve collaborative work and break down barriers

to innovation.

The digital National ID, also known as the PhilSys ID, eTravel for electronic passenger registration, and eLGU for local

government services are all available on the app.

By implementing the eLGU system’s Business Permit module, 776 LGUs are increasing

the accessibility and effectiveness of government services 19 .

management has also been given top priority by the DICT thanks to its collaboration with the World Food Programme.

Six cutting-edge mobile

emergency telecommunication units are part of the Government Emergency Communications System – Mobile Operations Vehicle for Emergencies

(GECS-MOVE) project, enhancing disaster response capabilities 20 .

Philippines’ Department of Information and Communications Technology (DICT) is preparing for a substantial year in 2024 after reaching

significant goals in creating an established ICT ecosystem.

International attention has been drawn to the nation’s commitment to

ICT development and overall growth.

The Board of Investments recently recorded its highest-ever investment approvals at Php1.16 trillion

(S$31.32 billion), indicating a 59% increase from 2022.

A significant portion of this growth has come from the ICT sector, with approvals

totaling Php96.16 billion (S$2.60 billion).

A P5.6 billion (S$151.2 million) investment from IPS Incorporated, a Japanese telecom company,

and a P4 billion (S$108 million) public-private partnership with IPS affiliate, Infinivan, to accelerate the National Broadband Plan

deployment are two noteworthy initiatives.

https://www.globaldata.com/store/report/philippines-ict-market-analysis/

https://www.trade.gov/country-commercial-guides/philippines-information-and-communications-technology#:~:text=The%20Philippine%20Government%2C%20the%20business,the%20expansion%20of%20e%2Dcommerce

https://opengovasia.com/2024/01/08/the-philippines-enhances-digitalisation-efforts-in-2024/

https://www.etcluster.org/sites/default/files/documents/20211027_DICT%20GECS%20MOVE%20Factsheet.pdf

Solutions and Services

78 unchanged sentences

and Targeted Market

the next financial year from 2022 onwards, we plan to recruit three to five engagement partners in every country that we operate .

The Company anticipates expanding into the ASIA market initially to Thailand, Indonesia, Singapore, Philippines, Vietnam, Myanmar,

Cambodia, Taiwan, China and Hong Kong.

The qualifications and capabilities are individuals with vast experiences in the ICT industry,

able to provide in-depth analysis, corporate management advice and developing business solutions for ICT companies that intend to grow,

as well as to carry out performance assessment, strategic planning and implementation of pre-set goals and plans.

addition, we will hire additional staff in Malaysia within a year of the public listing of the Company.

We believe that hiring fifteen

to twenty employees, which may include accountants, public relations and ICT business consultants, will be sufficient in order to support

our operations.

It will also be necessary for us to acquire office space from which we can conduct operations and conduct meetings with

potential clients.

We also plan to allocate funds to support our ICT Incubator Program.

However, such development will require intensive

research, development and testing so we cannot accurately determine a concrete timeline at present nor have we determined an appropriate

budget for these future activities.

We may also evaluate potential acquisitions and venture opportunities in the future which we feel

may have some synergy with our current operations when the Company is successfully listed in the US capital market.

the 2024 financial year, our plan is to recruit at least three managing partners in each country where we operate.

We are initially targeting

expansion into the Asian market, specifically in Thailand, Indonesia, Singapore, Philippines, Vietnam, Myanmar, Cambodia, Taiwan, China,

and Hong Kong.

We are seeking senior individuals with extensive experience in the ICT industry who are capable of providing thorough

analysis, corporate management advice, and developing business solutions for ICT companies looking to expand.

These partners will also

be responsible for conducting performance assessments and implementing our new strategic plans and objectives.

the next 12 months, we plan to expand our team in Malaysia by hiring fifteen to twenty new employees, including accountants, public relations

professionals, and ICT business consultants.

These additions will help us strengthen our operational capabilities.

Additionally, we will

be securing office space to support our business activities and to provide a venue for meetings with potential clients.

are also committed to funding our ICT Incubator Program, which will require substantial investment in research, development, and testing.

Due to the complex nature of this initiative, we are currently unable to establish a fixed timeline or budget.

As our operations evolve,

we will consider potential acquisitions and venture opportunities that may complement our existing activities, particularly following

our successful listing on the US capital market.

strategic expansion and recruitment effort in Malaysia is part of our broader commitment to enhancing our presence in key markets and

reinforcing our service offerings in the ICT sector.

By bolstering our team with skilled professionals and establishing a more robust

operational base, we aim to improve our competitive edge and responsiveness to market demands.

parallel, our investment in the ICT Incubator Program reflects our dedication to fostering innovation and nurturing new technologies

that could lead to groundbreaking developments in the industry.

This program will serve as a catalyst for transforming fresh ideas into

viable products and services, thereby contributing to the overall growth of the ICT sector.

we move forward, our exploration of potential acquisitions and venture opportunities will be guided by a strategic focus on creating

synergies with our current operations.

This approach will ensure that any new partnerships or integrations not only align with but also

enhance our core business objectives.

focuses on providing mentoring and advisory services to ICT companies in ASIA.

11 unchanged sentences

employees are administrative staffs of the Company.

director cum Chief Executive Officer, Chin Chee Seong, director, Seah Kok Wah and Chief Financial Officer, Tan Hock Chye have flexibile

working hours, up to 30 hours per week, but are prepared to devote more time if necessary.

independent non-executive directors, Cheah Kok Hoong and Louis Ramesh Ruben also have flexibility working hours with no time limits,

but are prepared to devote more time if necessary.

Chief Executive Officer, Executive Directors and Chief Financial Officer, have flexible working hours, up to 30 hours per week, but are

prepared to devote more time if necessary.

independent non-executive directors also have flexibility working hours with no time limits, but are prepared to devote more time if

do not presently have pension, health, annuity, insurance, stock options, profit sharing, or similar benefit plans;

8 unchanged sentences

under this item.

UNRESOLVED STAFF COMMENTS

are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information

under this item.

have a physical office in Bangsar South with address 11-05 & 11-06, Tower A, Ave 3 Vertical Business Suite, Jalan Kerinchi, Bangsar

South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia.

Our office space is provided rent free by our director Seah Kok

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business