AGBA is a unique platform that promises people and businesses a greater life together.

Our community shares opportunities in wealth, health, business, careers and personal growth.

The AGBA platform hosts a growing selection of influential brands.

They serve our community with greater access in financial and healthcare services.

    AGBA is a unique platform business that unites people and businesses with better choices in financial services, healthcare, and wellness.

    We’re looking for ambitious people to join us.

    We strive for creating long-term value for shareholders.

      Our purpose is to bring greater health, wealth and happiness to more people.

      How? With our financial strength, fresh thinking and experienced can-do team.

        In recognition of our shareholders’ trust and to underscore our dedication to transparency, AGBA actively address your questions on our social media platform, X (previously Twitter).

        Join us for enriching discussions on our X channel: or send your queries directly to [email protected]. Your comprehension and sustained engagement with AGBA are crucial to our mission.

        Explore our previous responses below.

        Oct 4, 2023

        Finance & Valuation FAQ

        Why did AGBA profitability delay by one year?

        Given the significant investment the Group has made since 2018 in upgrading every aspect of our business and in building our infrastructure and technologies, our business is very scalable. Our profitability is, therefore, directly driven by our volume of sales – coming from, for example, sales of life insurance and asset management products.

        As we alerted our investors as early as May 2023 and it is now commonly known, the post-COVID economic recovery of China and Hong Kong has fallen significantly short of expectation. We now expect we will be able to deliver a revenue of US$104m for 2023. US$104m of revenue is in line with revenue we experienced in the three COVID years of 2020 to 2022.

        As we have disclosed in the 2023 – 2026 Financial Projection – August 30, 2023 that can be found in our website, the Company’s breakeven annual revenue is approximately US$206m. Given the economic environment in 1H 2023, we reluctantly decided in August 2023 to revise our 2023 budget and forecast downward to reflect on the new economic reality. As stated in our projection, our business dynamic is rather easy to understand, we will make money as soon as our revenue exceeds US$17m per month.

        We are optimistic that economic recovery will resume late this year and we continue to work hard to ensure we are all well-positioned to capture the revenue growth.

        What happened since April to lower revenue expectations 3 months later?

        Driven by the consumer optimism after the lifting of COVID restrictions in January 2023 and a general uplifting mood in China’s and Hong Kong’s financial markets in the first quarter this year, there was a general expectation of a rapid economic recovery in our region. The optimism could be seen by the rapidly tightening labor market across the region – especially in our industry of financial services. The optimism led to the 2023 projections we published in April 2023.

        However, we began to detect slowing in consumer demand in the ‘Golden Week’ of May 2023. We immediately began attentively tracking economic dynamics and market demand. In June 2023, we concluded that the unexpected slowdown in consumer demand and economic activities (as well as the related depreciation of RMB against US dollars and Hong Kong dollars) was not a dip in an upward swing, we began to expect the slowdown will last for months rather than weeks. The slowdown we foresaw in June 2023 was confirmed by an overall deflation in June and July 2023 in Mainland China with RMB against US dollar depreciated to a low of two decades.

        You reported a 600% cost increase YoY?

        Our operating cost for 2023 has been held steady with almost no rise compared to the same period of 2022.

        However, as we have stated in our disclosures, our 2023 expenses are masked by one-time charges related to our NASDAQ listing in November 2022.  These one-time expenses totaled approximately US$9m included sponsors’ compensations, legal, investment banking, rebranding, marketing and other related one-off costs.

        We do expect a significant reduction in our cost base going forward, as we have adjusted our staff count and delayed certain projects in response to the more challenging immediate economic conditions.

        What products contribute the most revenue to the company?

        Unlike the nature of life insurance business in the U.S. and the U.K., the most popular life insurance products sold in Hong Kong are whole life and endowment – making up about 70-80% of total premium.

        Most of the whole life products are structured as participating savings products, with a minimal protection component. This type of participating savings products constitutes around 60% of overall insurance policies outstanding. Typical features of the most popular whole-life participating products are:

        Policies are often single premium (as opposed to regular premium).

        What is the commission rate for selling products and what margins do you generate after paying out salespeople? Do you expect the number of financial advisers to increase in the near future?

        Commission rates paid by product providers to AGBA Group vary based on the type of product distributed by the financial advisers. For insurance products, the average margin is about 50-60% of the Annualized New Premium received by the insurance provider.

        Once AGBA Group receives commissions from the product provider, it in turn pays commissions to its financial advisers. Commissions paid to financial advisers also vary based on the type of product distributed. For typical insurance products, the direct pay-out ratio is about 70% of commissions received by AGBA Group, which may increase through performance-based bonuses up to about 80% for the highest performing financial advisers.

        We expect the number of financial advisers active in distributing a wide variety of products to increase in the coming 12 months as we broaden our product shelf and improve our platform supporting services and as the external market conditions improve.

        AGBA Q2 revenues were $17 million +365%, for Q3 does it look as though you are on track for another growth Quarter?

        The third quarter is typically not the strongest quarter of the year, primarily driven by slower “summer months” and various local holidays. We still expect Q3 2023 revenue to be substantially higher than Q3 2022 revenue, as we continue to grow our business.

        What specific strategies or initiatives does AGBA have in place to optimize and utilize its current cash level of US$3.8 million?  Are there specific plans in place for the company to generate sufficient operating cash flow and effectively manage expenses, ensuring ongoing operations and facilitating future growth?

        Going forward, we believe that we will be able to both grow our revenue base while we control our expenditures. Increasing our margins and operational cash flows will become available to support our business.

        On the revenue side, we expect accelerated revenue growth as we expand our footprint and capitalize on growth opportunities in our core Hong Kong market and beyond.

        On the expense side, we expect to be able to manage a low to no increase in our cost base. We have already responded to macro challenges in the first half of the year by managing down our cost base. We did this by reducing our headcount, delaying certain non-core projects and cutting back on certain expenses.

        As we grow our business and achieve increasing economies of scale on our platform, while we also reach increased levels of efficiency, our operating margins will increase, providing increasing levels of cash flow to support our business.

        In parallel, we will evaluate potential funding alternatives that may be available to finance our selected business development activities, general and administrative expenses and our growth strategy.

        Could you provide information on the specific funding options that the company is currently assessing to finance its business development activities, cover general administrative expenses, and execute its growth strategy?

        We intend to selectively raise additional capital through private placements of debt and equity securities to fund our revenue growth.

        The primary objective of our fund raise is to fuel our continued expansion and accelerate our path to profitability. The capital raise will not only fuel growth, but also enhance our financial flexibility and enable us to pursue strategic acquisitions to strengthen our market position. Funds will further be utilized to invest in AGBA’s market leading intermediary platform, ushering in a ‘step change’ in our technological capabilities.

        Our capital raise will provide new investors with a very compelling entry valuation and an aligned interest with all of our existing stakeholders to pursue long-term term shareholder value. It will also bring in investors that were previously unable to make substantial investments in AGBA due to our limited free float. By widening our investor base, AGBA will forge strong partnerships with individuals and institutions who share our long-term vision for success.

        AGBA is committed to continue to build up our market credibility through proactive investor engagement and transparent disclosures. Our dedication to fostering trust and confidence in our company remains unwavering. By raising funds, AGBA aims to further enhance investor confidence in its business and its potential.

        How does AGBA’s OnePlatform differentiate itself in the financial intermediaries market, and what are the potential benefits of its expansion to key markets in the U.S., Canada, and the UK?

        First off, we must stress that we are a very focused company.  We have no intention whatsoever in diverting our attention from capturing revenue in our native markets in Hong Kong and Asia.  We certainly will never take a ‘flag planting’ approach in our overseas expansion.  Our overseas expansion will only focus on ‘following our customers’ – many of our customers have migrated to the U.K and North America.  Ever more of our customers have children and other family members residing in the U.S. and North America while they work and continue business in Hong Kong and China.  Typically, these are customers with higher ‘lifetime value’ to our company – if we don’t serve them, they will move their money elsewhere.

        OnePlatform’s strengths in (1) unparalleled range of product offering, (2) customer service quality and (3) technology offerings have helped us made OnePlatform an indispensable tool for our customers to manage their financial well-being.  We have built our OnePlatform’s infrastructure and technology ‘universal’ – adoptable to different markets as demanded by our customers.

        With the competitive advantages and strengths AGBA believes will be enhanced through this capital injection, do you have any insights on how they plan to leverage them?

        As explained in Question 1 above, our business is very scalable and greatly benefits from general economic growth.  New capital will help us capture more growth (when the economic recovery resumes) as well as raising our market share by investing in further growth of our salesforce.  As supported by our established track record, we have been very successful in capturing productivity quickly from new hires and even new recruits. 

        Our infrastructure and technology are already well-built and well-tested.  As such, we do not expect much of a requirement for capital expenditures in tech development except another approximately $10-15m in non-crucial continued upgrading/R&D.

        In short, we expect any capital injection will be invested in growing our revenue,  growing our market share and further strengthening our market presence.

        Oct 11, 2023

        Product Offerings and Operations

        Given AGBA’s optimistic outlook for its business, why has the stock price not responded. What factors have influenced the stock price’s performance despite positive prospects and growth potential?

        Following our business combination, a variety of factors limited our ability to engage with investors globally and present our investment case effectively and triggered a material sell-off in our shares. These factors are described in more detail in our presentation ‘Comments on AGBA’s Share Price’ (published on June 5, 2023 on our website: )

        As time went on, we continued to be restricted in our investor outreach and could make only limited information available to the public beyond the information contained in our Definitive Proxy Statement. The uncertainty this created in the market drove continued downward pressure on our share price.

        Finally, a limited public float and moderate market capitalization limited may have contributed to unexpected volatility in our share price. This limited the ability of interested shareholders who were aligned with our vision and impressed with our operational performance and growth to participate in size in our company.

        We continue to work hard to address all (technical) factors that we believe may hamper our share price performance, so that our continued operational performance and growth track record will be communicated to the market and properly reflected in our share price.

        What do you consider to be your most significant competitive advantage in terms of product offerings and operational logistics? 

        AGBA maintains its position as the industry leader in Investment Linked and Saving Substitute Insurance Products. Through continuous innovation and a comprehensive range of offerings, we provide tailored solutions that meet individual’s financial goals. We focus on strengthening our core businesses by expanding product offerings, driving distribution growth, and launching a direct-to-consumer business. We have invested significantly in developing a diverse and innovative range of products that cater to the evolving needs of our customers.  

        Today, we provide more than 2,000+ financial products and services to over 400,000+ individual and corporate customers in Hong Kong and China’s Greater Bay Area. AGBA is a balanced combination of market-leading businesses as well as emerging business models. We continuously strive to enhance our OnePlatform through technology and innovation to deliver comprehensive and tailored solutions that encompass financial goals and even life insurance protection. We drive distribution growth through our MCV business and strategic partnerships with new distribution partners and a bank.  

        Can you provide an update on your technology, what was the rational? 

        Technology drives all aspects of our business operations. Decades of investment into our technological infrastructure have created an in-house proprietary system that integrates a wide range of innovative financial and healthcare solutions. With decades of investment in our technological infrastructure, we have built an in-house proprietary system that seamlessly integrates a wide range of innovative financial and healthcare solutions. This technology plays a crucial role in both our B2B and B2C operations. 

        We provide our financial advisors, brokers, and financial institutions with advanced technology-driven tools. These tools, along with our digitalized and automated operational support, rival those offered by the most advanced financial service providers in Europe and the US. By leveraging these technologies, we empower our partners to enhance their productivity and deliver improved services to their customers, ultimately driving better outcomes.  

        Are there new technologies that you are currently working on? 

        For our B2B customers, we are continuously striving to enhance our technologies to support and empower financial advisors. We have newly launched OnePortal, the portal is a comprehensive suite of five fintech capabilities, including Wealth Management Advisory, eApplications, Sales Support Tools, Performance Management Tools, and Sales Support: E+ Training. These streamlined digital tools are designed to make selling and customer retention easier for our financial advisors. With just one click, advisors can access the latest news, gain insightful product knowledge, and equip themselves for their daily business activities.  

        For our B2C Customers, – we are developing several customer engagement and acquisition tools, including the soon to be launched AGBA Money, a mobile app that enables everyone to invest and grow wealth in a simple, safe and affordable way. AGBA Health will provide direct-to-consumer health-related services. Through AGBA Money, AGBA Health and similar direct-to-consumer digital channels, we expand our presence as a one-stop-shop platform and enable ever more people to make educated decisions related to their wealth and health challenges. 

        Can you shed light on your customer retention strategies? What measures are you implementing to ensure customer loyalty and repeat business? 

        We place a strong emphasis on understanding their needs and working together to find the best solutions.  

        In B2C, we act as trusted advisors, assisting individuals in navigating their financial and health challenges. Through tech-enabled financial planning tools, we offer personalized recommendations and grant access to safe, affordable, and user-friendly products.   

        In B2B, we support independent advisors by providing them with a wide array of high-quality products, operational assistance, and sales tools. By leveraging technology, we streamline operations, reduce administrative burdens, and enhance productivity for both advisors and customers. This enables advisors to dedicate more valuable time to their clients, fostering stronger relationships and encouraging customer loyalty. Our customer-centric, tech-enabled approach positions us to capitalize on the significant growth potential in the market. 

        Oct 18, 2023

        Share Price Performance

        Given AGBA’s optimistic outlook for its business, why has the stock price not responded. What factors have influenced the stock price’s performance despite positive prospects and growth potential?

        Following our business combination, a variety of factors limited our ability to engage with investors globally and present our investment case effectively and triggered a material sell-off in our shares. These factors are described in more detail in our presentation ‘Comments on AGBA’s Share Price’ (published on June 5, 2023 on our website: )

        As time went on, we continued to be restricted in our investor outreach and could make only limited information available to the public beyond the information contained in our Definitive Proxy Statement. The uncertainty this created in the market drove continued downward pressure on our share price.

        Finally, a limited public float and moderate market capitalization limited may have contributed to unexpected volatility in our share price. This limited the ability of interested shareholders who were aligned with our vision and impressed with our operational performance and growth to participate in size in our company.

        We continue to work hard to address all (technical) factors that we believe may hamper our share price performance, so that our continued operational performance and growth track record will be communicated to the market and properly reflected in our share price.

        What Steps are taken to address the share price / valuation gap?

        We agree that there is a meaningful valuation gap for our company. For more details, please visit our presentation ‘Comparable and Valuation Comparison’ which was filed on Aug 30, 2023.

        In our efforts to bridge the share price/valuation gap, we have undertaken various strategic actions.

        We are proactively educating the investment community by consistently releasing comprehensive disclosures that delve into the intricacies of our business. These disclosures emphasize our well-established and leading position within the financial services market. Recognizing the importance of expanding our presence globally, we are actively working to establish ourselves among international investors, acknowledging that it takes time to showcase our value proposition and build trust.

        Notably, we recently published our last two quarterly results, which demonstrates exceptional revenue increase. These positive outcomes reinforce our confidence in the current state of our business and its promising growth prospects.

        How do you think the equity purchase agreement with Williamsburg Venture Holdings will contribute to your plans to become profitable? Has the decline in the stock price affected fund raising?

        The equity purchase agreement with Williamsburg Venture Holdings provides a clear access to funding (if needed) and significantly reduces any potential capital uncertainty. It has provided us with the necessary financial flexibility to confidently execute our strategies effectively.

        One of our key strategic objectives is to achieve operational break-even, and we have a clear path to reaching this milestone. We have already made impressive progress in our revenue recovery, surpassing pre-pandemic levels. At the same time, we have streamlined our workforce and prioritized essential projects to reduce material costs significantly.

        At the same time, the funding flexibility will allow us to continue to invest selectively in core technology. As technology drives all aspects of our business operations. In the B2C realm, we are committed to upgrading our technology to ensure seamless customer journeys. By enhancing our digital platforms and systems, we aim to deliver exceptional user experiences and meet the evolving needs of our customers.

        The volatility in our share price has not deterred partners such as Williamsburg Venture Holdings from aligning themselves with us. As we engage with the investor community, we believe there are many other potential investing partners that similarly believe in our vision and that are interested in becoming partners with us.

        How has the worsening sentiment around China’s economic outlook throughout the year impacted AGBA in terms of its revenue, profits, and overall financial performance as a growth stock?

        The Hong Kong recovery experienced a short-lived “easy recovery” phase following the reopening of the borders in Q1 2023. Since then, a global slowdown, coupled with weak external demand, has had a significant impact on Hong Kong’s GDP growth. Hong Kong’s GDP only increased by 1.5% in the second quarter of 2023 compared to the same period in 2022.

        Given the economic environment in 1H 2023, we reluctantly decided in August 2023 to revise our 2023 budget and forecast downward to reflect the new economic reality. We now expect we will be able to deliver revenues of US$ 104m for 2023. US$104m of revenue is in line with revenues we experienced in the three COVID years of 2020 to 2022.

        We are optimistic that the economic recovery will resume later this year. To support the economic recovery, the Hong Kong government has implemented measures and initiatives aimed at improving labor market conditions and providing support to businesses. These efforts are crucial to stimulate economic growth and navigate through the challenges posed by the ongoing global and regional economic slowdown.

        As we have disclosed in the 2023 – 2026 Financial Projection – August 30, 2023 (which can be found on our website, our breakeven annual revenue is approximately US$206m. In other words, we will make money as soon as our revenue exceeds US$17m per month. While the delay in the economic recovery has slowed down our path to this break-even level of revenue, we are confident that we continue to be on the right track to achieve it.

        Can you elaborate on any upcoming strategic initiatives or partnerships that could potentially impact AGBA’s share price in the future?

        While specific details may be subject to confidentiality or market sensitivities, we can provide a general overview.

        One of these initiatives is the continued expansion of OnePlatform’s product offering. Especially on the investment side, we are aggressively expanding our product range, which now already includes many ‘alternative investment’ assets ranging from private equity to global hedge funds. We expect another major announcement in this area within the next few weeks.

        In addition, AGBA has engaged Atlas Merchant Capital as its strategic advisor for the forthcoming phase of expansion. Atlas Merchant Capital, led by Mr. Bob Diamond, has a wealth of experience and expertise in the financial industry. Mr. Diamond’s appointment as Chairman of AGBA Board, in addition to being the Founding Partner and CEO of Atlas Merchant Capital, further solidifies the partnership. This strategic advisory relationship can provide valuable insights, guidance, and potential growth opportunities for AGBA.

        In addition, AGBA is focused on expanding its global presence, which involves exploring international markets and establishing distribution channels. AGBA remains committed to pursuing opportunities that create long-term value for shareholders and closely monitoring initiatives that may influence the share price.

        Are there any plans to enhance the transparency and disclosure practices of AGBA to address investor concerns and potentially boost the share price?

        As part of our ongoing commitment to strong corporate governance and investor confidence, we are determined to enhance our transparency and disclosure practices. Central to this effort is providing regular and timely updates on our financial performance, growth strategies, and market developments.

        We actively engage with our investors, customers and the wider public through impactful traditional media and social media campaigns, and also participation in investor conferences and organizing roadshows. These avenues enable us to present our investment case, showcase our achievements, and address any inquiries or concerns from the investment community.

        The Investor Relations Team at AGBA has been diligently collecting questions during our AGBA Journey since our listing in November 2022. We update the Investor Relations FAQ on a weekly basis. For more details please visit the IR FAQ section on our website at:

        Oct 25, 2023

        Company Strategy and Future Outlook

        What is the projected growth rate for both the top and bottom line that you plan to achieve over the next 3 to 5 years?

        In our updated financial projections published in August 2023, we expect our top-line revenue to grow by about 40% in the next 3-5 years. The growth in revenue is driven by external (environmental) as well as internal (company) growth drivers.

        Externally, in our core markets (insurance and investment) various structural drivers are at work to drive growth for the next decade and beyond. Such drivers include an ageing population (and associated needs for protection, savings, and increased healthcare spending) and increasing customer needs for more sophisticated health and wealth products and services on the demand side. Given the lack of integrated and holistic health and wealth distribution channels providing such products on the supply side, there is substantial opportunity for AGBA to capitalize on these long-term growth trends.

        In addition, Hong Kong’s ongoing integration into the Greater Bay Area (“GBA”) will dramatically enlarge the potential customer base for many Hong Kong companies and will drive growth in the long term. The demand by Mainland China customers for Hong Kong life insurance and asset management are strong, given the wide range and high quality of products and services currently available in Hong Kong.  AGBA is already one of the best positioned financial service providers to meet the demands of Mainland China customers. AGBA can leverage its experience in the life insurance to expand its service offerings in the asset and wealth management business.

        Internally, AGBA has been an independent market leader in Hong Kong for decades and has had one of the largest and most productive salesforces in Hong Kong. We expect continue growth in revenue to be driven by the growth in size as well as productivity of AGBA’s market leading IFA distribution channel. In the past, AGBA’s IFA business has demonstrated a strong capability to grow in response to beneficial external conditions, both by driving recruitment initiatives and increasing the sales productivity of existing licensed consultants.

        AGBA also expects growth to be derived from “monetizing its platform” by opening it up to external distribution partners that are incapable of comprehensively serving the customer needs, but want to continue preserving their independence. Such distribution partners can be smaller banks, other brokers or other financial institutions.

        In terms of bottom-line, AGBA expects to become break-even by the fourth quarter of 2023. Thereafter, profits are expected to accelerate at a higher rate than top line growth driven by two factors. First, in response to more challenging external market conditions in 2023, AGBA has substantially reduced its expense base. The reduction in cost is expected to have an immediate as well as long-term positive impact on AGBA’s net profits. Second, due to substantial investments into the platform, AGBA now has a highly scalable distribution platform in place. As the top line grows, AGBA’s operating expenses are not expected to grow proportionally. As a result AGBA expects its operating margins to improve substantially over time, contributing to a accelerating net profits.

        Explanation on the Group’s Key Investment Highlights.

        The Group’s key investment highlights revolve around several key factors that make it an attractive investment opportunity.

        AGBA boasts unique product and service offerings that set it apart from competitors. In the B2C sector, it has a market-leading portfolio of wealth and health products, positioning it as a trusted provider in these industries. Additionally, in the B2B sector, the Group has developed a tech-enabled broker-dealer management platform, which enhances efficiency and effectiveness for advisors, giving them a competitive edge.

        The Group operates in large end-markets that exhibit strong macro-economic growth drivers. This provides a favorable environment for expansion and revenue growth, as AGBA can tap into the increasing demand for its products and services. The potential for market expansion and scalability contributes to the Group’s overall attractiveness as an investment.

        Furthermore, the Group’s business model demonstrates compelling economics. Its innovative product offerings, efficient operational processes, and cost management strategies contribute to sustainable profitability. By efficiently managing resources and optimizing its operations, the Group is able to generate value for its stakeholders, thus enhancing its investment appeal.

        Another significant aspect of the Group’s investment highlight lies in the significant unrealized value within its fintech and healthcare franchise. With the rapid advancement of technology and the increasing importance of healthcare, the Group is well-positioned to unlock this untapped value and capitalize on emerging opportunities within these sectors. This potential for growth and value creation adds to the investment proposition of the Group.

        The experienced management team is a crucial aspect at AGBA’s investment highlights. The team possesses a wealth of industry knowledge, strategic vision, and a proven track record of driving business success. Their leadership and expertise enable the Group to effectively navigate market complexities, seize growth opportunities, and create long-term value for investors.

        These factors collectively contribute to the Group’s attractiveness as an investment opportunity, highlighting its potential for growth and value creation in the long term.

        What is the Plan to make Strategic investments/ Acquisitions in FinTech?

        AGBA takes a proactive approach to strategic investments and acquisitions, aiming to enhance its capabilities, expand its product offerings, and drive further growth in the corporate FinTech investment sector. With a focus on targeted investments in FinTech and distribution channels, the company seeks to strengthen its competitive position and capitalize on emerging trends in the financial services industry. By identifying strategic opportunities and forming key partnerships, AGBA aims to foster the development and growth of new business models while achieving both financial gains and knowledge transfers.

        The success of AGBA’s monetization efforts is evident through the highly profitable realization of Nutmeg in 2021, showcasing the company’s ability to generate significant financial gains. This success, coupled with substantial capital contributions from its largest shareholders towards other FinTech investments, demonstrates strong confidence in the potential of these ventures.

        AGBA’s investment portfolio comprises companies operating in large addressable markets, driven by ambitious strategic plans and led by capable management teams. With a focus on profitability or establishing clear paths to near-term profitability, these companies showcase their potential for sustained success. AGBA’s track record of investing in promising FinTech enterprises positions the company as a key player in driving innovation and generating substantial value in the corporate FinTech landscape.

        The company’s track record and commitment to investing in promising FinTech enterprises position it as a key player in driving innovation and generating significant value in the corporate FinTech landscape.

        Could you provide an overview of the strategic divisions within AGBA’s four principal business areas and what profit projections are expected by 2025?

        AGBA is organized into four strategic businesses: Platform, Distribution, Healthcare, and FinTech. Each division plays a crucial role in AGBA’s overall business strategy and contributes to the company’s goal of empowering individuals to achieve their wealth and health goals.

        The Platform Business

        The Platform Business is AGBA’s ‘financial supermarket’, offering over 2,000 financial products to a large universe of retail and corporate customers. Operating under the “OnePlatform” brand, it offers a wide range of financial products and services to captive distribution channels, as well as external partners, such as banks, other financial institutions, brokers, or individual independent financial advisors.

        The Platform Business was set up to take advantage of the experience built up in supporting the largest IFA sales force in Hong Kong, servicing a large pool of customers, building up a wide library of world class financial products and constructing a state-of-the-art technological and operational infrastructure.

        The key services provided by the Platform Business include:

        ProductsA comprehensive range of financial products and services with multiple asset classes, exclusive products at competitive rates.Life insurance (savings, protection, etc.), general insurance (personal and commercial line), pensions, investment funds, properties, immigration and education services.
        SolutionsA suite of digital-enabled solutions to empower holistic wealth management along the customer journey.Application submission (on- and off-line), express underwriting services, operations support service centre, after-sales control, management and financial reporting, provider support.
        Business OperationOmnichannel support to offload operational burden across business fronts.Online CRM tools, product libraries, product mapping tools, comparison tools, benchmarking tools, online forms and guidelines, product hotlines and helpdesk support, product roadshows, advisor performance tracking tools.
        Customer Services24/7 end-to-end support to attend to advisor’s questions and requests.On demand outbound call services, customer enquiries (service counter, hotlines, etc.)
        TrainingOn-demand and tailored training to empower intermediaries to become generalist professionals or specialists in chosen fields.Offline training (recruits, seasoned intermediaries), eLearning platform.

        Based on our latest published financial projections, we expect about HKD 200 million in profits to be contributed by this business in 2025.

        Distribution Business

        The Distribution Business comprises a variety of financial services distribution channels. These captive channels enable the Group to directly access one of the largest pools of customers accessible to independent financial services providers in Hong Kong. The Distribution Business includes the Group’s powerful financial advisor business, which is the largest by far in the market. Operating under the “Focus” brand name, it engages in the independent financial advisory (“IFA”) business (including advising and sales of a full range of financial services products from long-term life insurance, savings to mortgages)

        Additional distribution channels include the Group’s premier financial planning team under the “perform” brand, as well as the Partnership Development Business team, that was set up to attract and manage external distribution partners. The primary targets for distribution partnerships are banks, family offices and other financial institutions.

        Based on our latest published financial projections, we expect about HKD 40 million in profits to be contributed by this business in 2025.

        The Healthcare Business.

        The Healthcare Business is the second largest healthcare management organization in the Hong Kong and Macau region with over 1,000 doctors in its network.

        Founded in 1979 and currently operating under the Dr. Jones Fok & Associates Medical Scheme Management Limited (“JFA”) brand, JFA is one of the most reputed healthcare brands in Hong Kong. 

        It has three self-operated medical centres and a network of over 700 healthcare service providers – providing healthcare schemes for more than 500 corporate clients with over 300,000 scheme members. JFA’s clients include blue chip companies from various industry and leading insurers.  Apart from Hong Kong, JFA is the largest operator in Macau with around 70 clinics in its network.

        As AGBA holds a minority shareholding in the Healthcare Business, no separate financial projections are published for this business.

        The FinTech Business.

        The Fintech Business is an ensemble of leading FinTech assets and businesses in Europe and Hong Kong.

        By focuses on investing in and partnering with disruptive financial technology companies. By identifying strategic opportunities in the rapidly evolving FinTech landscape, AGBA seeks to enhance its capabilities, broaden its product offerings, and leverage emerging trends in the financial services industry. This division plays a critical role in driving innovation and ensuring AGBA remains at the forefront of technological advancements.

        Based on our latest published financial projections, we expect about HKD 50 million in profits to be contributed by this business in 2025.

        The quarter results from 2022-2023 indicates positive growth, what is the expected outlook and strategy for 2024?

        AGBA has achieved significant milestones from Q1 to Q3 of 2023, setting a strong foundation for future growth. In Q2, notable achievements include the partnership with HSBC Life Insurance, expanding AGBA’s reach and product offerings. The acquisition of Sony Life Financial Advisers in Singapore further strengthened the company’s presence in the insurance sector. AGBA also launched OneGI, a comprehensive digital sales platform for general insurance products, enhancing customer accessibility and convenience. The introduction of new insurance and investment products drove revenue growth during this period. Additionally, cost control initiatives led to a significant reduction in recurring operating expenses, narrowing losses by over 30%.

        In Q3, AGBA achieved further recognition by being selected as a Stock Constituent to the MSCI Global Micro-cap Index, highlighting its growing prominence in the market. Moreover, the S-1 filing going effective on August 29, 2023, signifies an important regulatory milestone for the company.

        The strategic partnerships, expansion into new markets, digital platform innovation, revenue growth, and cost control initiatives position the company for continued success. With these achievements, AGBA looks forward to an exciting 2024 and beyond.

        In terms of financial outlook, we expect accelerated revenue for 2024, reduced costs and as highlighted above, we expect to break-even in the fourth quarter of 2024.

        Could you provide an explanation of the projections for the period of 2023-2026?

        AGBA’s projections for 2023-2026 demonstrate the impact of funding on the company’s growth and financial performance. To view the updated projects of AGBA Group 2023-2026, please visit the presentation on our website:

        The infusion of funding is expected to drive revenue growth, efficiency improvements, and capacity building, leading to improved margins and an accelerated break-even point. Apart from economies of scale, revenue growth allows AGBA to negotiate higher commissions received while reducing commissions paid out, positively impacting gross margin. The core platform is expected to be fully built out, enabling selected cost efficiencies in corporate overhead and non-core projects during 2023 and 2024.

        AGBA strives to utilize funding to further enhance the core platform, increasing revenue stickiness and margins. The break-even revenue target is set at around HKD 1.6 billion, indicating the company’s focus on achieving profitability. These projections highlight AGBA’s strategic approach to leverage funding for sustainable growth, operational efficiencies, and financial success in the coming years.

        The expectations for revenue growth and profit growth are provided in question 1.

        What are the key cost control initiatives undertaken by AGBA to reduce expenses and improve its financial performance?

        AGBA has taken proactive measures to control costs and enhance its financial performance. Through these initiatives, the company has successfully achieved a significant reduction of over 40% in operational costs, positively impacting its bottom line.

        To achieve these cost reductions, AGBA has implemented a multi-faceted approach. Firstly, the company has focused on optimizing internal processes and operations, aiming to eliminate inefficiencies and streamline workflows. By identifying areas where costs can be minimized without compromising quality, AGBA has been able to generate substantial savings.

        AGBA has effectively leveraged AI and technology to drive cost savings and improve financial performance. Through process automation and the use of advanced analytics, the company has achieved greater operational efficiencies and optimized resource allocation. Automation through intelligent software solutions and robotic process automation (RPA) has reduced manual tasks and minimized errors, resulting in cost savings and improved productivity. AI-powered analytics have provided valuable insights, enabling data-driven decision-making and identifying cost-saving opportunities. Additionally, AGBA explores cloud computing and data virtualization to reduce IT infrastructure costs and streamline data management. By leveraging AI and technology, AGBA remains at the forefront of innovation in cost management, leading to significant cost savings and enhanced financial performance.

        Additionally, AGBA has implemented strategic cost management practices, including rigorous vendor evaluation and negotiation. By leveraging its purchasing power and building strong relationships with suppliers, the company has been able to secure more favorable terms and pricing, resulting in cost savings across its supply chain.

        Looking ahead, AGBA remains dedicated to further enhancing its cost control efforts and the group’s only focus of the year is execution, growth and to enhance our financial performance. The company will continue to explore opportunities for process optimization, leverage technology to drive efficiencies, and seek innovative solutions to reduce expenses.

        What is the dividend policy of AGBA, and does the company have any plans for dividend growth or share buybacks in order to enhance shareholder returns?

        AGBA capital allocation strategy is aimed at providing consistent and attractive returns to shareholders. While the company considers various strategies to enhance shareholder returns, including dividends pay-outs and share buybacks, the current focus is on investment initiatives that can drive value creation. At the same time, approvals for share-buybacks are in place, allowing the Group to opportunistically explore relevant opportunities.

        The company has prioritized initiatives aimed at moving the stock price upwards and maximizing shareholder value through alternative means. These initiatives may include strategic investments, expansion into new markets, product innovation, or optimizing operational performance. By directing resources towards these endeavors, AGBA aims to generate sustainable long-term growth and ultimately increase the value of its shares.

        AGBA remains committed to regularly evaluating its capital allocation strategies and determining the appropriate timing for potential share buybacks. The decision to exercise its share buyback program will be based on a thorough assessment of market conditions, the company’s financial position, and the potential impact on shareholder value. Shareholders and investors are encouraged to stay updated on AGBA’s corporate communications to gain insights into the company’s evolving plans and strategies for enhancing shareholder returns.

        Nov 1, 2023

        Company Operation and Expansion Plans

        What is the Business Direction for the Acquisition of Sony Life in Singapore?

        Through its distribution and platform businesses, AGBA Group is a leader in the independent financial advisory business in Hong Kong. Going forward, growth will be driven by both the expansion and diversification of its distribution franchise, as well as the opening up of its platform, its financial supermarket, through partnerships with external distribution channels.

        As we add specialized distribution teams and open our infrastructure, we will unlock additional value from our own and our partners’ customers. This growth approach has been successful in creating substantial wealth management platforms across the globe.

        The acquisition of Sony Life Financial Advisors Pte Ltd (“Sony Life”) aligns with our growth strategy by broadening our distribution footprint internationally. Upon completion of the transaction, Sony Life’s representatives and customers will have the opportunity to get on our unique platform, gaining access to a wide variety of financial products and services. At the same time, our existing customers will gain access to a new marketplace by being introduced to the team at Sony Life, as and when that is helpful.

        In addition, Singapore and Hong Kong are the primary destinations for Mainland China customers. AGBA will be the only operator with distribution and platform capabilities in both these markets. This will position us to deliver unique product offerings and develop innovative solutions tailored to the needs of Mainland China customers, such as cross-border insurance products and investment advisory services.

        How can AGBA leverage on Sony Life’s customer base?

        The acquisition of Sony Life provides the Group with several opportunities to expand product offerings and leverage existing licenses in Singapore.

        We can leverage Sony Life’s customer base to expand our footprint in the Singapore market, while also offering new and innovative products and services to Sony Life’s customers. Sony Life’s expertise in life insurance can be applied to our existing life insurance offerings, enabling us to further strengthen our position in this market.

        As pointed out above, Singapore and Hong Kong are the primary destinations for Mainland China customers. AGBA will be uniquely positioned to provide innovative solutions to Mainland China customers.

        The acquisition will also enhance AGBA’s brand recognition in both the Hong Kong and Singapore markets, which will help the company build confidence with its customers and increase its market share.

        What is AGBA Group’s stance on corporate social responsibility and sustainability practices?

        With unwavering commitment, AGBA is dedicated to making positive contributions to its community. Our volunteer team is formed by our corporate staff and community partners. Volunteers team up to participate AGBA LiveWell’s charity program in a wide array of fields such as education, inclusion, environment and much more.

        Together we promote our social responsibility, support environmental protection, and build an inclusive society. In 2020, we have contributed over 1,000 volunteering hours to the community. For more information, see:

        Can you provide insights into the operational cost control?

        Given the economic realities of 2023, AGBA has been quick to take proactive measures to control costs and enhance its financial performance. We have implemented material initiatives achieving a reduction of over 40% in our operational costs.

        Our efforts included a substantial reduction in staff headcount, rigorous vendor evaluation and negotiation and delaying of non-core projects.

        We will continue these efforts going forward. We will continue to explore opportunities for process optimization, leverage technology to drive efficiencies, and seek innovative solutions to reduce expenses.

        Getting revenues back to pre-pandemic levels and a reduced cost base should help us to get to break-even by the fourth quarter of 2024.

        Leveraging our technology and platform will get us to accelerated profits thereafter.

        Driven by extensive investments (in excess of USD 200 million), AGBA has a highly scalable distribution platform in place. As we grow our top line, AGBA’s operating expenses are not expected to grow in line with revenue growth. We therefore expect a rapid improvement in operating margins, driving accelerating profits in the coming years.

        Can you provide insights into the technology infrastructure and digital capabilities that support AGBA Group’s operations?

        The Group has made substantial investments over the years to create a layer of supporting functions that forms a primary component of its Platform Business. Our state-of-the art technological infrastructure supports a wide range of financial and non-financial products and services that is not easily replicated due to both its size and complexity. 

        The primary aim of the technological infrastructure and digital capabilities we have developed is to make the lives of our consultants and customers easier. The convenience of access to our products and services anytime, anywhere; products and services that are easy to understand and provide the best value; and products that are personalized and provide the right solution for you.

        Our state-of-the-art technological solutions to support our financial consultants and customers include:

        In addition to the initiatives developed to improve the lives of our consultants and customers, we also have a clear roadmap for the Group’s overall digital transformation. We are reviewing all existing operational workflows to adopt new approaches in digitizing our operations to save costs, improve customer experience, identify cross-selling opportunities, and enhance our internal controls.

        As part of our digital transformation journey, we will create one single consolidated data source within the Group with clean and integrated customer data. Creating a 360-degree-customer view will build a solid foundation for identifying customer needs, cross-selling and monetization in the long-run.  Going forward, we will further develop lead management tools to help us more effectively allocate our resources, thereby further increase our customer acquisition and conversion rates.

        How does AGBA Group ensure regulatory compliance and risk management in its operations?

        AGBA is regulated and supervised by a number of distinguished regulators, including the Insurance Authority of Hong Kong and the Securities and Futures Commission of Hong Kong.

        At AGBA, we have a large compliance team that plays a crucial role in ensuring that the company operates in accordance with applicable laws, regulations, industry standards, and internal policies. Their primary function is to promote ethical conduct, maintain regulatory compliance, and manage risks associated with legal and regulatory requirements.

        Key functions of the AGBA compliance team include:

        Overall, at AGBA, the compliance team’s function is to ensure that the organization operates with integrity, meets legal and regulatory obligations, and minimizes the risk of non-compliance.

        Over the years, various stakeholders, including senior management, legal counsel, risk management, and internal audit, have worked together closely to establish a robust compliance framework and foster a culture of compliance within the organization.

        Nov 8, 2023

        WealthTech and HealthTech Innovations

        AGBA’s FinTech Capabilities

        AGBA’s FinTech capabilities have significantly enhanced its wealth management advisory services, providing customers with seamless and efficient solutions. One notable feature is the automated product mapping and matching tool, which analyzes individual customer demographics and needs to offer personalized recommendations from a vast array of wealth and insurance products. This tool consolidates all the latest products from multiple providers into a single depository, making it easy for customers to access and download the relevant information.

        The implementation of eApplications further simplifies the digital application process for customers, offering flexibility and convenience. With the ability to prepare policy applications anytime and anywhere, customers can eliminate the need for carrying bulky application forms and enjoy a streamlined experience. The direct and simple interfaces enable quick submissions while saving time on document delivery and scanning. This streamlined process reduces the chance of manual errors, ensuring faster policy issuance for customers.

        To support the sales process, AGBA has developed OnePortal, a dedicated sales-oriented portal for financial advisors. This platform offers up-to-date market news and product knowledge, equipping advisors with the necessary tools to serve their clients effectively. Additionally, OnePlatform provides performance management tools and reports, enabling financial advisors to efficiently manage client portfolios and track their performance.

        AGBA also prioritizes continuous learning and professional development for advisors. Through the E+ Training program, over 160 professional courses are available to enhance advisors’ knowledge in product, sales skills, and compliance. The integration of an eCPD program allows advisors to fulfill regulatory training requirements online, eliminating the need for additional time spent on physical course enrollment and travel.

        Additional technological solutions to support our financial consultants and customers include:

        These FinTech capabilities offered by AGBA not only simplify and streamline processes but also empower financial advisors with the necessary tools and knowledge to deliver exceptional services to customers. By leveraging technology and digital solutions, AGBA is committed to providing a seamless and efficient wealth management experience.

        Highlights of Digital Offerings in AGBA

        AGBA has expanded its digital offerings with the launch of OneGI, a digital sales platform specifically designed for general insurance products. This comprehensive platform provides a range of functionalities, including product comparison, straight-through purchase and quotation capabilities, and advanced management information modules. By leveraging the power of technology, AGBA aims to streamline the insurance purchasing process, making it more convenient and efficient for customers.

        To support its digital offerings, AGBA has built extensive digital marketing ecosystems. From paid media to search marketing, digital display, outdoor/atl, social media, and content marketing, AGBA utilizes various channels to reach its target audience and promote its products and services. By harnessing cutting-edge AI technology, such as ChatGPT and MidJourney, AGBA maximizes efficiency and reduces costs in its marketing efforts.

        Furthermore, AGBA leverages advanced marketing tools developed by Microsoft Dynamics 365 to connect all its services and offerings, allowing for the synergistic utilization of multidimensional data. This integration enables AGBA to gain valuable insights into customer behavior and preferences, enhancing its ability to deliver personalized and targeted marketing strategies.

        AGBA also emphasizes the importance of building a customer ecosystem, fostering business partnerships, and acquiring new customers. By surrounding people’s daily lives with its services and offerings, AGBA aims to create a seamless and integrated experience for its customers, further strengthening its position in the market.

        Tell us about AGBA Money

        AGBA Money is a digital wealth management platform that is expected to be launched in early 2024. AGBA Money is designed to simplify saving and investing, providing individuals with accessible and affordable investment options regardless of their financial background or experience. This digital platform empowers investors to grow their wealth with ease, leveraging intuitive features and user-friendly interfaces.

        AI is now the Trend, how is AGBA catching this trend?

        AGBA is taking significant steps to revolutionize its wealth management business through the strategic implementation of digital tools. One of the key focus areas is enhancing user experience and internal productivity. By leveraging digital tools, AGBA aims to provide a seamless and engaging experience for its customers, enabling them to access and manage their financial portfolios with ease.

        AGBA’s substantial in-house data warehouse, which encompasses a vast collection of over 1,000 funds accumulated over the years, serves as a valuable asset for the company’s AI deployment. This proprietary data is a secret weapon that empowers AGBA to leverage artificial intelligence effectively and gain insights that drive informed decision-making.

        The company has identified three AI-enabled streams to optimize its operations and services. Firstly, AGBA is developing AI literacy to enhance staff efficiency and productivity. By equipping employees with the necessary knowledge and skills to leverage AI tools and technologies, AGBA aims to streamline internal processes and enable staff to deliver enhanced services to customers.

        AGBA plans to implement AI chatbots to handle general inquiries from both front-end users and internal staff. These chatbots will utilize natural language processing and machine learning algorithms to provide accurate and timely responses, improving customer service and reducing the workload on human agents.

        For more details of our WealthTech and HealthTech Innovations, please visit our presentation filed on May 2023,