Dr Yanan Wu, CEO and Founder of Surfin Meta Digital Technology (SMDT) Pte Ltd, a Singapore-headquartered financial technology solutions provider for the underserved, is likely to visit Bangladesh on 20-21 April.

Dr Wu began his career as a research scientist in the IBM T. J. Watson Research Center as well as the Los Alamos National Lab, where he published several academic papers in first-rate physics journals.

Dr Wu then kickstarted his financial career by joining a hedge fund for quant trading, before moving on to TD Bank for 13 years as a senior portfolio manager, managing $30 billion in AUM for global asset allocation and quant strategies. Following that, he moved to Asia to join Citic-Prudential as Head of Quantitative Investment Director, and was responsible for managing $4 billion in AUM with a focus on Asian equities for 5 years.

SMDT was founded in 2017, inspired by Dr Wu's passion for bringing financial inclusion to the unbanked and underbanked. He hopes to utilize his financial training combined with his love for technology to create a unique cross-border platform that will aim to provide financial services such as consumer lending and credit cards, payments and remittances, wealth management as well as B2B solutions to those who are unable to access traditional financial institutions.

Dear Surfin Board Member Fellows

I trust you all had a wonderful Good Friday and Easter holiday! Just earlier in February and March, we also celebrated Chinese New Year, and then the end of Ramadan with Eid al-Fitr. As a global fintech company, it was my joy to be able to celebrate these very meaningful festivities together with the Surfin family all over the world.

Now, as we get ready to gather together again for our second board meeting this year in Milan - many thanks to our dear Mike Spence for hosting us this time - I am very glad to share with you on our latest progress for 2026!

Davos Board Meeting January 2026

Davos was a very meaningful location for our first board meeting in 2026, especially as we enter the new year with such great uncertainty and volatility. Geopolitical tensions have been driven up and the whole world was looking at Davos to try to make sense of an increasingly fractured global economy.

Global supply chain and resource allocation concerns dominated many discussions. However, even in the midst of this uncertainty, there were many bright spots for Surfin Group.

Philippines House, SSS MOU and going global

It was our great honour to be able to sign a MOU with Philippines' Social Security System ("SSS") at Philippines' inaugural InvestPhilippines Business Pavilion at Davos, which also marked the country's first public-facing national pavilion at this global event. Surfin was very proud to be a sponsor of this important initiative.

The successful MOU signing came about after months of persistent and dedicated engagements from our Philippines team, led by Summer (whom I am sure you would remember from our Manila board meeting last year!). Many thanks also to our esteemed Philippines advisor, Andrew, who played an invaluable role in helping Surfin to secure this important partnership. This marks a pivotal moment for Surfin's second revenue curve to build our Fintech-as-a-service business in Philippines, and strengthens Surfin's presence in Southeast Asia and the wider Asia Pacific region.

As part of the MOU signing, I spoke on one of the fintech panels hosted at the Philippines Pavilion titled Harnessing AI-enabled Fintech in Emerging Markets, alongside other amazing speakers including Mr Robert Joseph de Claro, President-CEO of Philippine Social Security System (SSS), Mr Adam Gagen, Global Head of Government Affairs at Revolut, and moderated by Andrew Gan, our advisor.

Besides our primary commitment to the InvestPhilippines Pavilion, in line with Surfin's global vision, Surfin was also a supporter and active participant with Nigeria House Davos, India Pavilion and Indonesia Pavilion. A big thank you again to all our Board members to brave the cold and hectic schedule to help spread Surfin's message of financial inclusion and commitment to AI agentic technology to the different audiences!

Of course, Davos was not all work and no play. We found time to celebrate Nasser's birthday together during our board dinner. What a wonderful timing for all of us to be able to come together to give our warmest wishes for Nasser in the new year ahead!

Financials and Audit Update

I am proud to share that Surfin Group continued to see outstanding growth in 2025:

Management numbers as of December 2025

Total revenue of US$377 million, 51% increase yearon- year from US250 million (December 2024)

Net profit of US$44 million, 47% increase year-onyear from US$30 million (December 2024)

Management numbers as of February 2026

Total revenue of US$80 million, 48% increase yearon- year from U$54 million Feb 2025)

Net profit of US$14 million, 124% increase year-onyear from US$6.3 million (Feb 2025)

Audit Update

The SMDT Group's (post-reorganisation) pro-forma report has been completed and filed.

SMDT's pro-forma report for 2025 is expected to be filed by Q3 2026.

Note: 2025 financials are on accrual basis, while 2024 ones were on cash basis. The February 2026 numbers were simply adjusted to accrual figures and are subject to further changes after further inputs from Surfin Data Team.

Capital Raising Update

CC Innovation

CC Innovation is a subsdiary of CCI Group, previously known as Hokkukai Financial Holdings, which is the holding company for the Japanese regional bank Hokkukai Bank. The Group had rebranded to showcase its comprehensive financial strengths in the region and globally.

Get Income

We have also signed a collaboration agreement with Get Income, an Estonian-based debt investor, for an initial debt investment of €10million.

HSBC

HSBC Innovation Banking has been in close discussion with Surfin for a strategic partnership. Backed by HSBC's financial strength and global network, HSBC Innovation Banking positions itself as a leading global banking platform for start-ups, investors and innovators. We are very excited about this collaboration and look forward to accelerating our global footprint together with them.

KBW

Surfin was invited by KBW, a leading investment bank from New York and well-known in the capital markets for its indices such as the KBW Bank Index, to take part in its annual Fintech and Financial Services Networking event in Deer Valley, Utah, in March, as well as its indepth research on the financial sector that is often quoted in major financial media.

It was an extremely cosy and tight-knit event, pitching 15 investors against 15 selected companies. In addition, I was also extremely grateful to Peter Wirth, Chairman of KBW, who personally helped to arrange a one-day roadshow with potential investors in New York before the event. The response was positive and I am now working closely with our management team to followup on the feedback.

Orico

Orico is a Japanese financial services group, owned by Orient Corporation, one of Japan's largest non-banks. We have engaged Orico closely on a possible investment and partnership through one of their portfolio companies, to expand our product offerings particularly in credit cards in Southeast Asia.

Phillip Private Equity

I am glad to share that our existing investor, Phillip Private Equity, is continuing to show their strong support for Surfin with an additional debt investment of US$2million. Thank you very much for the belief in Surfin!

Key Business Development and Marketing Activities Hong Kong

Surfin has received an invitation from the Hong Kong government to help establish Surfin's Hong Kong office and set up a Surfin AI Joint Laboratory at universities in Hong Kong. We will leverage on this to access a greater pool of young talent as well as develop another R and D hub in the region.

Japan

Tokyo Stock Exchange's Asia Startup Hub

As a participant of the Tokyo Stock Exchange's (TSE) Asia Startup Hub initiative, Surfin was invited to take part at TSE's annual networking event in Tokyo in Feburary, held in partnership with Keidanren (Japan Business Federation), which is also the largest business association in Japan, comprising over 1,500 major Japanese companies, industry associations and regional organisation.

Surfin will also be taking part in SusHi Tech in April, Japan's largest technology conference. We are glad to share that Surfin will have its own booth, sponsored by Tokyo Stock Exchange as one of its Asia Startup Hub companies.

Engagement with JETRO and Tokyo Metropolitan Government ("TMG")

To kick off Surfin's entry into the Japan market, we have been reaching out to important government institutions in Japan to support our plans.

Following due diligence from JETRO last year, Surfin has been accepted as a Supported Company by JETRO, and they have been working tirelessly to introduce us to their network. Through them, we have mandated a tax consultant to commence our study of a feasible structure for our Japan office. Surfin also will gain free access to JETRO's premises for meetings and events. We look forward to introducing all of you at our upcoming board meeting in Tokyo next.

In addition, we are actively applying for TMG's incentive which will greatly assist us in our incorporation process in Japan.

India

Black Swan Summit and MOU in Odisha

I was honoured to receive an invitation to speak at the Black Swan Summit in Odisha, India, in February this year, held under the Global Finance and Technology Network ("GFTN") umbrella, established by the Monetary Authority of Singapore ("MAS"). This is a part of the BharatNetra initiative of the Government of Odisha.

We spoke on the theme "Reshaping India's Digital Finance Economy: Employment, Sector Transformation and GDP Growth", and is designed to showcase and catalyse Odisha's digital economy's transformation. This was especially meaningful for us as Surfin already has a significant presence in Odisha, with over 600 employees, and plans to double this over the next 2 years.

During the event, Surfin's India subsidiary, Surfin Meta Bharat ("SMB") took its place among 11 other organisations to sign a strategic MOU to support BharatNetra, including a commitment to spur Odisha's digitalisation strategy and support fast-growing young tech talents.

As part of this trip, I had the opportunity to meet with the President of India, Her Excellency Droupadi Mumu, who was also from Odisha and extremely passionate about helping to drive greater growth for the region. I also met with Mr Surya Kumar Pattanayak, the Director of the Software Technology Park of India ("STPI")- Bhubaneswar, who oversees STPI operations across Odisha, Bihar, and Jharkhand.

Welcoming Mr Siddharth Chatterjee to Surfin

Finally, we warmly welcome Ambassador Mr. Siddharth Chatterjee (Chang Qide), the United Nations Resident Representative in China. He has accepted our invitation to be our advisor and consultant as of March 2026, and will play a critical role in helping to promote Surfin's global brand in important markets including India and Africa.

Outstanding India performance

India continues to be a key driver of growth for the Surfin Group. As of end 2025, Surfin has reached - Surfin India has now reached US$100 million in disbursements, which marks the first time that Surfin Group's monthly loan disbursements in a single country have exceeded this amount. This truly lays a solid foundation for Surfin in our mission to catch up against the global top-tier players in terms of total global loan disbursements in 2026!

Pakistan

Since our signing of MOUs with both Bank of Alfalah and Bank of Punjab last year, we have also followed up with both banks in Pakistan with formal cooperation agreements, which help to provide greater clarity on specific obligations and deliverables.

In March this year, I went to Pakistan personally to complete the formal signing of the cooperation agreement with BOP. We are also close to submitting our application for the NBFC license in Pakistan. Through this, we will be able to anchor both our consumer finance as well as FaaS business lines, and deepen our presence in South Asia.

Philippines

As mentioned above, Surfin is growing from strength to strength in the Philippines. Besides the MOU with SSS, we have also developed a strong working partnership with Seven Bank from Japan, which will help to launch Surfin's intelligent AI solutions and products powered by big data in the market.

India Management and Strategy Retreat in Dubai

I had the pleasure of joining our India management team in Dubai for their strategy retreat in January. Our key team members from both China and Singapore joined in as well. I took the opportunity to share my vision of Surfin as a global fintech giant, and how our rapid growth and diversification into multiple business verticals in India will play a key role in that.

Looking back, it is also humbling to realize how much has happened in the Middle East since January. We were very fortunate to be able to hold a successful retreat there, and also will continue to monitor the region closely.

So much has happened in the just the first quarter of 2026. When we come together in Milan, I believe there will be a lot to discuss and plan for the year ahead. As the Chinese like to say, there is always opportunity even in moments of crisis. Although there is much uncertainty in the global economy today. I deeply believe that this is what makes Surfin even more relevant than ever.

I look forward to meeting with all of you very soon!