TAXATION (Tables)

12 Months Ended

Dec. 31, 2025

TAXATION [Abstract]

Income Before Income Tax and Share of Equity Investees

Income before income tax and share of results of equity investees comprises:

	Year ended December 31, 2025 $
Domestic		1,039,816
Foreign		1,241,043
		2,280,859

Income Tax Expense

Income tax expense comprises:

	Year ended December 31,
	2023 $			2024 $
Current income tax		357,231			514,529
Deferred tax		(94,551	)		(193,361	)
		262,680			321,168

	Year ended December 31, 2025
	$
Current income tax
Domestic		106,805
Foreign		558,737
Deferred tax
Domestic		(39,571	)
Foreign		25,110
		651,081

Net Tax Paid

Net tax paid comprises:

	Year ended December 31, 2025 $
Domestic		47,721
Foreign
Brazil		123,582
Taiwan		121,135
Indonesia		95,464
Others		203,246
		591,148

Reconciliation of Income Tax at Statutory Corporate Income Tax Rate

The reconciliation of tax computed by applying the tax rate of 17% which is also the statutory corporate income tax rate for its Singapore’s corporate office for the years ended December 31, 2023, 2024 and 2025 is as follows:

	Year ended December 31,
	2023 $			2024 $
Income before income tax and share of results of equity investees		432,394			778,783
Tax expense computed at tax rate of 17%		73,507			132,393
Changes in valuation allowances		44,491			(68,734	)
Non-taxable and non-deductible items		(11,306	)		30,124
Effect of concessionary tax rate and tax reliefs		(42,696	)		(48,627	)
Foreign tax effects		154,756			101,966
Changes in unrecognized tax benefits		6,000			131,893
Others		37,928			42,153
		262,680			321,168

	Year ended December 31, 2025
	$			%
Singapore statutory tax rate		387,746			17.0	%
Foreign tax effects
Brazil
Withholding tax		44,059			1.9	%
Other		5,178			0.2	%
Taiwan
Withholding tax		104,581			4.6	%
Other		3,765			0.2	%
Indonesia
Withholding tax		65,180			2.9	%
Other		13,181			0.6	%
Other foreign jurisdictions		139,226			6.1	%
Foreign tax credits		(265,856	)		(11.7	%)
Changes in valuation allowances		124,752			5.5	%
Non-taxable and non-deductible items
Share-based compensation		106,249			4.7	%
Interest income		(50,273	)		(2.2	%)
Other		5,521			0.2	%
Effect of concessionary tax rate and tax reliefs		(40,811	)		(1.8	%)
Changes in unrecognized tax benefits		(2,300	)		(0.1	%)
Other adjustments		10,883			0.4	%
		651,081			28.5	%

Significant Components of Deferred Taxes

The significant components of deferred taxes are as follows:

	As of December 31,
	2024 $			2025 $
Deferred tax assets
Property and equipment		17,999			40,314
Deferred revenue		182,068			266,025
Unutilized tax losses and unused capital allowances		2,013,487			2,005,471
Provision and accrued expenses		81,762			166,779
Allowance for credit losses		89,558			130,786
Others		31,998			52,592
Valuation allowance		(1,860,574	)		(1,993,322	)
Total deferred tax assets		556,298			668,645
Deferred tax liabilities
Property and equipment		(7,843	)		(7,688	)
Deferred payment channel costs		(28,991	)		(37,430	)
Undistributed earnings of foreign subsidiaries		–			(35,277	)
Others		(2,489	)		(31,605	)
Total deferred tax liabilities		(39,323	)		(112,000	)
Net deferred tax assets		516,975			556,645

Summary of Reconciliation of the Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties are as follows:

	$
Balance as of January 1, 2024		6,107
Additions based on tax positions related to the current year		30,200
Additions for tax positions for prior years		72,300
Reductions for tax positions of prior years		(107	)
Balance as of December 31, 2024		108,500
Additions based on tax positions related to the current year		20,900
Reductions for tax positions of prior years		(13,400	)
Balance as of December 31, 2025		116,000