Cash and Cash Equivalents and Pledged Bank Deposits

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents and Pledged Bank Deposits [Abstract]

CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS

17. CASH AND CASH EQUIVALENTS AND PLEDGED BANK DEPOSITS

	2023			2022
	US$			US$
Cash and bank balances		14,152,465			24,077,695
Time deposits		54,677,296			195,883
		68,829,761			24,273,578
Less: Pledged bank deposits		(188,745	)		(195,883	)
Cash and cash equivalents		68,641,016			24,077,695

Certain cash at banks earn interest at floating rates based on the respective short-term deposit rates. The bank balances and pledged deposits are deposited with creditworthy banks with no recent history of default.

The Group has pledged bank deposits mainly for corporate credit card and trading facilities.

At December 31, 2023, cash and cash equivalents included bank deposits of US$34,986 (2022: US$34,542) which are contractually restricted on use in order to meet the capital requirements in accordance with the rules and conditions for the issue and renewal of a license to operate as a non-life insurance broker in Thailand.