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"dimensions": { "concept": "icfg:LessDepositWithOriginalMaturityMoreThanThreeMonths", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-390": { "value": "47068000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-391": { "value": "39314000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-392": { "value": "1. General These annual financial statements are the audited consolidated financial statements for ICFG Limited and its subsidiaries. The comparatives within these consolidated financial statements including the disclosure notes (i.e. for the financial year ended 31 December 2024) are unaudited. ICFG Limited, formerly Fintech Asia Limited, (the \u2018Company\u2019) is a publicly listed company limited by shares, incorporated in Guernsey on 28 May 2021 under The Companies (Guernsey) Law, 2008, (as amended). The Company's registration number is 69264 and its registered office is Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 1AR. On 12 February 2025, the Company successfully completed the acquisition of the entire issued and paid-up share capital of ICFG Pte Ltd and was readmitted to the main market of the London Stock Exchange under the ticker symbol \u2018ICFG\u2019, with its shares registered under ISIN GG00BPGZTM87 and SEDOL BPGZTM8. On the same day, the Company was renamed ICFG Limited. The Company, together with its subsidiaries (collectively, the \u2018Group\u2019), provides technology-enabled microfinance and financial services in frontier markets, primarily focused on lending to underbanked individuals and SMEs. The Group is supported by digital capabilities and complemented by ancillary activities including capital market services, AI and IT services and real estate management.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "ICFG Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "publicly listed company limited by shares, ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "Guernsey ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 1AR. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "
2. Background and basis of preparation
2.1 Background and purposes of the consolidated financial
information
General
The principal accounting policies adopted in the preparation of the
consolidated financial statements are set out in Note 3. The policies
have been consistently applied to all the years presented, unless
otherwise stated.
The consolidated financial statements are presented in thousands of
United States Dollars (\u2018USD\u2019000\u2019 or \u2018US$\u2019000\u2019) unless otherwise
stated.
The Group presents its statement of financial position in order of
liquidity. An analysis regarding recovery or settlement within 12
months after the reporting date (current) and more than 12 months
after the reporting date (non-current) is presented in Note 33.
Reverse acquisition
The Company was established to undertake the acquisition of one or
more companies or businesses in the financial technology sector that
offer new technologies that seek to improve and automate the
delivery and use of financial services in Asia, or from Asia into the
Western economies.
Following the Company\u2019s announcement on 14 March 2023 in relatio n
to its entry into heads of terms to acquire the entire issued share
capital of ICFG Pte Ltd (the \u2018Acquisition\u2019), which constituted a reverse
takeover under the FCA\u2019s Listing Rules, the Company successfully
completed the Acquisition on 12 February 2025 and had its name
changed to ICFG Limited.
The Acquisition has been accounted for as a reverse acquisition in
accordance with IFRS 2 Share-based Payment. Although the Company
is the legal parent, ICFG Pte Ltd has been identified as the accounting
acquirer as the former shareholders of ICFG Pte Ltd obtained control
of the enlarged Group following completion of the Acquisition and
the executive management of ICFG Pte Ltd assumed key
management roles within the Company.
The Company did not meet the definition of a business under IFRS 3
Business Combinations at the acquisition date, as it did not possess
substantive processes capable of generating outputs. Accordingly,
the transaction does not constitute a business combination within the
scope of IFRS 3. Instead, it has been accounted for as an equity-
settled share-based payment transaction whereby ICFG Pte Ltd is
deemed to have issued equity instruments in exchange for the listing
status and net liabilities of the Company.
The listing expense (detailed in Note 10) represents the excess of the
fair value of the equity instruments deemed to have been issued by
ICFG Pte Ltd over the fair value of the identifiable net assets of the
Company acquired. This amount has been recognised within profit or
loss at the acquisition date, with a credit recognised within equity. No
goodwill has been recognised in respect of the transaction.
As the Acquisition has been accounted for as a reverse acquisition,
these consolidated financial statements represent a continuation of
the historical consolidated financial statements of ICFG Pte Ltd.
Accordingly, the comparative information for the year ended 31
December 2024 reflects the historical consolidated financial
information of ICFG Pte Ltd.
The consolidated profit or loss and other comprehensive income for
the year ended 31 December 2025 comprises the results of ICFG Pte
Ltd and its subsidiaries for the full year from 1 January 2025 to 31
December 2025, together with the results of the Company from the
acquisition date of 12 February 2025 to 31 December 2025.
From the date of the transaction, the equity structure presented in
these consolidated financial statements reflects that of the legal
parent, ICFG Limited, including the shares issued as part of the
Acquisition. The results for the year ended 31 December 2025 are
therefore not directly comparable with those for the prior year,
primarily due to the recognition of the listing expense and the
inclusion of the results and financial position of ICFG Limited only
from the acquisition date.
Change in accounting framework
These consolidated financial statements of ICFG Limited for the year
ended 31 December 2025 have been prepared in accordance with
IFRS Accounting Standards issued by IASB. The Group explicitly and
unreservedly states that these consolidated financial statements
comply with International Financial Reporting Standards as issued by
the IASB.
In prior years, the Group prepared its consolidated financial
statements in accordance with UK adopted IASs. The Group has
elected to adopt IFRS Accounting Standards issued by the IASB for the
current financial year as the directors believe this framework provides
a more globally consistent basis of financial reporting for an
international investor base. As a company incorporated in Guernsey
and listed on a UK regulated market, the Group is permitted to apply
IFRS Accounting Standards issued by the IASB as a third country
issuer under the rules of the Financial Conduct Authority.
The change in accounting framework has not resulted in any material
changes to the recognition, measurement, or presentation of
amounts reported in prior periods. Accordingly, the comparative
information presented for the year ended 31 December 2024 is
consistent with IFRS issued by the IASB.
2.2 New and amended standards and interpretations
The Group has not early adopted any new standards, interpretations
or amendments that have been issued but are not yet effective in
these consolidated financial statements.
Other amendments and interpretations that were applied for the first
time in 2025 are summarised below:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates)
\u2022 IFRS Practice Statement \u2013 Management Commentary (Voluntary
adoption from 23 June 2025)
These amendments to various IFRS Accounting Standards are
mandatorily effective for reporting periods beginning on or after 1
January 2025. The adoption of the above amendments did not have a
material impact on the Group.
2.3 Standards issued but not yet effective
There are a number of amendments to the standards, and
interpretations which have been issued by the IASB that are effective
in future accounting periods that the Group has decided not to adopt
earlier.
The list below encompasses new standards, as well as amendments:
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements,
effective 1 January 2027
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures,
effective 1 January 2027
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and
Measurement of Financial Instruments, effective 1 January 2026
\u2022 Annual Improvements to IFRS \u2013 Volume 11, effective 1 January
2026
\u2022 Amendments to IFRS 9 and IFRS 7, Contracts Referencing Nature-
dependent Electricity, effective 1 January 2026
The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the consolidated financial statements of the Group. IFRS\u202f18 is expected to result in changes to the presentation and disclosure of financial information, with no impact on the recognition or measurement of assets, liabilities, income or expenses. IFRS\u202f19, if applied by any Group entities, would result in reduced disclosure requirements only, with no impact on recognition or measurement. Amendments to IFRS\u202f9 and IFRS\u202f7 (Classification and Measurement) which clarify aspects of derecognition of financial liabilities and the assessment of contractual cash flows, including for financial instruments with ESG\u2011linked, non\u2011recourse and contractually linked features, and introduce additional disclosure requirements for instruments with contingent features and equity instruments at fair value through OCI, may result in additional disclosures, but are not expected to have a significant impact on the classification or measurement of the Group\u2019s financial instruments. Annual Improvements to IFRS \u2013 Volume\u202f11 are not expected to have a material impact on the consolidated financial statements. Amendments to IFRS\u202f9 and IFRS\u202f7 (Nature\u2011dependent Electricity contracts) are not expected to have a material impact on the Group\u2019s recognition or measurement of financial instruments. Whilst IFRS 18 will change the presentation of the statement of comprehensive income on implementation, it will not impact the valuation or measurement of the balances therein 2.4 Subsidiaries included within the Group The financial position and financial performance of the following subsidiaries are included as part of the consolidated financial statements:
Country of
Ownership interest
Non-controlling interests
incorporation
2025
2024
2025
2024
Unaudited Unaudited
ICFG Pte Ltd
Singapore
100%
100%
\u2013
\u2013
SIBJ Capital LLC
Mongolia
100%
100%
\u2013
\u2013
InvesCore NBFI JSC
Mongolia
82.29%
80.82%
17.71%
19.18%
InvesCore Capital SC LLC
Mongolia
100%
100%
\u2013
\u2013
InvesCore Property LLC
Mongolia
100%
100%
\u2013
\u2013
AI Lab LLC
Mongolia
60%
60%
40%
40%
Pocket NBFI LLC
Mongolia
82.29%
80.82%
17.71%
19.18%
InvesCore ABS SPV LLC
Mongolia
100%
100%
\u2013
\u2013
InvesCore Usult SPV LLC
Mongolia
100%
100%
\u2013
\u2013
Insur LLC
1
Mongolia
51%
\u2013
49%
\u2013
Connect Life LLC
1
Mongolia
51%
\u2013
49%
\u2013
Core Development and Engineering LLC
2
Mongolia
\u2013
100%
\u2013
\u2013
Pocket KG LLC
Kyrgyzstan
80.82%
80.82%
19.18%
19.18%
OJSC MFC \u201cInvesCore CA\u201d
Kyrgyzstan
76.40%
65.46%
23.60%
34.54%
InvesCore UE LLC
Uzbekistan
80.82%
80.82%
19.18%
19.18%
InvesCore KZ LLC
Kazakhstan
80.82%
80.82%
19.18%
19.18%
InvesCore Finance MFO LLP
Kazakhstan
80.82%
80.82%
19.18%
19.18%
1 In March 2025, the Group acquired Insur LLC, the sole owner of Connect Life LLC. Connect Life LLC will focus on delivering digital-based insurance and pension savings solutions. 2 In December\u202f2025, the Group disposed of its 100% equity interest in Core Development and Engineering LLC . 2.5 Basis of measurement and going concern assumption The consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details): \u2022 Financial instruments \u2013 fair value through profit or loss \u2022 Financial instruments \u2013 fair value through other comprehensive income \u2022 Derivative financial instruments \u2013 fair value through profit or loss \u2022 Foreclosed properties which are carried at historical or fair value less cost of sales whichever is lower. The preparation of consolidated financial statements in compliance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires the Group\u2019s management to exercise judgment in applying the Group\u2019s accounting policies. The critical accounting estimates, judgments and their impact in preparation of consolidated financial statements are set out in Note 4. Going concern The Group has prepared the consolidated financial statements on the basis that it will continue as a going concern. As part of this assessment, the Directors considered both a base case scenario and a severe but plausible downside scenario. The Directors have identified that material uncertainties exist that may cast significant doubt over the Group's ability to continue as a going concern, arising from: 1. the uncertainty as to whether lenders will exercise their contractual rights to demand accelerated repayment of borrowings following breaches of debt covenants under certain borrowing arrangements; and 2. the uncertainty regarding the timing and the extent to which management\u2019s mitigating actions could be implemented in the event such accelerated repayment demands arise In FY25, InvesCore NBFI was in breach of certain financial covenants relating primarily to portfolio quality metrics under specific borrowing arrangements, and these breaches remain ongoing as at the date of approval of these consolidated financial statements. The covenant breaches arose principally from the deterioration in certain asset quality indicators during FY25, driven by a combination of legacy exposures to mining logistics sector that were adversely affected by the declined coal prices, together with higher delinquency levels associated with the ongoing evolution of the Group\u2019s portfolio composition. Digital lending increased to 39% of the total loan book as at 31 December 2025 (2024: 32%), resulting in a change in the overall portfolio risk profile due to the different credit risk characteristics of this lending segment relative to the Group's traditional secured lending products. Under the terms of these facilities, such breaches provide the relevant lenders with the contractual right to demand immediate repayment. In addition, certain of the Group's borrowing agreements contain cross-default provisions, whereby a covenant breach or event of default under one facility constitutes a default under other borrowing arrangements. The existence of such provisions increases the exposure to broader acceleration of borrowings in a stressed scenario and has been considered as part of the Directors' going concern assessment. Out of total borrowed funds of USD 132 million (2024: USD 94 million), borrowings of USD 41.3 million (2024: nil) relating to covenant breaches, together with borrowings of USD 30.7 million (2024: nil) subject to cross-default provisions were re-classified as current liabilities as at 31 December 2025, resulting in a net current liability position of USD 19.3 million as at the reporting date. In performing the going concern assessment, the Directors considered the Group's operating and financial position, macroeconomic conditions, regulatory developments and funding environment across the Group's operating markets for the period up to 31 July 2027 (the 'Going Concern Period'). The Going Concern Period extends beyond twelve months from the date of approval of these consolidated financial statements to consider the scheduled repayment of the Group's domestic bank credit facility maturing in July 2027. The facility cannot be renewed following the amendment of the regulatory framework governing domestic banks lending to NBFIs restricting NBFIs from obtaining loan financing from commercial banks. This is planned to be replaced by a combination of trust deposits, profits realized generated from the operations, potential OTC bonds, and preference shares. The Directors prepared detailed cash flow forecasts covering the Going Concern Period which incorporate actual financial performance together with the Group's latest operating plans and forecasts for each significant operating subsidiary. The projections are based on key assumptions relating to: \u2022 regulatory conditions in the Group's operating markets; \u2022 capital and liquidity requirements in relevant jurisdictions; \u2022 expected loan portfolio performance; \u2022 forecast disbursement volumes; \u2022 projected trust deposit balances and expected rollover behaviour; \u2022 availability, renewal and refinancing of funding facilities; and \u2022 expected funding transactions and capital raising activities. The base case projections assume continuation of normal business operations, including consistent levels of operating performance, and assume no lender acceleration events or enforcement of contractual rights under existing borrowing arrangements throughout the Going Concern Period. Under this base case, the Group is expected to generate positive operating cash flows and meet its obligations as they fall due, including repayment of the Group\u2019s credit facility in July 2027. The Directors also considered a severe but plausible downside scenario which includes an immediate accelerated repayment of borrowings arising from covenant breaches and cross-default provisions. Under this scenario, the Group would be required to implement a range of available management mitigating actions, including full utilisation of available credit facilities, timely completion of planned preference share issuances, increased mobilisation of trust deposit funding, and adjustments to loan disbursement strategies to preserve liquidity. As at 30 April 2026, the Group had cash and cash equivalents of USD 40.6 million to support its short-term liquidity and operational needs and has access to committed but unutilised credit facilities of approximately USD 9.8 million which are available in the short to medium term. The Group and its regulated operating entities remained compliant with applicable regulatory capital requirements in all jurisdictions throughout the reporting period and up to the date of approval of these consolidated financial statements. The Group also has an established track record of raising domestic funding in Mongolia through various instruments, including bond issuances, asset-backed securities and preference shares, with cumulative issuances amounting to approximately USD 69 million between FY23 and FY25. Subsequent to 31 December 2025, the Group has completed additional domestic funding through bond issuances amounting to approximately USD 8.4 million, as well as securing further USD 29.5 million commitments for preference share issuances which are subject to staged execution processes as at the date of approval of these consolidated financial statements. In addition, trust deposit products remain commercially attractive relative to bank deposits, representing an important and historically stable source of domestic funding for the Group's Mongolia operations. Following the tightening of regulatory thresholds by the Financial Regulatory Commission, which reduced the allowable trust deposit limit from 100% to 80% of equity, the Group has deliberately moderated deposit mobilisation and remains comfortably within this limit. As at 30 April 2026, the trust deposit ratios of InvesCore NBFI and Pocket NBFI stood at 64.8% and 57.8% respectively, providing additional capacity that could potentially support liquidity requirements during the Going Concern Period, if required. Based on the assumptions described above, the projections indicate positive operating cash generation over the Going Concern Period. The Group has continued to strengthen its risk management framework, including the establishment of a dedicated asset quality function to enhance collections, improve monitoring of portfolio performance, reduce exposure to higher-risk lending segments and support collateral recovery processes. These measures are intended to support stabilisation and gradual improvement in asset quality over the medium to long term. Management continues to monitor asset quality trends closely and has incorporated expected recovery assumptions into the projections
As at the reporting date and up to the date of approval of these
consolidated financial statements, no lender had exercised its
contractual right to demand accelerated repayment and no cross-
default provisions had been enforced to accelerate repayment. The
Group made all principal or interest payments in respect of its
borrowings as scheduled. The Group continues to engage
constructively with its lenders regarding covenant compliance and
related matters. As at the date of approval of these consolidated
financial statements, no formal waivers had been obtained in respect
of the relevant covenant breaches.
In assessing the Group's ability to continue as a going concern, the
Directors considered a range of mitigating actions available to the
Group, including moderation of new loan disbursements, increased
focus on collections and recoveries, utilisation of available committed
facilities, continued access to domestic funding channels and the
upstreaming of available liquidity from subsidiaries where
appropriate. On the other hand, the Directors also recognised an
uncertainty regarding the timing of liquidity flows and the extent to
which such mitigating measures could be realised immediately under
a severe but plausible downside scenario, particularly in the event of
concurrent accelerated repayment demands from multiple lenders.
The Directors also considered the liquidity requirements of the
holding companies within the Group, including the Company. While
the timing of dividend distributions from certain regulated
subsidiaries may be subject to lender consent requirements and
regulatory considerations, the Group retains operational flexibility to
support holding company liquidity through alternative funding
mechanisms, including intercompany funding arrangements from
subsidiaries with available liquidity resources.
The Directors' assessment is that, if required, these mitigating actions
could be implemented successfully in a timely manner to support the
Group's liquidity position. The Directors consider these actions to be
achievable based on the Group's historical experience, established
domestic funding access and available operational flexibility. After
considering the forecasts, downside scenarios and available
mitigating actions, the Directors concluded that the Group is
expected to have sufficient liquidity to meet its obligations as they fall
due throughout the Going Concern Period.
Accordingly, the Directors consider it appropriate to prepare the
consolidated financial statements on a going concern basis,
notwithstanding the material uncertainties related to events or
conditions, described above, that may cast significant doubt on the
Group\u2019s ability to continue as a going concern and, therefore, that it
may be unable to realize its assets and discharge its liabilities in the
normal course of business. The financial statements do not contain
the adjustments that would result if the company were unable to
continue as a going concern.
2.6 Functional and presentation currency
Items included in the financial information of each of the Group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (the \u2018functional currency\u2019).
The functional currency of the Company is Great Britain Pound
(\u2018GBP\u2019).
In FY25, the Board of Directors approved the change of presentation currency of the Group from GBP to USD. The change was made to better reflect the Group\u2019s operating profile and stakeholder base. USD is widely used in international financial markets and is the predominant currency in which global investors, financial institutions and counterparties assess performance and financial position. Given the Group\u2019s multi-jurisdictional operations and increasing engagement with international capital markets, presenting the consolidated financial statements in USD enhances transparency and improves the relevance of the financial information to users. In addition, reporting in USD promotes greater consistency across Group entities and improves comparability of financial information over time, particularly as the Group continues to expand its international footprint. The change in presentation currency has been applied retrospectively in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates. Comparative information has been translated into USD as if the Group had always presented its consolidated financial statements in USD. In the individual financial statements of the Group\u2019s entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognised in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the exchange revaluation gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Share premium is recorded at the exchange rates prevailing at the dates of issuance and is not subsequently retranslated, resulting in no foreign exchange gains or losses in subsequent reporting periods. In the consolidated financial information, all individual financial statements of foreign operations, originally presented in a currency different from the Group\u2019s presentation currency, have been converted into USD. Assets and liabilities have been translated into USD at the closing rates at the reporting dates. Income and expenses have been converted into USD at the exchange rates ruling at the transaction dates, or at the average rates over the reporting year provided that the exchange rates do not fluctuate significantly. Any differences arising from this procedure have been dealt with separately in other comprehensive income and the translation reserves in equity", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "2.1 Background and purposes of the consolidated financial information General The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in Note 3. The policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements are presented in thousands of United States Dollars (\u2018USD\u2019000\u2019 or \u2018US$\u2019000\u2019) unless otherwise stated. The Group presents its statement of financial position in order of liquidity. An analysis regarding recovery or settlement within 12 months after the reporting date (current) and more than 12 months after the reporting date (non-current) is presented in Note 33. Reverse acquisition The Company was established to undertake the acquisition of one or more companies or businesses in the financial technology sector that offer new technologies that seek to improve and automate the delivery and use of financial services in Asia, or from Asia into the Western economies. Following the Company\u2019s announcement on 14 March 2023 in relatio to its entry into heads of terms to acquire the entire issued share capital of ICFG Pte Ltd (the \u2018Acquisition\u2019), which constituted a reverse takeover under the FCA\u2019s Listing Rules, the Company successfully completed the Acquisition on 12 February 2025 and had its name changed to ICFG Limited. The Acquisition has been accounted for as a reverse acquisition in accordance with IFRS 2 Share-based Payment. Although the Company is the legal parent, ICFG Pte Ltd has been identified as the accounting acquirer as the former shareholders of ICFG Pte Ltd obtained control of the enlarged Group following completion of the Acquisition and the executive management of ICFG Pte Ltd assumed key management roles within the Company. The Company did not meet the definition of a business under IFRS 3 Business Combinations at the acquisition date, as it did not possess substantive processes capable of generating outputs. Accordingly, the transaction does not constitute a business combination within the scope of IFRS 3. Instead, it has been accounted for as an equity- settled share-based payment transaction whereby ICFG Pte Ltd is deemed to have issued equity instruments in exchange for the listing status and net liabilities of the Company. The listing expense (detailed in Note 10) represents the excess of the fair value of the equity instruments deemed to have been issued by ICFG Pte Ltd over the fair value of the identifiable net assets of the Company acquired. This amount has been recognised within profit or loss at the acquisition date, with a credit recognised within equity. No goodwill has been recognised in respect of the transaction. As the Acquisition has been accounted for as a reverse acquisition, these consolidated financial statements represent a continuation of the historical consolidated financial statements of ICFG Pte Ltd. Accordingly, the comparative information for the year ended 31 December 2024 reflects the historical consolidated financial information of ICFG Pte Ltd. The consolidated profit or loss and other comprehensive income for the year ended 31 December 2025 comprises the results of ICFG Pte Ltd and its subsidiaries for the full year from 1 January 2025 to 31 December 2025, together with the results of the Company from the acquisition date of 12 February 2025 to 31 December 2025. From the date of the transaction, the equity structure presented in these consolidated financial statements reflects that of the legal parent, ICFG Limited, including the shares issued as part of the Acquisition. The results for the year ended 31 December 2025 are therefore not directly comparable with those for the prior year, primarily due to the recognition of the listing expense and the inclusion of the results and financial position of ICFG Limited only from the acquisition date. Change in accounting framework These consolidated financial statements of ICFG Limited for the year ended 31 December 2025 have been prepared in accordance with IFRS Accounting Standards issued by IASB. The Group explicitly and unreservedly states that these consolidated financial statements comply with International Financial Reporting Standards as issued by the IASB. Change in accounting framework (continued) In prior years, the Group prepared its consolidated financial statements in accordance with UK adopted IASs. The Group has elected to adopt IFRS Accounting Standards issued by the IASB for the current financial year as the directors believe this framework provides a more globally consistent basis of financial reporting for an international investor base. As a company incorporated in Guernsey and listed on a UK regulated market, the Group is permitted to apply IFRS Accounting Standards issued by the IASB as a third country issuer under the rules of the Financial Conduct Authority. The change in accounting framework has not resulted in any material changes to the recognition, measurement, or presentation of amounts reported in prior periods. Accordingly, the comparative information presented for the year ended 31 December 2024 is consistent with IFRS issued by the IASB. ", "dimensions": { "concept": "icfg:DescriptionOfBackgroundAndPurposesOfTheConsolidatedFinancialInformation", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "ICFG Pte Ltd", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "2.2 New and amended standards and interpretations The Group has not early adopted any new standards, interpretations or amendments that have been issued but are not yet effective in these consolidated financial statements. Other amendments and interpretations that were applied for the first time in 2025 are summarised below: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates) \u2022 IFRS Practice Statement \u2013 Management Commentary (Voluntary adoption from 23 June 2025) These amendments to various IFRS Accounting Standards are mandatorily effective for reporting periods beginning on or after 1 January 2025. The adoption of the above amendments did not have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "2.3 Standards issued but not yet effective There are a number of amendments to the standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt earlier. The list below encompasses new standards, as well as amendments: \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, effective 1 January 2027 \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027 \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments, effective 1 January 2026 \u2022 Annual Improvements to IFRS \u2013 Volume 11, effective 1 January 2026 \u2022 Amendments to IFRS 9 and IFRS 7, Contracts Referencing Nature- dependent Electricity, effective 1 January 2026 The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the consolidated financial statements of the Group. IFRS\u202f18 is expected to result in changes to the presentation and disclosure of financial information, with no impact on the recognition or measurement of assets, liabilities, income or expenses. IFRS\u202f19, if applied by any Group entities, would result in reduced disclosure requirements only, with no impact on recognition or measurement. Amendments to IFRS\u202f9 and IFRS\u202f7 (Classification and Measurement) which clarify aspects of derecognition of financial liabilities and the assessment of contractual cash flows, including for financial instruments with ESG\u2011linked, non\u2011recourse and contractually linked features, and introduce additional disclosure requirements for instruments with contingent features and equity instruments at fair value through OCI, may result in additional disclosures, but are not expected to have a significant impact on the classification or measurement of the Group\u2019s financial instruments. Annual Improvements to IFRS \u2013 Volume\u202f11 are not expected to have a material impact on the consolidated financial statements. Amendments to IFRS\u202f9 and IFRS\u202f7 (Nature\u2011dependent Electricity contracts) are not expected to have a material impact on the Group\u2019s recognition or measurement of financial instruments. Whilst IFRS 18 will change the presentation of the statement of comprehensive income on implementation, it will not impact the valuation or measurement of the balances therein .", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "2.4 Subsidiaries included within the Group The financial position and financial performance of the following subsidiaries are included as part of the consolidated financial statements:
Country of
Ownership interest
Non-controlling interests
incorporation
2025
2024
2025
2024
Unaudited Unaudited
ICFG Pte Ltd
Singapore
100%
100%
\u2013
\u2013
SIBJ Capital LLC
Mongolia
100%
100%
\u2013
\u2013
InvesCore NBFI JSC
Mongolia
82.29%
80.82%
17.71%
19.18%
InvesCore Capital SC LLC
Mongolia
100%
100%
\u2013
\u2013
InvesCore Property LLC
Mongolia
100%
100%
\u2013
\u2013
AI Lab LLC
Mongolia
60%
60%
40%
40%
Pocket NBFI LLC
Mongolia
82.29%
80.82%
17.71%
19.18%
InvesCore ABS SPV LLC
Mongolia
100%
100%
\u2013
\u2013
InvesCore Usult SPV LLC
Mongolia
100%
100%
\u2013
\u2013
Insur LLC
1
Mongolia
51%
\u2013
49%
\u2013
Connect Life LLC
1
Mongolia
51%
\u2013
49%
\u2013
Core Development and Engineering LLC
2
Mongolia
\u2013
100%
\u2013
\u2013
Pocket KG LLC
Kyrgyzstan
80.82%
80.82%
19.18%
19.18%
OJSC MFC \u201cInvesCore CA\u201d
Kyrgyzstan
76.40%
65.46%
23.60%
34.54%
InvesCore UE LLC
Uzbekistan
80.82%
80.82%
19.18%
19.18%
InvesCore KZ LLC
Kazakhstan
80.82%
80.82%
19.18%
19.18%
InvesCore Finance MFO LLP
Kazakhstan
80.82%
80.82%
19.18%
19.18%
1 In March 2025, the Group acquired Insur LLC, the sole owner of Connect Life LLC. Connect Life LLC will focus on delivering digital-based insurance and pension savings solutions. 2 In December\u202f2025, the Group disposed of its 100% equity interest in Core Development and Engineering LLC ", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForSubsidiariesIncludedWithinTheGroup", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "2.5 Basis of measurement and going concern assumption The consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details): \u2022 Financial instruments \u2013 fair value through profit or loss \u2022 Financial instruments \u2013 fair value through other comprehensive income \u2022 Derivative financial instruments \u2013 fair value through profit or loss \u2022 Foreclosed properties which are carried at historical or fair value less cost of sales whichever is lower. The preparation of consolidated financial statements in compliance with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires the Group\u2019s management to exercise judgment in applying the Group\u2019s accounting policies. The critical accounting estimates, judgments and their impact in preparation of consolidated financial statements are set out in Note 4. Going concern The Group has prepared the consolidated financial statements on the basis that it will continue as a going concern. As part of this assessment, the Directors considered both a base case scenario and a severe but plausible downside scenario. The Directors have identified that material uncertainties exist that may cast significant doubt over the Group's ability to continue as a going concern, arising from: 1. the uncertainty as to whether lenders will exercise their contractual rights to demand accelerated repayment of borrowings following breaches of debt covenants under certain borrowing arrangements; and 2. the uncertainty regarding the timing and the extent to which management\u2019s mitigating actions could be implemented in the event such accelerated repayment demands arise . In FY25, InvesCore NBFI was in breach of certain financial covenants relating primarily to portfolio quality metrics under specific borrowing arrangements, and these breaches remain ongoing as at the date of approval of these consolidated financial statements. The covenant breaches arose principally from the deterioration in certain asset quality indicators during FY25, driven by a combination of legacy exposures to mining logistics sector that were adversely affected by the declined coal prices, together with higher delinquency levels associated with the ongoing evolution of the Group\u2019s portfolio composition. Digital lending increased to 39% of the total loan book as at 31 December 2025 (2024: 32%), resulting in a change in the overall portfolio risk profile due to the different credit risk characteristics of this lending segment relative to the Group's traditional secured lending products. Under the terms of these facilities, such breaches provide the relevant lenders with the contractual right to demand immediate repayment. In addition, certain of the Group's borrowing agreements contain cross-default provisions, whereby a covenant breach or event of default under one facility constitutes a default under other borrowing arrangements. The existence of such provisions increases the exposure to broader acceleration of borrowings in a stressed scenario and has been considered as part of the Directors' going concern assessment. Out of total borrowed funds of USD 132 million (2024: USD 94 million), borrowings of USD 41.3 million (2024: nil) relating to covenant breaches, together with borrowings of USD 30.7 million (2024: nil) subject to cross-default provisions were re-classified as current liabilities as at 31 December 2025, resulting in a net current liability position of USD 19.3 million as at the reporting date. In performing the going concern assessment, the Directors considered the Group's operating and financial position, macroeconomic conditions, regulatory developments and funding environment across the Group's operating markets for the period up to 31 July 2027 (the 'Going Concern Period'). The Going Concern Period extends beyond twelve months from the date of approval of these consolidated financial statements to consider the scheduled repayment of the Group's domestic bank credit facility maturing in July 2027. The facility cannot be renewed following the amendment of the regulatory framework governing domestic banks lending to NBFIs restricting NBFIs from obtaining loan financing from commercial banks. This is planned to be replaced by a combination of trust deposits, profits realized generated from the operations, potential OTC bonds, and preference shares. The Directors prepared detailed cash flow forecasts covering the Going Concern Period which incorporate actual financial performance together with the Group's latest operating plans and forecasts for each significant operating subsidiary. The projections are based on key assumptions relating to: \u2022 regulatory conditions in the Group's operating markets; \u2022 capital and liquidity requirements in relevant jurisdictions; \u2022 expected loan portfolio performance; \u2022 forecast disbursement volumes; \u2022 projected trust deposit balances and expected rollover behaviour; \u2022 availability, renewal and refinancing of funding facilities; and \u2022 expected funding transactions and capital raising activities. The base case projections assume continuation of normal business operations, including consistent levels of operating performance, and assume no lender acceleration events or enforcement of contractual rights under existing borrowing arrangements throughout the Going Concern Period. Under this base case, the Group is expected to generate positive operating cash flows and meet its obligations as they fall due, including repayment of the Group\u2019s credit facility in July 2027. The Directors also considered a severe but plausible downside scenario which includes an immediate accelerated repayment of borrowings arising from covenant breaches and cross-default provisions. Under this scenario, the Group would be required to implement a range of available management mitigating actions, including full utilisation of available credit facilities, timely completion of planned preference share issuances, increased mobilisation of trust deposit funding, and adjustments to loan disbursement strategies to preserve liquidity. As at 30 April 2026, the Group had cash and cash equivalents of USD 40.6 million to support its short-term liquidity and operational needs and has access to committed but unutilised credit facilities of approximately USD 9.8 million which are available in the short to medium term. The Group and its regulated operating entities remained compliant with applicable regulatory capital requirements in all jurisdictions throughout the reporting period and up to the date of approval of these consolidated financial statements. The Group also has an established track record of raising domestic funding in Mongolia through various instruments, including bond issuances, asset-backed securities and preference shares, with cumulative issuances amounting to approximately USD 69 million between FY23 and FY25. Subsequent to 31 December 2025, the Group has completed additional domestic funding through bond issuances amounting to approximately USD 8.4 million, as well as securing further USD 29.5 million commitments for preference share issuances which are subject to staged execution processes as at the date of approval of these consolidated financial statements. In addition, trust deposit products remain commercially attractive relative to bank deposits, representing an important and historically stable source of domestic funding for the Group's Mongolia operations. Following the tightening of regulatory thresholds by the Financial Regulatory Commission, which reduced the allowable trust deposit limit from 100% to 80% of equity, the Group has deliberately moderated deposit mobilisation and remains comfortably within this limit. As at 30 April 2026, the trust deposit ratios of InvesCore NBFI and Pocket NBFI stood at 64.8% and 57.8% respectively, providing additional capacity that could potentially support liquidity requirements during the Going Concern Period, if required. Based on the assumptions described above, the projections indicate positive operating cash generation over the Going Concern Period. The Group has continued to strengthen its risk management framework, including the establishment of a dedicated asset quality function to enhance collections, improve monitoring of portfolio performance, reduce exposure to higher-risk lending segments and support collateral recovery processes. These measures are intended to support stabilisation and gradual improvement in asset quality over the medium to long term. Management continues to monitor asset quality trends closely and has incorporated expected recovery assumptions into the projections. As at the reporting date and up to the date of approval of these consolidated financial statements, no lender had exercised its contractual right to demand accelerated repayment and no cross- default provisions had been enforced to accelerate repayment. The Group made all principal or interest payments in respect of its borrowings as scheduled. The Group continues to engage constructively with its lenders regarding covenant compliance and related matters. As at the date of approval of these consolidated financial statements, no formal waivers had been obtained in respect of the relevant covenant breaches. In assessing the Group's ability to continue as a going concern, the Directors considered a range of mitigating actions available to the Group, including moderation of new loan disbursements, increased focus on collections and recoveries, utilisation of available committed facilities, continued access to domestic funding channels and the upstreaming of available liquidity from subsidiaries where appropriate. On the other hand, the Directors also recognised an uncertainty regarding the timing of liquidity flows and the extent to which such mitigating measures could be realised immediately under a severe but plausible downside scenario, particularly in the event of concurrent accelerated repayment demands from multiple lenders. The Directors also considered the liquidity requirements of the holding companies within the Group, including the Company. While the timing of dividend distributions from certain regulated subsidiaries may be subject to lender consent requirements and regulatory considerations, the Group retains operational flexibility to support holding company liquidity through alternative funding mechanisms, including intercompany funding arrangements from subsidiaries with available liquidity resources. The Directors' assessment is that, if required, these mitigating actions could be implemented successfully in a timely manner to support the Group's liquidity position. The Directors consider these actions to be achievable based on the Group's historical experience, established domestic funding access and available operational flexibility. After considering the forecasts, downside scenarios and available mitigating actions, the Directors concluded that the Group is expected to have sufficient liquidity to meet its obligations as they fall due throughout the Going Concern Period. Accordingly, the Directors consider it appropriate to prepare the consolidated financial statements on a going concern basis, notwithstanding the material uncertainties related to events or conditions, described above, that may cast significant doubt on the Group\u2019s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not contain the adjustments that would result if the company were unable to continue as a going concern. ", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForBasisOfMeasurementAndGoingConcernAssumption", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "2.6 Functional and presentation currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u2018functional currency\u2019). The functional currency of the Company is Great Britain Pound (\u2018GBP\u2019). In FY25, the Board of Directors approved the change of presentation currency of the Group from GBP to USD. The change was made to better reflect the Group\u2019s operating profile and stakeholder base. USD is widely used in international financial markets and is the predominant currency in which global investors, financial institutions and counterparties assess performance and financial position. Given the Group\u2019s multi-jurisdictional operations and increasing engagement with international capital markets, presenting the consolidated financial statements in USD enhances transparency and improves the relevance of the financial information to users. In addition, reporting in USD promotes greater consistency across Group entities and improves comparability of financial information over time, particularly as the Group continues to expand its international footprint. The change in presentation currency has been applied retrospectively in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates. Comparative information has been translated into USD as if the Group had always presented its consolidated financial statements in USD. In the individual financial statements of the Group\u2019s entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the reporting date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognised in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the exchange revaluation gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Share premium is recorded at the exchange rates prevailing at the dates of issuance and is not subsequently retranslated, resulting in no foreign exchange gains or losses in subsequent reporting periods. In the consolidated financial information, all individual financial statements of foreign operations, originally presented in a currency different from the Group\u2019s presentation currency, have been converted into USD. Assets and liabilities have been translated into USD at the closing rates at the reporting dates. Income and expenses have been converted into USD at the exchange rates ruling at the transaction dates, or at the average rates over the reporting year provided that the exchange rates do not fluctuate significantly. Any differences arising from this procedure have been dealt with separately in other comprehensive income and the translation reserves in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfFunctionalCurrency", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "3. Material accounting policy information a) Basis of consolidation The consolidated financial statements present the results of the Group and its subsidiaries (the Group) as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Interest expense presented in the statement of profit or loss and other comprehensive income includes: \u2022 financial liabilities measured at amortised cost; \u2022 interest expense on lease liabilities. Interest income and expense on all trading assets and liabilities are considered to be incidental to the Group\u2019s trading operations and are presented together with all other changes in the fair value of trading assets and liabilities in net trading income. Interest income and expense on other financial assets and financial liabilities at FVTPL are presented in net income from other financial instruments at FVTPL. b. Fee and commissions Fees and commission income are recognised when Group satisfies performance obligations. i. Agency fees on facilitating loan and loan administration servic e The Group earns agency fees on facilitating loan arrangements and providing loan administration services to tenant NBFIs. These services include enabling loan origination, providing platform-based loan administration support, and facilitating ongoing borrower\u2011related processes. For tenant NBFIs operating on the Group\u2019s digital platform, the Group charges a platform\u2011based agency fee. In accordance with IFRS 15, the Group assesses the performance obligations in these arrangements and determines that agency services fees are recognised at a point in time when the relevant service has been completed, such as upon successful loan origination or completion of a transaction, at which point the fee becomes contractually due. ii.Revenue from underwriting services For firm commitment underwriting, revenue is recognised on the trade date when the Group assumes and completes its underwriting obligation. Other fixed underwriting related fees (e.g., due diligence or support activities) are recognised over time, as the related services are performed. The Group applies the available IFRS 15 practical expedients, including not adjusting for financing components and expensing incremental contract acquisition costs when the related amortisation period is one year or less. iii.Revenue from brokerage services For primary market activities, brokerage revenue is recognised on allotment of securities to the client. For secondary market trades, revenue is recognised when the transaction is executed. c. Net income from other financial instruments measured at FVTPL Net income from other financial instruments at fair value through profit and loss relates to non-trading derivatives held for risk management purposes that do not form part of qualifying hedge relationships, financial assets and financial liabilities designated at FVTPL and, also non-trading assets mandatorily measured at FVTPL. The line item includes fair value changes, interest, dividends and foreign exchange differences. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described below. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group\u2019s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities. b) Subsidiaries Where the Group has control over an investee, it is classified as a subsidiary. The Group controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. c) Income and expense recognition a. Interest income and expense Interest income and expense are recognised in profit or loss using the effective interest method. The method allocates interest over the relevant period based on the effective interest rate determine d at initial recognition, incorporating transaction costs and fees that are integral to the instrument\u2019s yield. Fees and commission incom e and expense that are integral to the effective interest rate on a financial asset or financial liability are included in the measuremen t of the effective interest rate. For financial assets: \u2022 Interest income is recognised on the gross carrying amount unless the asset is credit\u2011impaired, in which case it is recognise d on the amortised cost. \u2022 For purchased or originated credit\u2011impaired assets, interest income is recognised using the credit\u2011adjusted effective interes t rate. For financial liabilities: \u2022 Interest expense is recognised using the effective interest rate on the amortised cost of the liability. Presentation Interest income calculated using the effective interest method presented in the statement of profit or loss and other comprehensive income includes: \u2022 interest on financial assets measured at amortised cost; \u2022 interest on debt instruments measured at FVOCI; e) Cash and cash equivalents Cash and cash equivalents include notes on hand, unrestricted balances held with banks and highly liquid financial assets with original maturities of three months or less from the date of acquisition that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term commitments. Cash and cash balances equivalents are carried at amortised cost in the consolidated statement of financial position. f) Financial assets and financial liabilities (i) Classification and measurement The Group classifies financial assets according to IFRS 9 based on the business model and the solely payments of principal and interest (SPPI) characteristics of contractual cash flows. Financial assets are measured at: \u2022 Amortised cost \u2022 fair value through other comprehensive income (FVOCI) for debt instruments \u2022 FVOCI for certain equity instruments (without recycling) \u2022 fair value through profit or loss (FVTPL) The Group may irrevocably designate a financial asset at FVTPL to eliminate or significantly reduce accounting mismatch that would otherwise arise. The Group\u2019s investment securities include debt securities measured at amortised cost, debt securities measured at FVOCI and debt securities measured at FVTPL. Debt securities measured at amortised cost are initially recognised at fair value plus directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest method. Financial liabilities, excluding loan commitments and financial guarantees, are measured either at amortised cost or at FVTPL when they are held for trading or designated as such. Embedded derivatives contained within financial assets are not separated and are assessed together with the host instrument in determining the overall classification. Initial recognition and measurement Financial assets and liabilities are initially recognised on the trad e date when the Group becomes party to the contractual provisions. All instruments are initially measured at fair value. For instruments not measured at FVTPL, transaction costs are added or deducted from the carrying amount. If the fair value at initial recognition differs from the transaction price, the Group recognises the difference immediately only when supported by observable market data; otherwise the difference is deferred and unwound over time. d. Revenue from contracts with customers IT service and maintenance For fixed\u2011price contracts, revenue is recognised over time based on labour hours incurred relative to total estimated hours. For variable\u2011price contracts, revenue is recognised as the services are performed as customers simultaneously receive and benefit from the services. Cost of services is recognised using the same input method, based on costs incurred relative to total expected costs. e. Revenue from property sales The Group\u2019s revenue derived from selling properties are recognised at a point in time when control of the properties has transferred to the customer. The Group establishes the transfer of control upon completing a handover agreement with customers. f. Revenue from property management service Revenue is recognised either at a point in time or over time as the Group fulfils performance obligations, which include rent collection, maintenance, and tenant relations. Revenue from rent collection recognised over time and maintenance services recognised at a point in time. The Group provides ad hoc, short- term repair works (generally completed within approximately seven days) that represent separate tasks with a single deliverable. The customer obtains the benefit only upon completion and acceptance of the work, as control is not transferred continuously during performance. Accordingly, the performance obligation is satisfied when the completed service is accepted by the customer and the Group obtains the right to payment. d) Employee benefits i. Short-term employee benefits Short-term employee benefits are employee benefits that are due to be settled within 12 months after the end of the period in which the employees render the related service. When an employee has rendered service to the Group during an accounting period, the Group recognises the undiscounted amount of short-term employee benefits expected to be paid in exchange for that service. ii. Social and health insurance As required by Mongolian law, the Group\u2019s Mongolian subsidiaries make social security and health contributions to the Social and Health Insurance scheme and such contributions are recognised as an expense in the comprehensive income statement as incurred. (iv) Derecognition Financial assets are derecognised when the contractual rights to the related cash flows expire, when substantially all risks and rewards are transferred, or when neither retained nor transferred but control over the asset has been relinquished. Financial liabilities are derecognised when the underlying obligation is extinguished, cancelled or expires. (v) Modification When the terms of a financial asset or liability are modified, the Group assesses whether the modification results in substantially different cash flows. If so, the original instrument is derecognised and a new one is recognised. When modifications do not result in derecognition, the carrying amount is recalculated using the original effective interest rate, and any resulting gain or loss is recognised in profit or loss. (vi) Impairment The Group applies the expected credit losses (ECL) model to financial assets measured at amortised cost, debt instruments at FVOCI, loan commitments and financial guarantees. Loss allowances are measured as 12\u2011month expected credit losses for exposures where credit risk has not increased significantly since initial recognition, and lifetime expected credit losses for exposures where credit risk has significantly increased or where assets are credit\u2011impaired. Indicators of credit impairment include significant financial difficulty of the borrower, default, adverse restructuring, probable bankruptcy, or the disappearance of an active market resulting from financial distress. Loss allowances for amortised cost assets are presented as deductions from the respective carrying amounts; for off\u2011balance sheet exposures, they are presented as provisions; and for FVOCI debt instruments, the expected credit loss allowance is accumulated in other comprehensive income until derecognised, but the allowance does not reduce the carrying amount of the financial asset, which continues to be measured at fair value. (vii) Write-off Financial assets are written off when the Group has no reasonable of recovering all or part of the asset. Those could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. ) Property, plant and equipment Recognition and measurement Property, plant and equipment is initially measured at cost and after initial recognition, is carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and
(ii) Subsequent measurement
Financial assets at amortised cost
Loans and advances to customers and other financial assets are
measured at amortised cost when:
\u2022 the business model objective is to collect contractual cash
flows; and
\u2022 contractual terms give rise to SPPI
Interest income is recognised using the effective interest
method.
Debt instruments at FVOCI
Debt securities classified as FVOCI are measured at fair value
with unrealised gains or losses recognised in other
comprehensive income. For these securities, interest income,
expected credit losses (ECL) and foreign exchange gains or losses
are recognised in profit or loss in the same manner as
instruments measured at amortised cost. Upon derecognition of
a debt security measured at FVOCI, the cumulative fair value gain
or loss previously recognised in other comprehensive income is
reclassified to profit or loss.
Equity instruments at FVOCI
For equity securities designated at FVOCI, fair value changes are
recognised in other comprehensive income without subsequent
recycling to profit or loss. Dividends are recognised in profit or
loss unless they represent a recovery of part of the investment\u2019s
cost, in which case they are recognised in other comprehensive
income. On disposal, cumulative gains or losses recognised in
other comprehensive income are transferred to retained
earnings.
Equity instruments designated at FVOCI are also measured at fair
value, with changes recognised in other comprehensive income;
however, these amounts are not subsequently reclassified to
profit or loss. Dividend income from these equity instruments is
recognised in profit or loss.
Financial assets at FVTPL
Financial assets measured at FVTPL are carried at fair value, and
changes in fair value are recognised directly in profit or loss.
Derivatives
Derivatives, including foreign exchange forward contracts and
cross\u2011currency swaps, are measured at fair value. Positive fair
values are presented as assets and negative fair values as
liabilities, with all gains and losses recognised in profit or loss.
The Group does not apply hedge accounting to these
instruments.
(iii) Financial liabilities
Financial liabilities are subsequently measured at amortised cost
using the effective interest method unless they are held for
trading or designated at FVTPL, in which case they are measured
at fair value with changes recognised in profit or loss.
Software is amortised on a straight-line basis in profit or loss over its estimated useful life, from the date on which it is available for use. The estimated useful life of software for the current period is 10 years. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. i) Repossessed collateral Repossessed collateral refers to non-financial assets obtained by the Group to settle overdue loans, which can include both real estate and movable property. These assets are initially recorded at fair value less cost to sell and booked in the consolidated statement of financial position. The Group\u2019s policy is to determine whether a repossessed asset can be best used for its internal operations or should be sold. Assets determined to be useful for the internal operations are transferred to their relevant asset category at the amount initially recognised. Assets for which selling is determined to be a better option are transferred to assets held for sale and fair value less cost to sell for non-financial assets at the foreclosure date in line with the InvesCore NBFI\u2019s policy. j) Debt issued and other borrowed funds After initial measurement, debt issued, bonds payable and other borrowed funds are subsequently measured at amortised cost using the EIR methodology. Amortised cost is calculated by taking into account any discount or premium on issued funds, and costs that are an integral part of the EIR. A compound financial instrument which contains both a liability and an equity component is separated at the issue date. When establishing the accounting treatment of these non- derivative instruments the Group first establishes whether the instrument is a compound instrument and classifies such instruments or components separately as financial liabilities, financial assets, or equity instruments in accordance with IAS 32. The Group separately recognises the components of a financial instrument that: (a) creates a financial liability for the Group; and (b) grants an option to the holder of the instrument to convert it into an equity instrument of the entity. Classification of the liability and equity components of a convertible instrument is not revised as a result of a change in the likelihood that a conversion option will be exercised, even when exercise of the option may appear to have become economically advantageous to some holders. When allocating the initial carrying amount of a compound financial instrument to its equity and liability components, the equity component is assigned the residual amount after deducting from the entire fair value of the instrument, the amount separately determined for the liability component. The value of any derivative features (such as a call options) embedded in the compound financial instrument, other than the equity component (such as an equity conversion options) is included in the liability component. Once the Group has determined the split between equity and liability, it further evaluates if the liability component has embedded derivatives which would require separation. Subsequent costs Subsequent costs are recognised in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing are recognised in profit or loss as incurred. Depreciation Property, plant and equipment is depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset\u2019s future economic benefits are expected to be consumed. A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life. Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised as other non-operating income (loss). The estimated economic useful life for the current and comparative years of significant items of property, plant and equipment is as follows: Useful life Building 25 Equipment 10 Furniture and fixtures 10 Vehicles 10 Leasehold improvements 5 Computers and accessories 2-10 Depreciation methods, useful lives and residual values are reviewed at the end of each reporting date and adjusted, if appropriate. The change is accounted for as a change in an accounting estimate. Borrowing costs Borrowing costs, net of interest received on cash drawn down yet to be expended, are capitalized when they are directly attributable to the acquisition, contribution, or production of property, plant and equipment that requires a substantial period to get ready for its intended use or sale. h) Intangible assets Software acquired by the Group is measured at cost less accumulated amortisation and any accumulated impairment losses. Subsequent expenditure on software assets is capitalized only when it increases the future economic benefits of the specific asset to which it relates. All other expenditure is expensed as incurred. k) Private placement of deposits Private placement from customers include deposit placed by the customers under trust agreements (Note 24). After initial measurement, private placement deposits from customers are subsequently measured at amortised cost using the EIR. l) Components of equity (i) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary share options are recognised as a deduction from equity, net of any tax effects. The portion of the income from the proceed of shares that exceeds the nominal value of the stock is considered share premium and is included in share premium. (ii) Share premium The excess of contributions over the par value of shares is accounted for as \u2018Share Premium\u2019. Share premiums can also arise from additional capital contributions made by shareholders. (iii) Other reserve Other reserves Other reserves include the regulatory reserve, which mainly represents the difference between the impairment provision determined for foreclosed assets in accordance with the regulations of Financial Regulatory Commission of Mongolia and the impairment provision determined under IFRS and other reserves set up in compliance with Financial Regulatory Commission requirements. The Financial Regulatory Commission is the statutory regulator responsible for supervising Mongolia\u2019s non bank financial sector, including securities, insurance, non-bank financial institutions and other related activities. Fair value reserves The fair value reserves comprise of the cumulative net change in the fair value of the debt instruments classified at FVOCI, less the allowance for ECL, and the cumulative net change in fair value of equity instruments at FVOCI. (iv) Translation reserves The translation reserve includes foreign exchange differences arising from the translation of the financial statements of foreign operations into the presentation currency. These differences are recognised in OCI and accumulated in equity, and are reclassified to profit or loss upon disposal of the related foreign operation. (v) Other capital reserve Merger reserves The merger reserve arose primarily from the equity reorganisation associated with the reverse acquisition completed during the year. It represents the difference arising from the application of reverse acquisition accounting and is recognised as a separate component of equity m) Share-based payments The Group operates a Long-Term Incentive Plan (\u2018LTIP\u2019) under which senior executives and key employees of the Group receive remuneration in the form of share\u2011based payments, whereby employees render services in exchange for equity instruments of the InvesCore NBFI (the Mongolian listed entity) (equity\u2011settled transactions). These awards are granted under the Group\u2019s Employee Share Ownership Program (\u2018ESOP\u2019), which provides eligible employees with restricted shares in InvesCore NBFI that vest over a three\u2011year service and performance period. The ESOP is designed to align employee incentives with the long\u2011term performance of the Group. For equity\u2011settled transactions, the Group measures the cost of equity\u2011settled share\u2011based payment transactions at the fair value of the equity instruments at the grant date, determined using the quoted market price of the InvesCore NBFI shares on that date, taking into account that employees are entitled to receive dividends during the vesting period. The fair value of the awards is recognised as employee benefits expense over the vesting period, together with a corresponding increase in equity within the share\u2011based payment reserve. The cumulative expense recognised for equity-settled transactions at each reporting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that are expected to ultimately vest. The amount recognised in profit or loss for the period represents the movement in cumulative expense between the beginning and end of the period. Service and non\u2011market performance conditions are not included in the measurement of fair value at the grant date. However, expectations regarding the satisfaction of these conditions are reflected in the estimate of the number of equity instruments expected to vest. Estimates are reviewed at each reporting date, and the impact of any revision is recognised prospectively in profit or loss over the remaining vesting period. Where an employee does not meet the service or performance vesting conditions, the unvested portion of the award is forfeited. In such cases, the cumulative share\u2011based payment expense previously recognised is reversed, as the award will not ultimately vest. Under the terms of the ESOP, employees are required to reimburse the Group for the unvested portion of the shares at the prevailing market price on the forfeiture date. A receivable is recognised for the recoverable amount and is measured at amortised cost in accordance with IFRS 9, subject to expected credit loss assessment. The receivable is derecognised when settlement is received. n) Leases At the inception of a contract, the Group assesses whether the arrangement constitutes, or contains, a lease. A contract is considered a lease if it conveys the right to control the use of an identified asset for a specified period in exchange for consideration, consistent with the principles of IFRS 16. Short-term leases and leases of low-value assets The Group applies the recognition exemption for short\u2011term leases and leases of low\u2011value assets. Payments on such leases are recognised as an expense on a straight\u2011line basis over the lease term. Finance leases A lease is classified as a finance lease when substantially all risk s and rewards incidental to ownership are transferred to the lessee. In such cases, the underlying asset is derecognised and a finance lease receivable is recognised, measured at the present value of minimum lease payments. Finance income is recognise d over the lease term to reflect a constant periodic rate of return. Operating leases Leases in which the Group retains substantially all risks and rewards are classified as operating leases. ncome taxes The Company is registered with the Guernsey Revenue Service as a Guernsey tax resident and is subject to Guernsey income tax at the standard corporate income tax rate of 0%. Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that they relate to items recognised directly in equity or in other comprehensive income. (i) Current tax The Group recognises current tax based on the taxable profit for the year, using tax rates enacted or substantively enacted at the reporting date. Current tax also includes adjustments to tax payable or receivable relating to prior years. (ii) Deferred tax The Group recognises deferred tax on temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences, except for deferred tax arising on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit, unless the transaction gives rise to equal taxable and deductible temporary differences, and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for utilisation. Deferred tax balances are measured using tax rates expected to apply when the assets are realised or liabilities settled. Deferred tax assets and liabilities are offset when legally enforceable and relating to the same tax authority. Any additional tax arising from dividend payments is recognised when the related dividend liability is recorded. (i) Group acting as a lessee Recognition and initial measurement Upon commencement of a lease, the Group recognises a right\u2011of\u2011use (ROU) asset and a corresponding lease liability for all leases other than short\u2011term leases and leases of low\u2011value assets. The ROU asset is initially measured at cost, comprising: \u2022 the initial measurement of the lease liability; \u2022 lease payments made at or before commencement; \u2022 initial direct costs; and \u2022 estimated dismantling, restoration, or similar obligations; \u2022 less any lease incentives received. The lease liability is initially measured at the present value of future lease payments, discounted using either the interest rate implicit in the lease, or, where this cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group determines its incremental borrowing rate based on prevailing borrowing arrangements, adjusted for lease\u2011specific terms. The Group has elected, for leases of office and branch premises, not to separate lease and non\u2011lease components, accounting for both as a single lease component. Subsequent measurement ROU assets are depreciated on a straight\u2011line basis over the lease term unless ownership transfers or a purchase option is reasonably certain to be exercised, in which case depreciation is applied over the asset\u2019s useful life. ROU assets are subject to impairment assessment consistent with IAS 36. Lease liabilities are subsequently measured at amortised cost using the effective interest method. Remeasurement occurs when lease payments change due to: \u2022 changes in an index or rate; \u2022 reassessment of extension, termination, or purchase options; \u2022 revised estimates of residual value guarantees; or \u2022 changes in in\u2011substance fixed payments. Any corresponding adjustment is made to the ROU asset unless its carrying amount is reduced to zero, in which case the adjustment is recognised in profit or loss. Presentation ROU assets are presented within property, plant and equipment. Lease liabilities are presented within other liabilities in the consolidated statement of financial position.
p) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to MNT at
exchange rates at the dates of the transactions. MNT or
Mongolian Tugrik is the official currency of Mongolia and serves
as the primary functional currency for entities operating within
the Mongolian domestic market. It is the mandatory currency for
statutory financial reporting to local authorities\u2014such as the
Ministry of Finance and the Financial Regulatory Commission\u2014
ensuring transparency and compliance with Mongolian Law on
Accounting and IFRS standards for domestic stakeholders, tax
authorities, and local financial institutions.
Monetary assets and liabilities denominated in foreign currencies
are retranslated to the functional currency using the reporting
date\u2019s exchange rate. Exchange differences arising on the
retranslation of unsettled monetary assets and liabilities are
recognised immediately in profit or loss.
Foreign currency differences arising on translation are generally
recognised in profit or loss. However, foreign currency
differences arising from the translation of equity investments in
respect of which an election has been made to present
subsequent changes in fair value in OCI are recognised in OCI.
Foreign Operations
On consolidation, the results of overseas operations are
translated into USD at rates approximating to those ruling when
the transactions took place. All assets and liabilities of overseas
operations, including goodwill arising on the acquisition of those
operations, are translated at the rate ruling at the reporting date.
Exchange differences arising on translating the opening net
assets at opening rate and the results of overseas operations at
actual rate are recognised in other comprehensive income and
accumulated in the translation reserve.
On disposal of a foreign operation, the cumulative exchange
differences recognised in the translation reserve relating to that
operation up to the date of disposal are transferred to the
consolidated statement of comprehensive income as part of the
profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "
a) Basis of consolidation
The consolidated financial statements present the results of the
Group and its subsidiaries (the Group) as if they formed a single
entity. Intercompany transactions and balances between group
companies are therefore eliminated in full.
The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more of
the three elements of control described below. A change in the
ownership interest of a subsidiary, without a loss of control, is
accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises (i) the
assets (including goodwill) and liabilities of the subsidiary, (ii) the
carrying amount of any non-controlling interest and (iii) the
cumulative translation differences recorded in equity; and recognises
(i) the fair value of the consideration received, (ii) the fair value of any
investment retained and (iii) any resulting surplus or deficit in profit
or loss.
The Group\u2019s share of components previously recognised in other
comprehensive income is reclassified to profit or loss or retained
profits, as appropriate, on the same basis as would be required if the
Group had directly disposed of the related assets or liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "b. Fee and commissions Fees and commission income are recognised when Group satisfies performance obligations. i. Agency fees on facilitating loan and loan administration servic The Group earns agency fees on facilitating loan arrangements and providing loan administration services to tenant NBFIs. These services include enabling loan origination, providing platform-based loan administration support, and facilitating ongoing borrower\u2011related processes. For tenant NBFIs operating on the Group\u2019s digital platform, the Group charges a platform\u2011based agency fee. In accordance with IFRS 15, the Group assesses the performance obligations in these arrangements and determines that agency services fees are recognised at a point in time when the relevant service has been completed, such as upon successful loan origination or completion of a transaction, at which point the fee becomes contractually due. ii.Revenue from underwriting services For firm commitment underwriting, revenue is recognised on the trade date when the Group assumes and completes its underwriting obligation. Other fixed underwriting related fees (e.g., due diligence or support activities) are recognised over time, as the related services are performed. The Group applies the available IFRS 15 practical expedients, including not adjusting for financing components and expensing incremental contract acquisition costs when the related amortisation period is one year or less. iii.Revenue from brokerage services For primary market activities, brokerage revenue is recognised on allotment of securities to the client. For secondary market trades, revenue is recognised when the transaction is executed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "c. Net income from other financial instruments measured at FVTPL Net income from other financial instruments at fair value through profit and loss relates to non-trading derivatives held for risk management purposes that do not form part of qualifying hedge relationships, financial assets and financial liabilities designated at FVTPL and, also non-trading assets mandatorily measured at FVTPL. The line item includes fair value changes, interest, dividends and foreign exchange differences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "
b) Subsidiaries
Where the Group has control over an investee, it is classified as a
subsidiary. The Group controls an investee if all three of the following
elements are present: power over the investee, exposure to variable
returns from the investee, and the ability of the investor to use its
power to affect those variable returns. Control is reassessed
whenever facts and circumstances indicate that there may be a
change in any of these elements of control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "c) Income and expense recognition a. Interest income and expense Interest income and expense are recognised in profit or loss using the effective interest method. The method allocates interest over the relevant period based on the effective interest rate determine at initial recognition, incorporating transaction costs and fees that are integral to the instrument\u2019s yield. Fees and commission incom and expense that are integral to the effective interest rate on a financial asset or financial liability are included in the measuremen of the effective interest rate. For financial assets: \u2022 Interest income is recognised on the gross carrying amount unless the asset is credit\u2011impaired, in which case it is recognise on the amortised cost. \u2022 For purchased or originated credit\u2011impaired assets, interest income is recognised using the credit\u2011adjusted effective interes rate. For financial liabilities: \u2022 Interest expense is recognised using the effective interest rate on the amortised cost of the liability. Presentation Interest income calculated using the effective interest method presented in the statement of profit or loss and other comprehensive income includes: \u2022 interest on financial assets measured at amortised cost; \u2022 interest on debt instruments measured at FVOCI; Interest expense presented in the statement of profit or loss and other comprehensive income includes: \u2022 financial liabilities measured at amortised cost; \u2022 interest expense on lease liabilities. Interest income and expense on all trading assets and liabilities are considered to be incidental to the Group\u2019s trading operations and are presented together with all other changes in the fair value of trading assets and liabilities in net trading income. Interest income and expense on other financial assets and financial liabilities at FVTPL are presented in net income from other financial instruments at FVTPL. b. Fee and commissions Fees and commission income are recognised when Group satisfies performance obligations. i. Agency fees on facilitating loan and loan administration servic e The Group earns agency fees on facilitating loan arrangements and providing loan administration services to tenant NBFIs. These services include enabling loan origination, providing platform-based loan administration support, and facilitating ongoing borrower\u2011related processes. For tenant NBFIs operating on the Group\u2019s digital platform, the Group charges a platform\u2011based agency fee. In accordance with IFRS 15, the Group assesses the performance obligations in these arrangements and determines that agency services fees are recognised at a point in time when the relevant service has been completed, such as upon successful loan origination or completion of a transaction, at which point the fee becomes contractually due. ii.Revenue from underwriting services For firm commitment underwriting, revenue is recognised on the trade date when the Group assumes and completes its underwriting obligation. Other fixed underwriting related fees (e.g., due diligence or support activities) are recognised over time, as the related services are performed. The Group applies the available IFRS 15 practical expedients, including not adjusting for financing components and expensing incremental contract acquisition costs when the related amortisation period is one year or less. iii.Revenue from brokerage services For primary market activities, brokerage revenue is recognised on allotment of securities to the client. For secondary market trades, revenue is recognised when the transaction is executed. c. Net income from other financial instruments measured at FVTPL Net income from other financial instruments at fair value through profit and loss relates to non-trading derivatives held for risk management purposes that do not form part of qualifying hedge relationships, financial assets and financial liabilities designated at FVTPL and, also non-trading assets mandatorily measured at FVTPL. The line item includes fair value changes, interest, dividends and foreign exchange differences. d. Revenue from contracts with customers IT service and maintenance For fixed\u2011price contracts, revenue is recognised over time based on labour hours incurred relative to total estimated hours. For variable\u2011price contracts, revenue is recognised as the services are performed as customers simultaneously receive and benefit from the services. Cost of services is recognised using the same input method, based on costs incurred relative to total expected costs. e. Revenue from property sales The Group\u2019s revenue derived from selling properties are recognised at a point in time when control of the properties has transferred to the customer. The Group establishes the transfer of control upon completing a handover agreement with customers. f. Revenue from property management service Revenue is recognised either at a point in time or over time as the Group fulfils performance obligations, which include rent collection, maintenance, and tenant relations. Revenue from rent collection recognised over time and maintenance services recognised at a point in time. The Group provides ad hoc, short- term repair works (generally completed within approximately seven days) that represent separate tasks with a single deliverable. The customer obtains the benefit only upon completion and acceptance of the work, as control is not transferred continuously during performance. Accordingly, the performance obligation is satisfied when the completed service is accepted by the customer and the Group obtains the right to payment. ", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForIncomeAndExpenseRecognition", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "a. Interest income and expense Interest income and expense are recognised in profit or loss using the effective interest method. The method allocates interest over the relevant period based on the effective interest rate determine d at initial recognition, incorporating transaction costs and fees that are integral to the instrument\u2019s yield. Fees and commission incom e and expense that are integral to the effective interest rate on a financial asset or financial liability are included in the measuremen t of the effective interest rate. For financial assets: \u2022 Interest income is recognised on the gross carrying amount unless the asset is credit\u2011impaired, in which case it is recognise d on the amortised cost. \u2022 For purchased or originated credit\u2011impaired assets, interest income is recognised using the credit\u2011adjusted effective interes t rate. For financial liabilities: \u2022 Interest expense is recognised using the effective interest rate on the amortised cost of the liability. Presentation Interest income calculated using the effective interest method presented in the statement of profit or loss and other comprehensive income includes: \u2022 interest on financial assets measured at amortised cost; \u2022 interest on debt instruments measured at FVOCI;
Interest expense presented in the statement of profit or loss and
other comprehensive income includes:
\u2022 financial liabilities measured at amortised cost;
\u2022 interest expense on lease liabilities.
Interest income and expense on all trading assets and liabilities are
considered to be incidental to the Group\u2019s trading operations and
are presented together with all other changes in the fair value of
trading assets and liabilities in net trading income.
Interest income and expense on other financial assets and financial
liabilities at FVTPL are presented in net income from other financial
instruments at FVTPL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
e) Cash and cash equivalents
Cash and cash equivalents include notes on hand, unrestricted
balances held with banks and highly liquid financial assets with
original maturities of three months or less from the date of
acquisition that are subject to an insignificant risk of changes in
their fair value and are used by the Group in the management of its
short-term commitments.
Cash and cash balances equivalents are carried at amortised cost in
the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
f) Financial assets and financial liabilities
(i) Classification and measurement
The Group classifies financial assets according to IFRS 9 based on
the business model and the solely payments of principal and
interest (SPPI) characteristics of contractual cash flows.
Financial assets are measured at:
\u2022 Amortised cost
\u2022 fair value through other comprehensive income (FVOCI) for
debt instruments
\u2022 FVOCI for certain equity instruments (without recycling)
\u2022 fair value through profit or loss (FVTPL)
The Group may irrevocably designate a financial asset at FVTPL
to eliminate or significantly reduce accounting mismatch that
would otherwise arise.
The Group\u2019s investment securities include debt securities
measured at amortised cost, debt securities measured at FVOCI
and debt securities measured at FVTPL. Debt securities
measured at amortised cost are initially recognised at fair value
plus directly attributable transaction costs and are subsequently
measured at amortised cost using the effective interest method.
Financial liabilities, excluding loan commitments and financial
guarantees, are measured either at amortised cost or at FVTPL
when they are held for trading or designated as such. Embedded
derivatives contained within financial assets are not separated
and are assessed together with the host instrument in
determining the overall classification.
Initial recognition and measurement
Financial assets and liabilities are initially recognised on the trad e
date when the Group becomes party to the contractual
provisions.
All instruments are initially measured at fair value. For
instruments not measured at FVTPL, transaction costs are added
or deducted from the carrying amount.
If the fair value at initial recognition differs from the transaction
price, the Group recognises the difference immediately only
when supported by observable market data; otherwise the
difference is deferred and unwound over time.
(iv) Derecognition Financial assets are derecognised when the contractual rights to the related cash flows expire, when substantially all risks and rewards are transferred, or when neither retained nor transferred but control over the asset has been relinquished. Financial liabilities are derecognised when the underlying obligation is extinguished, cancelled or expires. (v) Modification When the terms of a financial asset or liability are modified, the Group assesses whether the modification results in substantially different cash flows. If so, the original instrument is derecognised and a new one is recognised. When modifications do not result in derecognition, the carrying amount is recalculated using the original effective interest rate, and any resulting gain or loss is recognised in profit or loss. (vi) Impairment The Group applies the expected credit losses (ECL) model to financial assets measured at amortised cost, debt instruments at FVOCI, loan commitments and financial guarantees. Loss allowances are measured as 12\u2011month expected credit losses for exposures where credit risk has not increased significantly since initial recognition, and lifetime expected credit losses for exposures where credit risk has significantly increased or where assets are credit\u2011impaired. Indicators of credit impairment include significant financial difficulty of the borrower, default, adverse restructuring, probable bankruptcy, or the disappearance of an active market resulting from financial distress. Loss allowances for amortised cost assets are presented as deductions from the respective carrying amounts; for off\u2011balance sheet exposures, they are presented as provisions; and for FVOCI debt instruments, the expected credit loss allowance is accumulated in other comprehensive income until derecognised, but the allowance does not reduce the carrying amount of the financial asset, which continues to be measured at fair value. (vii) Write-off Financial assets are written off when the Group has no reasonable of recovering all or part of the asset. Those could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. (ii) Subsequent measurement Financial assets at amortised cost Loans and advances to customers and other financial assets are measured at amortised cost when: \u2022 the business model objective is to collect contractual cash flows; and \u2022 contractual terms give rise to SPPI Interest income is recognised using the effective interest method. Debt instruments at FVOCI Debt securities classified as FVOCI are measured at fair value with unrealised gains or losses recognised in other comprehensive income. For these securities, interest income, expected credit losses (ECL) and foreign exchange gains or losses are recognised in profit or loss in the same manner as instruments measured at amortised cost. Upon derecognition of a debt security measured at FVOCI, the cumulative fair value gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Equity instruments at FVOCI For equity securities designated at FVOCI, fair value changes are recognised in other comprehensive income without subsequent recycling to profit or loss. Dividends are recognised in profit or loss unless they represent a recovery of part of the investment\u2019s cost, in which case they are recognised in other comprehensive income. On disposal, cumulative gains or losses recognised in other comprehensive income are transferred to retained earnings. Equity instruments designated at FVOCI are also measured at fair value, with changes recognised in other comprehensive income; however, these amounts are not subsequently reclassified to profit or loss. Dividend income from these equity instruments is recognised in profit or loss. Financial assets at FVTPL Financial assets measured at FVTPL are carried at fair value, and changes in fair value are recognised directly in profit or loss. Derivatives Derivatives, including foreign exchange forward contracts and cross\u2011currency swaps, are measured at fair value. Positive fair values are presented as assets and negative fair values as liabilities, with all gains and losses recognised in profit or loss. The Group does not apply hedge accounting to these instruments. (iii) Financial liabilities Financial liabilities are subsequently measured at amortised cost using the effective interest method unless they are held for trading or designated at FVTPL, in which case they are measured at fair value with changes recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "f) Financial assets and financial liabilities (i) Classification and measurement The Group classifies financial assets according to IFRS 9 based on the business model and the solely payments of principal and interest (SPPI) characteristics of contractual cash flows. Financial assets are measured at: \u2022 Amortised cost \u2022 fair value through other comprehensive income (FVOCI) for debt instruments \u2022 FVOCI for certain equity instruments (without recycling) \u2022 fair value through profit or loss (FVTPL) The Group may irrevocably designate a financial asset at FVTPL to eliminate or significantly reduce accounting mismatch that would otherwise arise. The Group\u2019s investment securities include debt securities measured at amortised cost, debt securities measured at FVOCI and debt securities measured at FVTPL. Debt securities measured at amortised cost are initially recognised at fair value plus directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest method. Financial liabilities, excluding loan commitments and financial guarantees, are measured either at amortised cost or at FVTPL when they are held for trading or designated as such. Embedded derivatives contained within financial assets are not separated and are assessed together with the host instrument in determining the overall classification. Initial recognition and measurement Financial assets and liabilities are initially recognised on the trad date when the Group becomes party to the contractual provisions. All instruments are initially measured at fair value. For instruments not measured at FVTPL, transaction costs are added or deducted from the carrying amount. If the fair value at initial recognition differs from the transaction price, the Group recognises the difference immediately only when supported by observable market data; otherwise the difference is deferred and unwound over time.
(iv) Derecognition
Financial assets are derecognised when the contractual rights to
the related cash flows expire, when substantially all risks and
rewards are transferred, or when neither retained nor
transferred but control over the asset has been relinquished.
Financial liabilities are derecognised when the underlying
obligation is extinguished, cancelled or expires.
(v) Modification
When the terms of a financial asset or liability are modified, the
Group assesses whether the modification results in substantially
different cash flows. If so, the original instrument is
derecognised and a new one is recognised. When modifications
do not result in derecognition, the carrying amount is
recalculated using the original effective interest rate, and any
resulting gain or loss is recognised in profit or loss.
(vi) Impairment
The Group applies the expected credit losses (ECL) model to
financial assets measured at amortised cost, debt instruments at
FVOCI, loan commitments and financial guarantees. Loss
allowances are measured as 12\u2011month expected credit losses for
exposures where credit risk has not increased significantly since
initial recognition, and lifetime expected credit losses for
exposures where credit risk has significantly increased or where
assets are credit\u2011impaired. Indicators of credit impairment
include significant financial difficulty of the borrower, default,
adverse restructuring, probable bankruptcy, or the
disappearance of an active market resulting from financial
distress. Loss allowances for amortised cost assets are presented
as deductions from the respective carrying amounts; for
off\u2011balance sheet exposures, they are presented as provisions;
and for FVOCI debt instruments, the expected credit loss
allowance is accumulated in other comprehensive income until
derecognised, but the allowance does not reduce the carrying
amount of the financial asset, which continues to be measured at
fair value.
(vii) Write-off
Financial assets are written off when the Group has no
reasonable of recovering all or part of the asset. Those could still
be subject to enforcement activities in order to comply with the
Group\u2019s procedures for recovery of amounts due.
(ii) Subsequent measurement Financial assets at amortised cost Loans and advances to customers and other financial assets are measured at amortised cost when: \u2022 the business model objective is to collect contractual cash flows; and \u2022 contractual terms give rise to SPPI Interest income is recognised using the effective interest method. Debt instruments at FVOCI Debt securities classified as FVOCI are measured at fair value with unrealised gains or losses recognised in other comprehensive income. For these securities, interest income, expected credit losses (ECL) and foreign exchange gains or losses are recognised in profit or loss in the same manner as instruments measured at amortised cost. Upon derecognition of a debt security measured at FVOCI, the cumulative fair value gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Equity instruments at FVOCI For equity securities designated at FVOCI, fair value changes are recognised in other comprehensive income without subsequent recycling to profit or loss. Dividends are recognised in profit or loss unless they represent a recovery of part of the investment\u2019s cost, in which case they are recognised in other comprehensive income. On disposal, cumulative gains or losses recognised in other comprehensive income are transferred to retained earnings. Equity instruments designated at FVOCI are also measured at fair value, with changes recognised in other comprehensive income; however, these amounts are not subsequently reclassified to profit or loss. Dividend income from these equity instruments is recognised in profit or loss. Financial assets at FVTPL Financial assets measured at FVTPL are carried at fair value, and changes in fair value are recognised directly in profit or loss. Derivatives Derivatives, including foreign exchange forward contracts and cross\u2011currency swaps, are measured at fair value. Positive fair values are presented as assets and negative fair values as liabilities, with all gains and losses recognised in profit or loss. The Group does not apply hedge accounting to these instruments. (iii) Financial liabilities Financial liabilities are subsequently measured at amortised cost using the effective interest method unless they are held for trading or designated at FVTPL, in which case they are measured at fair value with changes recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "f) Financial assets and financial liabilities (i) Classification and measurement The Group classifies financial assets according to IFRS 9 based on the business model and the solely payments of principal and interest (SPPI) characteristics of contractual cash flows. Financial assets are measured at: \u2022 Amortised cost \u2022 fair value through other comprehensive income (FVOCI) for debt instruments \u2022 FVOCI for certain equity instruments (without recycling) \u2022 fair value through profit or loss (FVTPL) The Group may irrevocably designate a financial asset at FVTPL to eliminate or significantly reduce accounting mismatch that would otherwise arise. The Group\u2019s investment securities include debt securities measured at amortised cost, debt securities measured at FVOCI and debt securities measured at FVTPL. Debt securities measured at amortised cost are initially recognised at fair value plus directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest method. Financial liabilities, excluding loan commitments and financial guarantees, are measured either at amortised cost or at FVTPL when they are held for trading or designated as such. Embedded derivatives contained within financial assets are not separated and are assessed together with the host instrument in determining the overall classification. Initial recognition and measurement Financial assets and liabilities are initially recognised on the trad date when the Group becomes party to the contractual provisions. All instruments are initially measured at fair value. For instruments not measured at FVTPL, transaction costs are added or deducted from the carrying amount. If the fair value at initial recognition differs from the transaction price, the Group recognises the difference immediately only when supported by observable market data; otherwise the (iv) Derecognition Financial assets are derecognised when the contractual rights to the related cash flows expire, when substantially all risks and rewards are transferred, or when neither retained nor transferred but control over the asset has been relinquished. Financial liabilities are derecognised when the underlying obligation is extinguished, cancelled or expires. (v) Modification When the terms of a financial asset or liability are modified, the Group assesses whether the modification results in substantially different cash flows. If so, the original instrument is derecognised and a new one is recognised. When modifications do not result in derecognition, the carrying amount is recalculated using the original effective interest rate, and any resulting gain or loss is recognised in profit or loss. (vi) Impairment The Group applies the expected credit losses (ECL) model to financial assets measured at amortised cost, debt instruments at FVOCI, loan commitments and financial guarantees. Loss allowances are measured as 12\u2011month expected credit losses for exposures where credit risk has not increased significantly since initial recognition, and lifetime expected credit losses for exposures where credit risk has significantly increased or where assets are credit\u2011impaired. Indicators of credit impairment include significant financial difficulty of the borrower, default, adverse restructuring, probable bankruptcy, or the disappearance of an active market resulting from financial distress. Loss allowances for amortised cost assets are presented as deductions from the respective carrying amounts; for off\u2011balance sheet exposures, they are presented as provisions; and for FVOCI debt instruments, the expected credit loss allowance is accumulated in other comprehensive income until derecognised, but the allowance does not reduce the carrying amount of the financial asset, which continues to be measured at fair value. (vii) Write-off Financial assets are written off when the Group has no reasonable of recovering all or part of the asset. Those could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. (ii) Subsequent measurement Financial assets at amortised cost Loans and advances to customers and other financial assets are measured at amortised cost when: \u2022 the business model objective is to collect contractual cash flows; and \u2022 contractual terms give rise to SPPI Interest income is recognised using the effective interest method. Debt instruments at FVOCI Debt securities classified as FVOCI are measured at fair value with unrealised gains or losses recognised in other comprehensive income. For these securities, interest income, expected credit losses (ECL) and foreign exchange gains or losses are recognised in profit or loss in the same manner as instruments measured at amortised cost. Upon derecognition of a debt security measured at FVOCI, the cumulative fair value gain or loss previously recognised in other comprehensive income is reclassified to profit or loss. Equity instruments at FVOCI For equity securities designated at FVOCI, fair value changes are recognised in other comprehensive income without subsequent recycling to profit or loss. Dividends are recognised in profit or loss unless they represent a recovery of part of the investment\u2019s cost, in which case they are recognised in other comprehensive income. On disposal, cumulative gains or losses recognised in other comprehensive income are transferred to retained earnings. Equity instruments designated at FVOCI are also measured at fair value, with changes recognised in other comprehensive income; however, these amounts are not subsequently reclassified to profit or loss. Dividend income from these equity instruments is recognised in profit or loss. Financial assets at FVTPL Financial assets measured at FVTPL are carried at fair value, and changes in fair value are recognised directly in profit or loss. Derivatives Derivatives, including foreign exchange forward contracts and cross\u2011currency swaps, are measured at fair value. Positive fair values are presented as assets and negative fair values as liabilities, with all gains and losses recognised in profit or loss. The Group does not apply hedge accounting to these instruments. (iii) Financial liabilities Financial liabilities are subsequently measured at amortised cost using the effective interest method unless they are held for trading or designated at FVTPL, in which case they are measured at fair value with changes recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
d. Revenue from contracts with customers
IT service and maintenance
For fixed\u2011price contracts, revenue is recognised over time based
on labour hours incurred relative to total estimated hours. For
variable\u2011price contracts, revenue is recognised as the services are
performed as customers simultaneously receive and benefit
from the services.
Cost of services is recognised using the same input method,
based on costs incurred relative to total expected costs.
e. Revenue from property sales
The Group\u2019s revenue derived from selling properties are
recognised at a point in time when control of the properties has
transferred to the customer. The Group establishes the transfer
of control upon completing a handover agreement with
customers.
f. Revenue from property management service
Revenue is recognised either at a point in time or over time as
the Group fulfils performance obligations, which include rent
collection, maintenance, and tenant relations. Revenue from rent
collection recognised over time and maintenance services
recognised at a point in time. The Group provides ad hoc, short-
term repair works (generally completed within approximately
seven days) that represent separate tasks with a single
deliverable.
The customer obtains the benefit only upon completion and
acceptance of the work, as control is not transferred
continuously during performance. Accordingly, the performance
obligation is satisfied when the completed service is accepted by
the customer and the Group obtains the right to payment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
d) Employee benefits
i. Short-term employee benefits
Short-term employee benefits are employee benefits that are
due to be settled within 12 months after the end of the period in
which the employees render the related service. When an
employee has rendered service to the Group during an
accounting period, the Group recognises the undiscounted
amount of short-term employee benefits expected to be paid in
exchange for that service.
ii. Social and health insurance
As required by Mongolian law, the Group\u2019s Mongolian
subsidiaries make social security and health contributions to the
Social and Health Insurance scheme and such contributions are
recognised as an expense in the comprehensive income
statement as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "g) Property, plant and equipment Recognition and measurement Property, plant and equipment is initially measured at cost and after initial recognition, is carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.
Subsequent costs
Subsequent costs are recognised in the carrying amount of
property, plant and equipment at cost or, if appropriate, as
separate items if it is probable that future economic benefits
associated with the item will flow to the Group and the cost of
the item can be measured reliably. The carrying amount of the
replaced part is derecognised. The costs of the day-to-day
servicing are recognised in profit or loss as incurred.
Depreciation
Property, plant and equipment is depreciated on a straight-line
basis over estimated useful lives that appropriately reflect the
pattern in which the asset\u2019s future economic benefits are
expected to be consumed. A component that is significant
compared to the total cost of property, plant and equipment is
depreciated over its separate useful life.
Gains and losses on disposal of an item of property, plant and
equipment are determined by comparing the proceeds from
disposal with the carrying amount of property, plant and
equipment and are recognised as other non-operating income
(loss).
The estimated economic useful life for the current and
comparative years of significant items of property, plant and
equipment is as follows:
Useful life
Building 25
Equipment 10
Furniture and fixtures 10
Vehicles 10
Leasehold improvements 5
Computers and accessories 2-10
Depreciation methods, useful lives and residual values are
reviewed at the end of each reporting date and adjusted, if
appropriate. The change is accounted for as a change in an
accounting estimate.
Borrowing costs
Borrowing costs, net of interest received on cash drawn down yet
to be expended, are capitalized when they are directly
attributable to the acquisition, contribution, or production of
property, plant and equipment that requires a substantial period
to get ready for its intended use or sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
i) Repossessed collateral
Repossessed collateral refers to non-financial assets obtained by
the Group to settle overdue loans, which can include both real
estate and movable property. These assets are initially recorded
at fair value less cost to sell and booked in the consolidated
statement of financial position.
The Group\u2019s policy is to determine whether a repossessed asset
can be best used for its internal operations or should be sold.
Assets determined to be useful for the internal operations are
transferred to their relevant asset category at the amount
initially recognised. Assets for which selling is determined to be a
better option are transferred to assets held for sale and fair value
less cost to sell for non-financial assets at the foreclosure date in
line with the InvesCore NBFI\u2019s policy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
j) Debt issued and other borrowed funds
After initial measurement, debt issued, bonds payable and other
borrowed funds are subsequently measured at amortised cost
using the EIR methodology. Amortised cost is calculated by
taking into account any discount or premium on issued funds,
and costs that are an integral part of the EIR. A compound
financial instrument which contains both a liability and an equity
component is separated at the issue date.
When establishing the accounting treatment of these non-
derivative instruments the Group first establishes whether the
instrument is a compound instrument and classifies such
instruments or components separately as financial liabilities,
financial assets, or equity instruments in accordance with IAS 32.
The Group separately recognises the components of a financial
instrument that: (a) creates a financial liability for the Group; and
(b) grants an option to the holder of the instrument to convert it
into an equity instrument of the entity. Classification of the
liability and equity components of a convertible instrument is not
revised as a result of a change in the likelihood that a conversion
option will be exercised, even when exercise of the option may
appear to have become economically advantageous to some
holders. When allocating the initial carrying amount of a
compound financial instrument to its equity and liability
components, the equity component is assigned the residual
amount after deducting from the entire fair value of the
instrument, the amount separately determined for the liability
component. The value of any derivative features (such as a call
options) embedded in the compound financial instrument, other
than the equity component (such as an equity conversion
options) is included in the liability component. Once the Group
has determined the split between equity and liability, it further
evaluates if the liability component has embedded derivatives
which would require separation.
", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForDebtIssuedAndOtherBorrowedFunds", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
h) Intangible assets
Software acquired by the Group is measured at cost less accumulated
amortisation and any accumulated impairment losses. Subsequent
expenditure on software assets is capitalized only when it increases
the future economic benefits of the specific asset to which it relates.
All other expenditure is expensed as incurred.
Software is amortised on a straight-line basis in profit or loss
over its estimated useful life, from the date on which it is
available for use. The estimated useful life of software for the
current period is 10 years. Amortisation methods, useful lives
and residual values are reviewed at each reporting date and
adjusted if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "k) Private placement of deposits Private placement from customers include deposit placed by the customers under trust agreements (Note 24). After initial measurement, private placement deposits from customers are subsequently measured at amortised cost using the EIR. ", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForPrivatePlacementOfDeposits", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "l) Components of equity (i) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary share options are recognised as a deduction from equity, net of any tax effects. The portion of the income from the proceed of shares that exceeds the nominal value of the stock is considered share premium and is included in share premium. (ii) Share premium The excess of contributions over the par value of shares is accounted for as \u2018Share Premium\u2019. Share premiums can also arise from additional capital contributions made by shareholders. (iii) Other reserve Other reserves Other reserves include the regulatory reserve, which mainly represents the difference between the impairment provision determined for foreclosed assets in accordance with the regulations of Financial Regulatory Commission of Mongolia and the impairment provision determined under IFRS and other reserves set up in compliance with Financial Regulatory Commission requirements. The Financial Regulatory Commission is the statutory regulator responsible for supervising Mongolia\u2019s non bank financial sector, including securities, insurance, non-bank financial institutions and other related activities. Fair value reserves The fair value reserves comprise of the cumulative net change in the fair value of the debt instruments classified at FVOCI, less the allowance for ECL, and the cumulative net change in fair value of equity instruments at FVOCI. (iv) Translation reserves The translation reserve includes foreign exchange differences arising from the translation of the financial statements of foreign operations into the presentation currency. These differences are recognised in OCI and accumulated in equity, and are reclassified to profit or loss upon disposal of the related foreign operation. (v) Other capital reserve Merger reserves The merger reserve arose primarily from the equity reorganisation associated with the reverse acquisition completed during the year. It represents the difference arising from the application of reverse acquisition accounting and is recognised as a separate component of equity .", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForComponentsOfEquity", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "(i) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary share options are recognised as a deduction from equity, net of any tax effects. The portion of the income from the proceed of shares that exceeds the nominal value of the stock is considered share premium and is included in share premium. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "(ii) Share premium The excess of contributions over the par value of shares is accounted for as \u2018Share Premium\u2019. Share premiums can also arise from additional capital contributions made by shareholders. ", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForSharePremium", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "(iii) Other reserve Other reserves Other reserves include the regulatory reserve, which mainly represents the difference between the impairment provision determined for foreclosed assets in accordance with the regulations of Financial Regulatory Commission of Mongolia and the impairment provision determined under IFRS and other reserves set up in compliance with Financial Regulatory Commission requirements. The Financial Regulatory Commission is the statutory regulator responsible for supervising Mongolia\u2019s non bank financial sector, including securities, insurance, non-bank financial institutions and other related activities. Fair value reserves The fair value reserves comprise of the cumulative net change in the fair value of the debt instruments classified at FVOCI, less the allowance for ECL, and the cumulative net change in fair value of equity instruments at FVOCI. ", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForOtherReserve", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
(iv) Translation reserves
The translation reserve includes foreign exchange differences
arising from the translation of the financial statements of foreign
operations into the presentation currency. These differences are
recognised in OCI and accumulated in equity, and are reclassified
to profit or loss upon disposal of the related foreign operation.
", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForTranslationReserves", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "(v) Other capital reserve Merger reserves The merger reserve arose primarily from the equity reorganisation associated with the reverse acquisition completed during the year. It represents the difference arising from the application of reverse acquisition accounting and is recognised as a separate component of equity .", "dimensions": { "concept": "icfg:DescriptionOfAccountingPolicyForOtherCapitalReserve", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "
m) Share-based payments
The Group operates a Long-Term Incentive Plan (\u2018LTIP\u2019) under
which senior executives and key employees of the Group receive
remuneration in the form of share\u2011based payments, whereby
employees render services in exchange for equity instruments of
the InvesCore NBFI (the Mongolian listed entity) (equity\u2011settled
transactions). These awards are granted under the Group\u2019s
Employee Share Ownership Program (\u2018ESOP\u2019), which provides
eligible employees with restricted shares in InvesCore NBFI that
vest over a three\u2011year service and performance period. The ESOP
is designed to align employee incentives with the long\u2011term
performance of the Group.
For equity\u2011settled transactions, the Group measures the cost of
equity\u2011settled share\u2011based payment transactions at the fair value
of the equity instruments at the grant date, determined using
the quoted market price of the InvesCore NBFI shares on that
date, taking into account that employees are entitled to receive
dividends during the vesting period.
The fair value of the awards is recognised as employee benefits
expense over the vesting period, together with a corresponding
increase in equity within the share\u2011based payment reserve.
The cumulative expense recognised for equity-settled
transactions at each reporting date reflects the extent to which
the vesting period has expired and the Group\u2019s best estimate of
the number of equity instruments that are expected to ultimately
vest. The amount recognised in profit or loss for the period
represents the movement in cumulative expense between the
beginning and end of the period.
Service and non\u2011market performance conditions are not included
in the measurement of fair value at the grant date. However,
expectations regarding the satisfaction of these conditions are
reflected in the estimate of the number of equity instruments
expected to vest. Estimates are reviewed at each reporting date,
and the impact of any revision is recognised prospectively in
profit or loss over the remaining vesting period.
Where an employee does not meet the service or performance
vesting conditions, the unvested portion of the award is
forfeited. In such cases, the cumulative share\u2011based payment
expense previously recognised is reversed, as the award will not
ultimately vest. Under the terms of the ESOP, employees are
required to reimburse the Group for the unvested portion of the
shares at the prevailing market price on the forfeiture date.
A receivable is recognised for the recoverable amount and is
measured at amortised cost in accordance with IFRS 9, subject to
expected credit loss assessment. The receivable is derecognised
when settlement is received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
n) Leases
At the inception of a contract, the Group assesses whether the
arrangement constitutes, or contains, a lease. A contract is
considered a lease if it conveys the right to control the use of an
identified asset for a specified period in exchange for
consideration, consistent with the principles of IFRS 16.
Short-term leases and leases of low-value assets The Group applies the recognition exemption for short\u2011term leases and leases of low\u2011value assets. Payments on such leases are recognised as an expense on a straight\u2011line basis over the lease term. Finance leases A lease is classified as a finance lease when substantially all risk and rewards incidental to ownership are transferred to the lessee. In such cases, the underlying asset is derecognised and finance lease receivable is recognised, measured at the present value of minimum lease payments. Finance income is recognise over the lease term to reflect a constant periodic rate of return. Operating leases Leases in which the Group retains substantially all risks and rewards are classified as operating leases.
(i) Group acting as a lessee
Recognition and initial measurement
Upon commencement of a lease, the Group recognises a
right\u2011of\u2011use (ROU) asset and a corresponding lease liability for
all leases other than short\u2011term leases and leases of low\u2011value
assets.
The ROU asset is initially measured at cost, comprising:
\u2022 the initial measurement of the lease liability;
\u2022 lease payments made at or before commencement;
\u2022 initial direct costs; and
\u2022 estimated dismantling, restoration, or similar obligations;
\u2022 less any lease incentives received.
The lease liability is initially measured at the present value of
future lease payments, discounted using either the interest rate
implicit in the lease, or, where this cannot be readily determined,
the Group\u2019s incremental borrowing rate. The Group determines
its incremental borrowing rate based on prevailing borrowing
arrangements, adjusted for lease\u2011specific terms.
The Group has elected, for leases of office and branch premises,
not to separate lease and non\u2011lease components, accounting for
both as a single lease component.
Subsequent measurement
ROU assets are depreciated on a straight\u2011line basis over the lease
term unless ownership transfers or a purchase option is
reasonably certain to be exercised, in which case depreciation is
applied over the asset\u2019s useful life. ROU assets are subject to
impairment assessment consistent with IAS 36.
Lease liabilities are subsequently measured at amortised cost
using the effective interest method. Remeasurement occurs
when lease payments change due to:
\u2022 changes in an index or rate;
\u2022 reassessment of extension, termination, or purchase options;
\u2022 revised estimates of residual value guarantees; or
\u2022 changes in in\u2011substance fixed payments.
Any corresponding adjustment is made to the ROU asset unless
its carrying amount is reduced to zero, in which case the
adjustment is recognised in profit or loss.
Presentation
ROU assets are presented within property, plant and equipment.
Lease liabilities are presented within other liabilities in the
consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "o) Income taxes The Company is registered with the Guernsey Revenue Service as a Guernsey tax resident and is subject to Guernsey income tax at the standard corporate income tax rate of 0%. Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in profit or loss except to the extent that they relate to items recognised directly in equity or in other comprehensive income. (i) Current tax The Group recognises current tax based on the taxable profit for the year, using tax rates enacted or substantively enacted at the reporting date. Current tax also includes adjustments to tax payable or receivable relating to prior years. (ii) Deferred tax The Group recognises deferred tax on temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax liabilities are recognised for all taxable temporary differences, except for deferred tax arising on the initial recognition of assets or liabilities in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit, unless the transaction gives rise to equal taxable and deductible temporary differences, and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available for utilisation. Deferred tax balances are measured using tax rates expected to apply when the assets are realised or liabilities settled. Deferred tax assets and liabilities are offset when legally enforceable and relating to the same tax authority. Any additional tax arising from dividend payments is recognised when the related dividend liability is recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "
(ii) Deferred tax
The Group recognises deferred tax on temporary differences
between the carrying amounts of assets and liabilities and their
tax bases. Deferred tax liabilities are recognised for all taxable
temporary differences, except for deferred tax arising on the
initial recognition of assets or liabilities in a transaction that is
not a business combination and, at the time of the transaction,
affects neither accounting profit nor taxable profit, unless the
transaction gives rise to equal taxable and deductible temporary
differences, and deferred tax assets are recognised to the extent
that it is probable that future taxable profits will be available for
utilisation. Deferred tax balances are measured using tax rates
expected to apply when the assets are realised or liabilities
settled.
Deferred tax assets and liabilities are offset when legally
enforceable and relating to the same tax authority.
Any additional tax arising from dividend payments is recognised
when the related dividend liability is recorded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "p) Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated to MNT at exchange rates at the dates of the transactions. MNT or Mongolian Tugrik is the official currency of Mongolia and serves as the primary functional currency for entities operating within the Mongolian domestic market. It is the mandatory currency for statutory financial reporting to local authorities\u2014such as the Ministry of Finance and the Financial Regulatory Commission\u2014 ensuring transparency and compliance with Mongolian Law on Accounting and IFRS standards for domestic stakeholders, tax authorities, and local financial institutions. Monetary assets and liabilities denominated in foreign currencies are retranslated to the functional currency using the reporting date\u2019s exchange rate. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognised immediately in profit or loss. Foreign currency differences arising on translation are generally recognised in profit or loss. However, foreign currency differences arising from the translation of equity investments in respect of which an election has been made to present subsequent changes in fair value in OCI are recognised in OCI. Foreign Operations On consolidation, the results of overseas operations are translated into USD at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations, including goodwill arising on the acquisition of those operations, are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income and accumulated in the translation reserve. On disposal of a foreign operation, the cumulative exchange differences recognised in the translation reserve relating to that operation up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit or loss on disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "4. Significant accounting estimates and judgments The Group uses estimates and assumptions regarding the future. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustments to the carrying amounts of assets and liabilities within the next financial year discussed below. Judgments Information about judgments made in applying accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is included in the following notes: Going concern Management exercised significant judgment in assessing the Group\u2019s ability to continue as a going concern, taking into account the breaches of certain financial covenants during FY25 and related cross-default provisions which are described in Note 2.5 to the consolidated financial statements. Reverse acquisition Management exercised significant judgment in assessing whether the transaction represents a reverse acquisition and whether the legal acquirer meets the definition of a business under IFRS 3. In accordance with IFRS 3 Business Combinations, management first assessed which entity obtained control of the enlarged group following completion of the transaction, and concluded that ICFG Pte Ltd was the accounting acquirer, as the former shareholders of ICFG Pte Ltd obtained control of the enlarged group following the transaction. Accordingly, the transaction was identified as a reverse acquisition in accordance with IFRS 3. Management then assessed whether Fintech Asia Limited (as it was named at the time), being the accounting acquiree, met the definition of a business under IFRS 3. This assessment included consideration of whether the entity possessed substantive processes capable of generating outputs. Management concluded that Fintech Asia Limited did not meet the definition of a business but represented a listed shell entity. As the transaction fell outside the scope of IFRS 3, management concluded that the reverse acquisition should be accounted for in accordance with IFRS 2 Share-based Payment. Accordingly, the excess of the fair value of the equity instruments deemed to have been issued by ICFG Pte Ltd over the fair value of the identifiable net assets acquired was recognised as a listing expense within profit and loss. Further details regarding the accounting treatment and measurement of the listing expense are set out in Note 10. Measurement of ECL Establishing the criteria for determining whether credit risk on the financial asset has increased significantly since initial recognition, determining the methodology for incorporating forward-looking information into the measurement of ECL and selection and approval of models used to measure ECL (Note 2.5 c (vii), 14 and 31 (a)). Classification of financial assets Classification of financial assets: assessment of the business model within which the assets are held and assessment of whether the contractual terms of the financial asset are SPPI on the principal amount outstanding (Note 2.5 c (ii)). Estimates and assumptions Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are included in the following notes: \u2022 Impairment of financial assets \u2013 (Notes 13, 14, 15) \u2022 Fair value measurement of Level 3 financial instruments \u2013 (Note 32) The measurement of expected credit losses requires the use of significant judgement and estimation, particularly in determining whether there has been a significant increase in credit risk, the probability of default, loss given default and the incorporation of forward-looking macroeconomic information. The Group applies both quantitative and qualitative criteria in assessing staging of financial assets and the identification of default, including delinquency status, restructuring indicators, borrower-specific risk factors and historical repayment behaviour. Forward-looking adjustments are determined using scenario-based assumptions incorporating macroeconomic variables such as credit growth, GDP growth, inflation, unemployment rates and exchange rate movements, which are probability-weighted based on historical trends and external market forecasts. Estimation uncertainty arises principally from the use of forward-looking economic assumptions and the sensitivity of ECL outcomes to changes in those assumptions. However, a significant portion of the Group\u2019s lending exposures are supported by collateral, which reduces loss given default exposure and mitigates overall sensitivity of ECL outcomes to reasonably possible changes in macroeconomic conditions. Given the use of forward-looking information and inherent estimation uncertainty in ECL measurement, the carrying amounts of financial assets are sensitive to changes in key assumptions. A reasonably possible deterioration in credit conditions affecting Stage 3 exposures has been assessed through an increase in the loss rate applied to credit-impaired loans. If the Stage 3 loss rate increased by 20 percentage points, the expected credit loss allowance would increase by approximately USD 4.9 million, with a corresponding impact on profit before tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "
5. Net interest income
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Interest income calculated using the EIR:
Loans and advances to customers
86,479
65,379
Financial investments
704
382
Other interest income
539
369
Total interest income
87,722
66,130
Interest expense and other finance costs:
Interest expense calculated using the EIR:
Private placement of trust deposits
(9,435)
(8,747)
Borrowed funds
(16,140)
(9,697)
Issued bonds
(7,094)
(5,301)
Other finance costs:
Other interest expense
(378)
(729)
Accretion of interest on lease liabilities
(239)
(240)
Total interest expense
(33,286)
(24,714)
Net interest income
54,436
41,416
Interest income split by geographical markets is as follows:
By primary geographic markets:
Mongolia
80,708
62,017
Central Asia
7,014
4,113
Total interest income
87,722
66,130
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "2025 2024 USD\u2019000 USD\u2019000 Audited Unaudited Interest income calculated using the EIR: Loans and advances to customers 86,479 65,379 Financial investments 704 382 Other interest income 539 369 Total interest income 87,722 66,130 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Interest expense and other finance costs: Interest expense calculated using the EIR: Private placement of trust deposits (9,435) (8,747) Borrowed funds (16,140) (9,697) Issued bonds (7,094) (5,301) Other finance costs: Other interest expense (378) (729) Accretion of interest on lease liabilities (239) (240) Total interest expense (33,286) (24,714) Net interest income 54,436 41,416 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
6. Net fee, commission and other operating income
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Fee, commission and other operating income
Fee and commission income
13,420
8,417
Property management and
property sales income
2,486
1,168
Revenue from contracts with customers
2,370
3,224
Other income
1,296
1,138
Fair value gain/(loss) on financial
305
(33)
investments at FVTPL
19,877
13,914
Fee, commission and other operating expense
Fee and commission expense
(686)
(424)
Cost of inventory property sold
(1,263)
(1,430)
(1,949)
(1,854)
Total net fee, commissions
17,928
12,060
and other operating income
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "6. Net fee, commission and other operating income
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Fee, commission and other operating income
Fee and commission income
13,420
8,417
Property management and
property sales income
2,486
1,168
Revenue from contracts with customers
2,370
3,224
Other income
1,296
1,138
Fair value gain/(loss) on financial
305
(33)
investments at FVTPL
19,877
13,914
Fee, commission and other operating expense
Fee and commission expense
(686)
(424)
Cost of inventory property sold
(1,263)
(1,430)
(1,949)
(1,854)
Total net fee, commissions
17,928
12,060
and other operating income
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
7. Allowance for expected credit losses
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Loans and advances to customers
(16,188)
(5,200)
Other financial assets
(572)
(203)
Repayment of written-off loans
1,214
327
Total
(15,546)
(5,076)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
8. Employee costs
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Salaries and bonuses
11,096
8,021
Employer contribution to social
1,213
964
and health insurance
Share based payment expense
63
\u2013
Other
171
\u2013
Total
12,543
8,985
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "9. Administrative expenses
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Professional service fees
4,272
1,150
Advertisement and marketing expenses
1,066
826
Donation and social projects
906
712
IT and automation expense
847
727
Other operating expenses
3,898
2,771
Total
10,989
6,186
9.1. Audit fees Auditor\u2019s renumeration is included within administrative expenses and comprises:
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Audit of parent and consolidated
791
\u2013
financial statements
Audit of subsidiary companies
1
1,276
897
Total audit fees
2,067
897
1 The year-on-year increase is mainly driven by the increase in audit fees of NBFI components.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "9.1. Audit fees Auditor\u2019s renumeration is included within administrative expenses and comprises:
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Audit of parent and consolidated
791
\u2013
financial statements
Audit of subsidiary companies
1
1,276
897
Total audit fees
2,067
897
1 The year-on-year increase is mainly driven by the increase in audit fees of NBFI componen", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "10. Listing expense In accordance with IFRS 2, the following table summarises the calculation of the listing expense recognised on the reverse acquisition, being the excess of the fair value of the equity instruments deemed to have been issued by ICFG Pte Ltd, the accounting acquirer, over the fair value of the identifiable net liabilities of ICFG Limited (previously known as Fintech Asia Limited).
2025
USD\u2019000
Audited
Fair value of equity instruments deemed to have
been issued by ICFG Pte Ltd
12,051
Net liabilities of ICFG Limited assumed
3,981
Listing expense on reverse acquisition
16,032
", "dimensions": { "concept": "icfg:DisclosureOfListingExpense", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-402": { "value": "11. Income tax expense 11.1 The Group\u2019s subsidiaries in Mongolia are subject to corporate income tax (CIT) under a progressive rate structure. The first MNT 6 billion of annual taxable income is taxed at 10%, and taxable income exceeding that amount is taxed at 25%. Income streams taxed on a gross basis include dividends (10%), interest (10%), royalties (10%), sale of immovable property (2%), and lotteries (40%). A reduced 5% rate applies to dividend and interest income earned by investors from listed securities that meet specified conditions. The income tax expenses for the year ended 31 December 2025 and 2024 are:
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Current tax expense
Current tax on profits for the year
7,635
8,135
Adjustment in respect of current
9
(156)
income tax of prior year
Current tax expense
Deferred tax charge
43
(552)
Total income tax expenses
7,687
7,427
A reconciliation of income tax expense applicable to profit before tax for the years ended 31 December 2025 and 2024 is shown as follows:
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Profit before tax
15,724
31,934
Income tax expenses at statutory
rate of 25% based on net profit
3,931
7,984
before taxation
Adjustment in respect of current
9
(156)
income tax of prior years
Effect on expenses not allowable
1,925
1,145
for tax purpose
Effect of lower tax rates
(5,663)
(8,878)
Different tax rate applied in
overseas jurisdictions (note)
8,521
8,073
Effect on income not taxable
\u2013
(4)
Effect of movement in
unrecognised deferred tax assets
49
26
Income tax credit
(1,085)
(763)
Tax expense
7,687
7,427
Note: The Group\u2019s subsidiaries in Kyrgyzstan are subject to corporate income tax (CIT) at 10% (2024: 10%). The Group\u2019s subsidiaries in Kazakhstan are subject to corporate income tax (CIT) at 20% (2024: 20%).
11.2. Income tax payables
Movement in the income tax payable for the years is as follows:
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Balance at 1 January
2,361
2,435
Current tax expense for the year
7,635
8,135
Income taxes paid
(9,214)
(8,045)
Income tax withheld by others
(234)
\u2013
Adjustment in respect of current
(9)
(164)
income tax of prior year
Foreign exchange on translation
(58)
\u2013
Balance at 31 December
481
2,361
11.3 Deferred tax liabilities, net
As at 01 January As at 31 December
2025 2025
USD\u2019000 USD\u2019000
Unaudited Audited
Deferred tax assets/(liabilities)
Revaluation of financial
(82)
(86)
investments measured at FVOCI
Fair value change in derivatives
32
19
Timing difference from loan interest
190
2
Others
241
410
Gross deferred tax assets
463
431
Gross deferred tax liabilities
(82)
(86)
Net deferred tax assets
381
345
As at 01 January As at 31 December
2024 2024
USD\u2019000 USD\u2019000
Unaudited Unaudited
Deferred tax assets/(liabilities)
Revaluation of financial
24
(82)
investments measured at FVOCI
Fair value change in derivatives
\u2013
32
Timing difference from loan interest
141
190
Others
(237)
241
Gross deferred tax assets
165
463
Gross deferred tax liabilities
(237)
(82)
Net deferred tax assets
(72)
381
11.4 Unused tax losses
2025 2024
USD'000 USD'000
Audited Unaudited
Accumulated unused tax losses
for which no deferred tax asset
550
347
has been recognised
The Group did not utilise any unrecognised tax losses during the year. Unrecognised tax losses of USD514,000 (2024: USD322,000) can be carried forward indefinitely for future use, while the remaining balances can be carried forward for a period of four years in accordance with applicable tax legislation with no material concentration of expiry in any single year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "11.3 Deferred tax liabilities, net
As at 01 January As at 31 December
2025 2025
USD\u2019000 USD\u2019000
Unaudited Audited
Deferred tax assets/(liabilities)
Revaluation of financial
(82)
(86)
investments measured at FVOCI
Fair value change in derivatives
32
19
Timing difference from loan interest
190
2
Others
241
410
Gross deferred tax assets
463
431
Gross deferred tax liabilities
(82)
(86)
Net deferred tax assets
381
345
As at 01 January As at 31 December
2024 2024
USD\u2019000 USD\u2019000
Unaudited Unaudited
Deferred tax assets/(liabilities)
Revaluation of financial
24
(82)
investments measured at FVOCI
Fair value change in derivatives
\u2013
32
Timing difference from loan interest
141
190
Others
(237)
241
Gross deferred tax assets
165
463
Gross deferred tax liabilities
(237)
(82)
Net deferred tax assets
(72)
381
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "12. Earnings per share (a) Basic and diluted Earnings per share is calculated based on the net profit attributable to shareholders. Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the year.
2025 2024
USD'000 USD'000
Audited Unaudited
Profit from continuing operations
attributable to equity holders of
the Group
2,890
19,555
Weighted average number of
ordinary shares in issue
1
200,880,305
177,840,000
Basic profit per share from
continuing operations \u2013 USD
0.01
0.11
Diluted profit per share from
continuing operations - USD
0.01
0.11
1 Following the reverse acquisition, the Group\u2019s earnings per share has been prepared in accordance with the principles applicable to reverse acquisitions under IFRS Accounting Standards. For periods prior to the reverse acquisition, the weighted average number of ordinary shares is determined based on the historical share capital of ICFG Pte. Ltd., being the legal subsidiary and accounting acquirer, adjusted using the exchange ratio established in the transaction to reflect the capital structure of the Company. For the period from the date of the reverse acquisition, the weighted average number of ordinary shares comprises the actual shares of the Company (the legal parent and accounting acquiree) outstanding during the period. As at 31 December 2025, the Group had outstanding convertible debt with a principal amount equivalent to USD 2,695,055, originally issued at GBP 2,000,000 and convertible into ordinary shares at a conversion price of GBP 0.64 per share. Accumulated interest on the convertible debt amounted to USD 272,644 as at 31 December 2025 (representing GBP 202,329). Accordingly, the convertible debt represents a potentially dilutive instrument for the purposes o determining diluted earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "
13. Cash and bank balances
2025 2024
USD'000 USD'000
Audited Unaudited
Cash in hand
7
19
Current account at bank
45,983
39,096
Demand deposits
225
196
Term deposits
6,273
1,189
Cash in transit
843
\u2013
Total cash and bank balances
53,331
40,500
Less: Allowance for expected
(101)
(7)
credit losses
Net cash and bank balances
53,230
40,493
Less: Deposit with original maturity
(6,162)
(1,179)
more than three months
Net cash and cash equivalent:
47,068
39,314
Summary of the allowance for expected credit losses on cash and cash equivalent balances with other banks is as follows:
2025 2024
USD'000 USD'000
Audited Unaudited
Current account at bank
(101)
(7)
Total allowance for expected
(101)
(7)
credit losses
Movement of provision for impairment of other receivables is as follows:
2025 2024
USD'000 USD'000
Audited Unaudited
Balance at 1 January
(7)
(4)
Net charge/(reversal) for the year
(94)
(3)
Balance at 31 December
(101)
(7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "
14. Loans and advances to customers
Balance of loans and advances - by product type:
2025 2024
USD'000 USD'000
Audited Unaudited
Digital loan
104,406
72,522
Business loan
85,499
60,777
Vehicle loan
65,119
77,207
Consumer loan
10,886
14,614
Total loans and advances to
customers
265,910
225,120
Less: Loan issuance deferred fees
(1,251)
(993)
Less: Allowances for loans and
advances to customers
(17,272)
(9,278)
Net loans and advances to
customers
247,387
214,849
Balance of loans and advances - by stage:
2025 2024
USD'000 USD'000
Audited Unaudited
Gross carrying amount
Stage 1
215,696 \ue05a
203,932
Stage 2
20,303 \ue05a
7,872
Stage 3
28,660 \ue05a
12,323
264,659\ue042
224,127
Less: Allowance for expected credit losses
Stage 1
(2,443)\ue05a
(2,473)
Stage 2
(1,021)\ue05a
(489)
Stage 3
(13,808)
(6,316)
(17,272)\ue042
(9,278)
Provision for impairment of loans and advances to customers The Group applies the IFRS 9 general three-stage approach to measure expected credit losses. To measure expected credit losses on a collective basis, loan receivables are grouped based on similar credit risk profile and aging. Expected credit losses are determined using a probability\u2011weighted approach incorporating multiple forward\u2011looking macroeconomic scenarios, including base, upside and downside cases. These scenarios reflect management\u2019s assessment of current and forecast economic conditions, including key drivers such as GDP growth, inflation and interest rates, and consider prevailing macroeconomic and geopolitical uncertainties. Movement in the impairment allowance of loan receivables is as follows:
2025 2024
USD'000 USD'000
Audited Unaudited
At 1 January
(9,278)
(5,199)
Increased during the year
1
(16,188)
(5,200)\ue05a
Written off
2
7,831
1,098
Recovery of previously written-off
1,214
327
loans
Foreign exchange movement
(851)
(304)
At 31 December
(17,272)
(9,278)
1 The increase in impairment charges was primarily driven by the Digital loan portfolio, which is sensitive to changes in NPL levels due to its short tenor and high turnover. Since the ECL methodology incorporates historical default trends into forward-looking PD estimations, deterioration in asset quality resulted in increased impairment allowance rates across both non-performing and performing exposures, particularly in Digital loans. Impairment on receivables also increased due to new balances recognised during the year. Write\u2011offs reflect portfolio clean\u2011up in line with regulatory and internal policies, while increased recoveries were driven by enhanced collection efforts and more structured recovery processes. 2 During the year ended 31 December 2025, financial assets with a gross carrying amount of USD 7,831,342 (2024: USD 1,098,189) were written off in accordance with the Group\u2019s write off policy. The assets are written off when there is no reasonable expectation of recovery, which is determined based on objective evidence. This includes cases where (i) a court decision has been issued and the borrower has not fully repaid the outstanding balance within six months, (ii) recovery actions or enforcement procedures have been completed or terminated without success, (iii) only partial recovery has been achieved and the remaining balance is assessed as uncollectible, or (iv) the exposure has been classified as credit-impaired and no meaningful recovery is expected following sustained collection efforts. These assets continue to be subject to enforcement and recovery activities in line with the Group\u2019s credit recovery procedures. Accordingly, while the carrying amount of these assets is nil, the Group continues to pursue recovery where possible. Movement between stages of loan receivables is as follows:
Stage 1 Stage 2 Stage 3 Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Gross carrying amount as at 1 January 2025
203,932
7,872
12,323
224,127
(unaudited)
New assets originated or purchased
360,100
\u2013
\u2013
360,100
Assets derecognised or repaid
(299,980)
(6,716)
(811)
(307,507)
Transfer to/(from) Stage 1
841
(551)
(290)
\u2013
Transfer to/(from) Stage 2
(21,823)
21,877
(54)
\u2013
Transfer to/(from) Stage 3
(20,869)
(2,282)
23,151
\u2013
Write-offs
\u2013
\u2013
(7,868)
(7,868)
Net movement on accrued interest
1,004
351
2,612
3,967
Fee deferral change
(435)
68
89
(278)
Foreign exchange adjustments
(7,074)
(316
(492)
(7,882)
At 31 December 2025 (audited)
215,696
20,303
28,660
264,659
ECL allowance as at 1 January 2025 (unaudited)
(2,473)
(489)
(6,316)
(9,278)
New assets originated or purchased
(6,054)
\u2013
\u2013
(6,054)
Assets derecognised or repaid
1,430
355
1,110
2,895
Transfer to/(from) Stage 1
(198)
45
153
\u2013
Transfer to/(from) Stage 2
626
(651)
25
\u2013
Transfer to/(from) Stage 3
3,686
81
(3,767)
\u2013
Impact on ECL from stage transfer and input changes
459
(343)
(11,685)
(11,569)
Net movement on accrued interest
(4)
(38)
(1,419)
(1,461)
Foreign exchange adjustments
85
19
260
364
Write-offs
\u2013
\u2013
7,831
7,831
At 31 December 2025 (audited)
(2,443)
(1,021)
(13,808)
(17,272)
Net Loan at 31 December 2025 (audited)
213,253
19,282
14,852
247,387
Stage 1 Stage 2 Stage 3 Total
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Gross carrying amount as at 1 January 2024
137,986
3,960
5,994
147,940
(unaudited)
New assets originated or purchased
302,660
\u2013
\u2013
302,660
Assets derecognised or repaid
(221,444)
(2,773)
(2,536)
(226,753)
Transfer to/(from) Stage 1
706
(539)
(167)
\u2013
Transfer to/(from) Stage 2
(8,006)
8,074
(68)
\u2013
Transfer to/(from) Stage 3
(8,383)
(1,065)
9,448
\u2013
Write-offs
\u2013
\u2013
(1,098)
(1,098)
Net movement on accrued interest
1,556
255
824
2,635
Fee deferral change
(302)
(10)
(30)
(342)
Foreign exchange adjustments
(841)
(30)
(44)
(915)
At 31 December 2024 (unaudited)
203,932
7,872
12,323
224,127
ECL allowance as at 1 January 2024 (unaudited)
(1,571)
(384)
(3,244)
(5,199)
New assets originated or purchased
(4,436)
\u2013
\u2013
(4,436)
Assets derecognised or repaid
1,321
138
2,169
3,628
Transfer to/(from) Stage 1
(94)
25
69
\u2013
Transfer to/(from) Stage 2
81
(110)
29
\u2013
Transfer to/(from) Stage 3
422
165
(587)
(3,769)
Impact on ECL from stage transfer and input changes
1,804
(303)
(5,270)
(623)
Net movement on accrued interest
(8)
(18)
(597)
(1,280)
Foreign exchange adjustments
8
(2)
17
23
Write-offs
\u2013
\u2013
1,098
1,098
At 31 December 2024
(2,473)
(489)
(6,316)
(9,278)
Net Loan at 31 December 2024 (unaudited)
201,459
7,383
6,007
214,849
The Group applies the IFRS 9 general three-stage approach to measure expected credit losses. To measure expected credit losses on a collective basis, loan receivables are grouped based on similar credit risk profile and aging. ECL is estimated by using seven periods of historical data and current period data. The historical probability of default is calculated by considering both actual and forward-looking macroeconomic factors. The Group incorporates factors such as GDP growth, fluctuations in coal and copper prices, and the policy rate of the Central Bank, which are deemed to primarily impact expected credit losses. The carrying value of the loans and advances approximates their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "15. Other financial assets
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Financial assets at FVOCI
5,909
6,401
Financial assets at amortised cost
574
\u2013
Financial assets at FVTPL
1,675
1,147
Derivative financial assets
103
\u2013
Total
8,261
7,548
FVOCI debt instruments are held within the business model for the purposes of both collecting contractual cash flows and selling financial assets. Contractual terms of the other financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "
16. Prepayments, inventories and other receivables
2025 2024
USD'000 USD'000
Audited Unaudited
Other receivables
Due from borrowers
1
1,182
688
Other receivables
1,293
783
Due from related parties
971
480
3,446
1,951
Less: Allowance for expected
(552)
(340)
credit losses
2,894
1,611
Prepayments and inventories
Prepayments and advances
1,700\ue04f
1,011
Other tax receivables
495
280
Inventories
755
3,394
Others
128
20
3,078
4,705
Net prepayments, inventory
5,972
6,316
and other receivables
1
Receivables from borrowers include direct expenses incurred during the transfer of
collateral assets to the Group according to the fiduciary contract, such as legal expenses and
taxes related to collateral assets.
Movement in the impairment allowance for other receivables is as
follows:
2025 2024
USD'000 USD'000
Audited Unaudited
As at 1 January
(340)
(206)
Expected credit losses for the year
(286)
(200)
Write-off during the year
60
64
Foreign exchange translation
14
2
As at 31 December
(552)
(340)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "
17. Repossessed collateral and assets held for sale
Repossessed collateral
2025 2024
USD'000 USD'000
Audited Unaudited
Balance at 1 January
741
563
Addition
6,487
1,447
Transfer from asset held for sale
(6,125)
(1,266)
Transfer from property, plant and equipment
63
\u2013
Foreign exchange movement
(24)
(3)
1,142
741
Less: Allowance for expected credit losses
\u2013
(50)
1,142
691
Foreclosed properties represent real estate assets acquired by the Group in settlement of overdue loans. The Group expects to dispose of these assets in the foreseeable future. Movement in the impairment allowance for repossessed collateral is as follows:
2025 2024
USD'000 USD'000
Audited Unaudited
As at 1 January
(50)
(263)
As at 1 January
49
185
Write-off during the year
\u2013
\u2013
Foreign exchange movement
1
28
As at 31 December
\u2013
(50)
Assets held for sale
2025 2024
USD'000 USD'000
Audited Unaudited
As at 1 January
967
\u2013
Transfer from foreclosed
6,125
1,266
proprepossessed collateralserties
Transfer to property, plant and equipment
(124)
\u2013
Disposal
(4,129)
(246)
Impairment loss for the year
(37)
(47)
Foreign exchange movement
(44)
(6)
As at 31 December
2,758
967
The actions to complete the sale were initiated in the prior year. Although the disposal has not yet been completed, the delay is due to circumstances beyond the Group\u2019s control and the Group remains committed to the sale. A potential buyer has been identified and negotiations at reporting date are at an advanced stage.
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Assets held for sale
2,758
967
Repossessed collateral
1,142
691
Total
3,900
1,658
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "
18. Property, plant and equipment
Buildings Computers Vehicles Furniture and Leasehold Other assets Right of use Total
and fixtures improvement assets
accessories
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
(i) Cost
At 01 January 2024 (unaudited)
4,125
876
287
718
562
101
1,349
8,018
Acquisitions/additions
200
215
116
266
(151)
70
571
1,287
Transfer from Inventories
176
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
176
Disposals and termination
\u2013
(25)
(9)
(20)
(4)
(21)
(51)
(130)
Reclassification
(2)
(51)
(20)
85
19
(31)
\u2013
\u2013
Lease modification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(104)
(104)
Changes in consideration
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(35)
(35)
Write-off
\u2013
(36)
\u2013
(25)
(11)
(2)
\u2013
(74)
Foreign exchange movement
(17)
(3)
(1)
(5)
(1)
\u2013
(25)
(52)
At 31 December 2024
4,482
976
373
1,019
414
117
1,705
9,086
(unaudited)
Acquisitions
1,376
242
100
220
315
37
544
2,554
Transfer from Inventories
235
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
235
Disposals
\u2013
(40)
(84)
(30)
\u2013
\u2013
(105)
(263)
Lease modification
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
62
62
Transfer from assets held for sale
\u2013
\u2013
124
\u2013
\u2013
\u2013
\u2013
124
Transfer to repossessed collateral
\u2013
\u2013
(88)
\u2013
\u2013
\u2013
\u2013
(88)
Write-off
\u2013
(81)
\u2013
(40)
(25)
\u2013
\u2013
(146)
Foreign exchange movement
(178)
(35)
(15)
(35)
(17)
(3)
\u2013
(283)
At 31 December 2025 (audited)
5,915
1,062
410
1,134
687
147
2,206
11,561
(ii) Accumulated depreciation and impairment
At 01 January 2024 (unaudited)
(22)
(607)
(36)
(136)
(93)
(16)
(240)
(1,150)
Depreciation
(170)
(203)
(35)
(93)
(164)
(11)
(421)
(1,097)
Disposals
\u2013
24
5
7
4
2
\u2013
42
Reclassification
\u2013
41
7
(51)
(4)
7
\u2013
\u2013
Write-off
\u2013
35
\u2013
18
\u2013
\u2013
\u2013
53
Foreign exchange movement
1
2
(1)
2
1
1
4
10
At 31 December 2024
(191)
(708)
(60)
(253)
(256)
(17)
(657)
(2,142)
(unaudited)
Depreciation
(154)
(209)
(38)
(111)
(300)
(14)
(445)
(1,271)
Disposals
\u2013
33
12
11
\u2013
1
41
98
Transfer to repossessed collateral
\u2013
\u2013
25
\u2013
\u2013
\u2013
\u2013
25
Write-off
\u2013
80
5
20
15
\u2013
\u2013
120
Foreign exchange movement
8
26
2
9
13
\u2013
43
101
At 31 December 2025 (audited)
(337)
(778)
(54)
(324)
(528)
(30)
(1,108)
(3,069)
(iii) Net book value
At 31 December 2024 (unaudited)
4,291
268
313
766
158
100
1,048
6,944
At 31 December 2025 (audited)
5,578
284
356
810
159
117
1,188
8,492
The Group leases several properties for use as office premises in their operations. The lease agreements stipulate fixed payments over the lease
term. The Group also leases properties for providing property management services, and these leases are accounted for in accordance with IFRS
16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "19. Intangible assets Software 2025 202 USD\u2019000 USD\u201900 Audited Unaudite (i) Cost As at 1 January 1,890 1,92 Acquisitions 1,133 1 Disposals \u2013 (2 Write-off (25) (39 Foreign exchange movement (78) (5 As at 31 December 2,920 1,89 (ii) Accumulated depreciation As at 1 January (553) (358 Amortisation (259) (198 Disposals 11 Foreign exchange movement 25 As at 31 December (776) (553 (iii) Net book value As at 31 December 2,144 1,33 1 Additions during the year primarily comprise the capitalisation of software in amount of USD 419,000 and the recognition of software intangible assets of USD 422,000 arising from the acquisition of Insur LLC, together with other immaterial additions.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "20. Non-controlling interests (\u2018NCIs\u2019)
Ownership interest
Non-controlling
interests
2025 2024 2025 2024
Audited Unaudited Audited Unaudited
InvesCore NBFI JSC (\u2018InvesCore
82.29%
80.82%
17.71%
19.18%
NBFI\u2019)
Pocket NBFI LLC (\u2018Pocket NBFI\u2019)
82.29%
80.82%
17.71%
19.18%
The proportion of voting rights held by non-controlling interests is consistent with their ownership interests in all subsidiaries. Summarised financial information for IC InvesCore and Pocket NBFI, before intra-group eliminations, is presented below along with the amounts attributable to NCI:
2025 (Audited)
2024 (Unaudited)
InvesCore Pocket InvesCore Pocket
NBFI NBFI NBFI NBFI
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Statement of Comprehensive
income:
Interest income calculated using
58,758
23,098
54,608
8,127
the EIR
Interest expenses calculated using
(28,361)
(4,574)
(23,331)
(674)
the EIR and other finance costs\ue05a
Net interest income
30,397
18,524
31,277
7,453
2025 (Audited)
2024 (Unaudited)
InvesCore Pocket InvesCore Pocket
NBFI NBFI NBFI NBFI
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Fee, commission and other
operating income
2,475
14,661
555
11,878
Fee, commission and other
operating expense
(3,443)
(31)
(4,706)
(10)
Net fee, commission and
other operating income
(968)
14,630
(4,151)
11,868
Allowance for Expected credit
(9,597)
(5,759)
(3,888)
(939)
losses
Net operating income
19,832
27,395
23,238
18,382
Employee costs
(3,855)
(2,454)
(3,719)
(1,381)
Depreciation and amortisation
(751)
(337)
(742)
(145)
expense
Administrative expenses
(2,668)
(3,012)
(2,842)
(1,981)
Profit before tax
12,558
21,592
15,935
14,875
Tax expense
(2,028)
(5,136)
(3,597)
(3,282)
Profit for the year
10,530
16,456
12,338
11,593
Profit attributable to NCI
1,864
2,914
2,367
2,224
Other comprehensive income
2
\u2013
92
\u2013
allocated to NCI
Total comprehensive income
1,866
2,914
2,459
2,224
attributable to NCI
Dividends paid to NCI
(130)
\u2013
(240)
\u2013
Statement of cash flows:
Cash flows to operating activities
8,929
(25,966)
(17,033)
(11,979)
Cash flows to investing activities
(1,422)
(2,236)
(5,560)
(1,011)
Cash flows from financing
(2,240)
31,414
35,186
14,734\ue04f
activities
Net cash flow
5,267
3,212
12,593
1,744
2025 (Audited)
2024 (Unaudited)
InvesCore Pocket InvesCore Pocket
NBFI NBFI NBFI NBFI
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
Statement of financial position:
Assets:
Cash and cash equivalents
43,513
6,229
35,344
2,840
Loans and advances to customers
154,974
75,835
172,657
31,964
Other financial assets
6,358
1,538
6,401
\u2013
Prepayments, inventories and
other receivables
2,755
744
1,630
823
Repossessed collateral and assets
3,635
\u2013
1,549
\u2013
held for sale
Property, plant and equipment
2,778
1,767
3,201
1,407
Intangible assets
671
1,119
823
880
Deferred tax assets
87
225
277
72
Liabilities:
Borrowed funds
99,460
14,418
88,999
\u2013
Bond payables
14,291
9,092
12,933
6,858
Private placement of deposits
36,889
25,002
52,934
7,653
Other financial liabilities
10,168
3,111
16,310
2,402
Other non-financial liabilities
2,391
404
774
178
Current tax liabilities
(1,091)
1,265
978
1,100
Accumulated non-controlling
interests
15,887
2,373
19,005
3,517
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "21. Business combinations Acquisition during the year In March 2025, the Group, through its subsidiary SIBJ Capital, acquired 51% of the share capital of Insur LLC, the sole owner of Connect Life LLC, as part of the Group\u2019s strategic expansion into insurance-related services. The acquisition was accounted for as a business combination under IFRS\u202f3. The acquisition did not have a material impact on the Group\u2019s financial position as at 31 December 2025, or its results or cash flows for the year ended 31 December 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "
22. Borrowed funds
At 31 December 2025 At 31 December 2024
(Audited) (Unaudited)
Book Fair Book Fair
value value value value
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
From banks
\u2022 Secured
40,268
40,539
43,359
43,322
\u2022 Unsecured
12,795
13,693
13,630
11,317
From financial institutions
\u2022 Secured
1,878
2,093
\u2013
\u2013
\u2022 Unsecured
64,816
65,710
34,879
37,913
From individuals - unsecured
2,388
2,424
19
21
From corporates- unsecured
7,220
6,735
1,329
1,299
Accrued interest payable
3,437
3,471
2,091
2,109
132,802
134,665
95,307
95,981
Less: Unamortised transaction cost
(651)
(651)
(379)
(379)
Total borrowed funds
132,151
134,014
94,928
95,602
Borrowed funds
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
As at 1 January
94,928
63,077
Cash movements
New disbursement/additions
259,798
202,192
Interest paid
(12,780)
(8,304)
Repayment of principal
(226,936)
(168,134)
Non-cash movements
Interest accrued
16,140
9,642
Transfer to equity
\u2013
(3,525)
Foreign exchange movement
1,001
(20)
As at 31 December
132,151
94,928
The Group\u2019s borrowings bear interest at both fixed and floating rates. Annual fixed interest rates range from 5.5% to 22%, while annual floating rates range from 8.95% to 16.65%. Covenant breaches and cross-default implications In FY25, InvesCore was in breach of certain financial covenants relating primarily to portfolio quality metrics under specific borrowing arrangements, and these breaches remain ongoing as at the date of approval of these consolidated financial statements. Under the terms of these facilities, such breaches provide the relevant lenders with the contractual right to demand immediate repayment. In addition, certain of the Group's borrowing agreements contain cross-default provisions, whereby a covenant breach or event of default under one facility constitutes a default under other borrowing arrangements. As a result, borrowings of USD 41.3 million (2024: nil) relating to covenant breaches, together with borrowings of USD 30.7 million (2024: nil) subject to cross-default provisions were re-classified as current liabilities as at 31 December 2025. Further details on maturity of borrowed funds are set out in Note 33. As of the date of this report, no lenders have exercised their rights to demand early repayment. The Group is not in default of any principal or interest payments in respect of its borrowings at all times. Management is implementing remediation actions and expects the Group to meet its covenant requirements by the end of 2026. Movement in borrowed funds:", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "25. Other financial liabilities
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Other financial liabilities
Accrued payables
2,532
1,173
Other financial liabilities
1,689
1,214
Payables to merchants
1
1,477
1,156
Lease liabilities
2
1,266
1,096
Due to related parties\ue04f
644
901
Due to customers\ue04f
337
452
Derivative financial liabilities\ue04f
100
176
Total
8,045
6,168
1 Payables to merchants include prepayment, overpayment of borrowers and prepayment and advance receipt under an arrangement from retail loan distributor channel partner. 2 The lease liabilities are measured at their discounted present value using the Group\u2019s incremental borrowing rates. These rates represent the interest rates that would be paid on the same loan from an independent lender, under identical terms and conditions. The discount rates used range from 16.3-21.2% in 2025 (2024: between 16.3% to 21.2%). Lease liabilities
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
At 1 January
1,096
1,161
Additions
708
821
Lease modification
71
4
Termination of lease
(80)
(20)
Accretion of interest (Note 5)
239
240
Lease payment
(490)
(1,109)
Interest paid
(239)
\u2013
Foreign exchange movements
(39)
(1)
Total
1,266
1,096
Derivative financial instruments The table below shows the fair value of derivative financial instruments recorded as assets or liabilities together with their notional amounts. The notional amount, recorded gross, is the amount of a derivative\u2019s underlying asset, reference rate or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transactions outstanding at the year end and are indicative of neither the market risk nor the credit risk.
Notional\ue056\ue056
Fair value\ue056
amount\ue056 Assets\ue056 Liabilities\ue056
USD\u2019000 USD\u2019000 USD\u2019000
At 31 December 2025 (audited)
Derivatives\ue056
Cross currency swap contracts
1
2,754
103
\u2013
Foreign currency forward contracts
2
5,029
\u2013
(100)
7,783
103
(100)
At 31 December 2024 (Unaudited)
Derivatives\ue056
Cross currency swap contracts
1
3,997
36
(67)
Foreign currency forward contracts
2
2,393
\u2013
(145)
6,390
36
(212)
1 The Group enters into cross-currency interest rate swap agreements with theXac Bank. At initiation, the Group paid USD funds to Xac the Bank and received MNT funds at the spot rate. During the term of the agreement with Xac the Bank, the Group receives interest on USD funds at SOFR plus a certain margin and pays interest on MNT funds at the central bank repo rate. At the end of the term of agreements, the parties shall exchange the principal payments at the exchange rate of the initial transaction. The Group has cross currency swap agreements with foreign financial institutions consisting of multiple transactions executed between July 2024 and May 2025, to exchange USD for KGS at the agreed spot exchange rate. 2 On 30 June 2025, the Group entered into cross\u2011currency interest rate swap (CCIRS) agreement to hedge its foreign currency exposure arising from a USD 5 million loan obtained from a foreign financial institution. Under the terms of the CCIRS agreements, the Group pays a fixed interest rate of 17.47% on the MNT denominated leg and receives a fixed interest rate of 8.8% on the USD denominated leg. The swap agreements have contractual maturity ending in 15 June 2028. In accordance with the Credit Support Annex to the CCIRS agreements, the Group placed cash collateral. The Group\u2019s exposure under derivative agreements is closely monitored as part of the overall management of its market risk. Risk management strategy and how it is applied to manage risks are disclosed in Note 31. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "23. Bonds payable
At 31 December 2025 At 31 December 2024
(Audited) (Unaudited)
Book value Book value
USD\u2019000 USD\u2019000
Type of bond\ue056
Listed bonds (Level 1)
1
2,000
\u2013
Unlisted bonds (Level 2)\ue04f
29,971
36,102
Accrued interest payable\ue04f
782
803
32,753
36,905
Less: Unamortised transaction cost
(226)
(271)
Total bonds payable\ue056
32,527
36,634
1 Listed bonds represent instruments issued on Mongolian Stock Exchange. These instruments are classified as Level 1 as they are traded in an active market. Bonds are measured at amortised cost. The Group has assessed that the carrying amounts approximate fair value as at the reporting date based on the contractual maturity profile of the instruments and the use of market-based interest rates. Movement in bonds payable:
Bonds payable
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
As at 1 January
36,634
19,703
Cash movements
New disbursement/additions
23,288
36,145
Interest paid
(7,315)
(4,957)
Repayment of principal
(25,841)
(19,478)
Non-cash movements
Interest accrued
7,094
5,271
Foreign exchange movement
(1,333)
(50)
As at 31 December
32,527
36,634
All bonds carry a fixed interest rate of interest and range between 17% - 20% per annum and are unsecured.", "dimensions": { "concept": "icfg:DisclosureOfBondsPayable", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "24. Private placement of trust deposits The Group\u2019s operating licences in Mongolia permit it to accept trust deposits from customers and pay interest on such deposits: At 31 December 2025
(Audited) (Unaudited)
Book value Book value
USD\u2019000 USD\u2019000
Individuals\ue04f
39,777\ue04f
42,655
Corporates\ue04f
16,503
13,303
Accrued interest payables\ue04f
3,920
3,689
Total private placement of
trust deposits
60,200
59,647
At 31 December 2024 The private placement of trust deposits are measured at amortised cost. Due to their short\u2011term nature and the fact that they earn market\u2011based interest rates ranging from 3% to 25% (2024: 5% to 22%), management considers the carrying amounts of these deposits to approximate their fair value. Movement in private placement of trust deposits:
Private placement of deposits
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
As at 1 January
59,647
41,221
Cash movements
New disbursement/additions
104,737
89,375
Interest paid
(9,062)
(7,143)
Repayment of principal
(102,364)
(72,287)
Non-cash movements
Interest accrued
9,435
8,697
Foreign exchange movement
(2,193)
(216)
As at 31 December
60,200
59,647
", "dimensions": { "concept": "icfg:DisclosureOfPrivatePlacementOfTrustDeposits", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "
26. Other non-financial liabilities
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Other financial liabilities
Withholding tax payable\ue04f
1,999
279\ue04f
Other non-financial liabilities\ue04f
1,191
903\ue04f
Total
3,190
1,182\ue056
", "dimensions": { "concept": "icfg:DisclosureOfOtherFonFinancialLiabilities", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "27. Share capital and premium As at 31 December 2025, the Company issued 203,957,116 ordinary shares with no par value. Details about the Company\u2019s share structure are provided as follows:
2025 (Audited)
2024 (Unaudited)
Number Share Share Number Share Share
of shares capital premium of shares capital premium
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
At 1 January
1
6,814,384\ue056
5,145
\u2013
6,814,384\ue056
5,145
\u2013
Conversion of
convertible loan
6,357,116\ue04f
\u2013
4,557
\u2013
\u2013
\u2013
notes
2
Share issuance due
to reverse
177,840,000
\u2013
141,658
\u2013
\u2013
\u2013
acquisition
3
Equity
reorganisation due
to reverse
acquisition:
\u2022 Removal of
share structure
(6,814,384)
(5,145)
\u2013
\u2013
\u2013
\u2013
of ICFG Pte. Ltd
\u2022 Introduction of
share structure
19,760,000\ue04f
\u2013
2,540
\u2013
\u2013
\u2013
of ICFG Limited
At 31 December
203,957,116
\u2013
148,755
6,814,384
5,145
\u2013
1 The balances as at 1 January 2025 reflects the share structure of ICFG Pte. Ltd being the accounting acquirer for reverse acquisition on 12 February 2025. 2 Immediately prior to reverse acquisition, the Company issued 6,357,116 new Ordinary Shares at 58 pence each to the holders of the A, B and C convertible notes in full conversion of amounts due (principal and interest) of USD 4,557,186 as at 12 February 2025. 3 On 12 February 2025, the Company entered into the acquisition of the entire issued and paid-up share capital of ICFG Pte Ltd together with its subsidiaries by way of issuing 177,840,000 new ordinary shares in the Company to the previous shareholders of ICFG Pte Ltd at valuation of 64 pence per share. The total fair value of shares issued amounted to GBP 113,817,600.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "
28. Other capital reserve and other reserve
Other capital reserve
Other reserve
Merger Share Total Other Fair Total
reserve based reserves value
paym- reserves
ent
reserve
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000
At 1 January 2024
\u2013
\u2013
\u2013
\u2013
(166)
(166)
(unaudited)
Net gain on FVOCI
\u2013
\u2013
\u2013
\u2013
386
386
instruments
Movement of
regulatory reserve
\u2013
\u2013
\u2013
1,131
\u2013
1,131
Transfer of
revaluation reserve
\u2013
\u2013
\u2013
\u2013
(40)
(40)
due to disposal
At 31 December
\u2013
\u2013
\u2013
1,131
180
1,311
2024 (unaudited)
Net gain on FVOCI
\u2013
\u2013
\u2013
\u2013
9
9
instruments
Equity
reorganisation due
(131,763)
\u2013
(131,763)
\u2013
\u2013
\u2013
to reverse
acquisition
Movement of
regulatory reserve
\u2013
\u2013
\u2013
286
\u2013
286
Transfer of
revaluation reserve
\u2013
\u2013
\u2013
\u2013
(46)
(46)
due to disposal
Movement on
share-based
\u2013
63
63
\u2013
\u2013
\u2013
payment reserve
Translation
\u2013
\u2013
\u2013
\u2013
1
1
movements
At 31 December
(131,763)
63
(131,700)
1,417
144
1,561
2025 (audited)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "29. Related party transactions 29.1 Key management personnel Total remuneration awarded to key management personnel and directors, as shown below, represents salaries, bonuses, and employer contributions to social and health insurance received during the year, as well as awards made as part of the latest remuneration decisions related to the year. During the year, the Company operated a share\u2011based payment program under which equity\u2011settled awards were granted to related parties, including key management personnel and directors. The purpose of the program is to align related parties\u2019 interests with those of shareholders and to promote long\u2011term value creation. \u2022 Board of Directors: Non executive and executive directors responsible for governance oversight. \u2022 Key management personnel: Senior executives (chief officers) with authority over planning, directing, and controlling operations. Figures are provided for the year that individuals met the definition of key management personnel and directors (2025: 42), and (2024: 42) as outlined below:
2025 2024
USD\u2019000 USD\u2019000
Audited Unaudited
Short-term benefit:\ue037
Salary and bonuses
2,438
1,423\ue04f
Employer contribution to
social and health insurance
176
122
Share-based payment
63
\u2013
Interest expenses
(135)
(78)
Due from key management
127
57
personnel
Due to key management
(595)
(3,011)
personnel
2,074
(1,487)
29.2 Subsidiaries Please refer to Note 2.4 for details of subsidiaries of the Group. 29.3 Other related parties Other related parties of the Group with which there have been transactions or outstanding balances in the period of report are identified as follows:
Related party
Country of incorporation
Relationship
Transactions
IVCH SG Pte Ltd\ue04f
Singapore
Loans and advances\ue04f
iCore Partners LLC
Mongolia\ue04f
InvesCore Leasing LLC\ue04f
Mongolia
Abico LLC\ue04f
Mongolia
Sales and purchases of goods and services
AliCore LLC\ue04f
Mongolia
InvesCore Asset Management LLC\ue04f
Mongolia
MGL Aqua JSC\ue04f
Mongolia
Colo Thinking Design LLC
Mongolia
Entity controlled by key management
personnel
ESP Future mutual fund\ue04f
Mongolia
Sakhara max invest LLC\ue04f
Mongolia
Land and House LLC\ue04f
Mongolia
Mongolia Talent Network LLC\ue04f
Mongolia
InvesCore Japan Co., Ltd\ue04f
Mongolia
IC Reit LLC\ue04f
Mongolia
Isure LLC\ue04f
Mongolia
Finberry LLC\ue04f
Mongolia
Transfers of intangible assets
Business Media LLC
Mongolia
Sales and purchases of goods and services
Datacom LLC\ue04f
Mongolia
Entity controlled by key management
Mongolia Investment Rating Mongolia personnel
Agency LLC\ue04f
Corex LLC\ue04f Sales and purchases of goods and services
Mongolia Key management personnel is a member
Transactions with related parties As the transactions are not individually material, the amounts included in the Group\u2019s consolidated financial statements, aggregated by category or nature of transactions, for the year ended 31 December 2025 and 31 December 2024 are as follows. These transactions were carried out on normal commercial terms and conditions and at market rates.
Income
Expense
2025\ue042 2024 2025\ue042 2024
USD'000 USD'000 USD'000 USD'000
Audited\ue042 Unaudited Audited\ue042 Unaudited
Other related
1,593
1,042
(306)
(64)
parties
Due from related parties
Due to related parties
2025\ue042 2024 2025\ue042 2024
USD'000 USD'000 USD'000 USD'000
Audited\ue042 Unaudited Audited\ue042 Unaudited
Other related
3,082
1,875
(1,824)
(428)
parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Amounts due from related parties Compliance with covenants 2025\ue042 30. Contingent liabilities and commitments that no significant losses will be incurred. imposed by the relevant authorities or regulators. Obligation and guarantee of loans to customers current and previous reporting dates are as follows: 2024 Occasionally, as part of normal business operations, the Group may receive claims. Based on its own estimates, management believes Except for the covenant breaches detailed in Note 22, there have been no breaches of other covenants including the regulatory ones To meet the financial needs of its customers, the Group issues lines o credit, thereby entering into contractual obligations to provide these facilities. The Group had not provided any financial guarantees. For undrawn credit limits by its customers, no provisions have been made as they are immaterial. The outstanding credit commitment as of the USD'000 USD'000 Audited\ue042 Unaudited Credit commitment undrawn by customer 4,520 7,084 Less: Allowance for expected (58) \u2013 credit losses 4,462 7,084", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "a) Credit risk General objectives, policies and procedures The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retainin ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to InvesCore NBFI\u2019s credit committee. Management receives monthly reports from the Chief Financial Officer and the credit committee of InvesCore NBFI, through which it reviews the effectiveness of credit risk management processes and the appropriateness of the objectives and policies. The Group\u2019s internal auditors independently review the risk management policies and processes and report their findings to the Audit Committee. The overall objective of the management is to set policies that seek to reduce risk as much as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Credit risk is defined as the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is primarily exposed to credit risk due to customers potentially being unable to fulfil their obligations under loan agreements, impairment of collateral, and the inability to meet obligations with the collateral. The credit committee of InvesCore NBFI manages credit risk in an integrated manner by regularly discussing and resolving issues. If necessary, these issues are escalated and discussed at Board meetings of InvesCore NBFI and the Company. InvesCore NBFI follows the Risk Management Policy issued by credit committee for its loan activities. According to the policy, the risk management process consists of five interrelated stages. 2. Risk analysis and measurement 3. Risk assessment \u2013 Quantitative and qualitative approaches appropriate to the nature of the risk The main purpose of credit risk management is to optimize the level of risks and expected returns of loan activities. The Group adheres to the following principles in their credit risk management activities: 3. Operating within the framework of policies and procedures 4. Providing complete loan documentation 6. Adherence to limits set and diversification of the loan portfolio To manage the level of credit risk, InvesCore NBFI sets limits on the amount of risk it is willing to accept for individual borrowers or groups of borrowers. The level of exposure to credit risk is managed through ongoing analysis of borrowers' and potential borrowers' ability to meet interest and principal repayment obligations. Credit limits are adjusted as needed to mitigate risk. Furthermore, exposure to credit risk is managed by securing collateral and obtaining In addition to internal credit risk management policies, the Group complies with prudential regulatory requirements imposed by all relevant regulators in FY24 and FY25. These requirements include minimum asset risk reserve adequacy, single borrower exposure limits, related party exposure limits, and payment guarantee exposure ratios. Compliance with these prudential ratios is monitored internally on a monthly basis and reported to the regulator on a The maximum exposure to credit risk, excluding collateral and other (In thousands of USD) 5. Consistency quarterly basis. 31 December 2025 1. Risk identification 4. Risk treatment 5. Monitoring and review 1. Accountability 2. Independence corporate or personal guarantees. credit enhancements, is as follows: 31 December 2024 Gross maximum Gross maximum exposure exposure\ue04f (audited) (unaudited) Cash and bank balance\ue04f 53,331 40,500 Loans and advances to customers\ue04f 264,659 222,050 Debt instruments at FVOCI 5,314 6,401 Other financial assets 3,340 1,598 Total insurance. InvesCore NBFI collateralises real estates with LTV ratios of up-to 80% and cars with LTV ratios of up-to 70% in keeping with loan 326,644 purchase loans and investment loans. 270,549 Other credit enhancements refer to strategies and tools to mitigate risks associated with loan such as collateral, guarantees and procedure regulations. Furthermore, InvesCore NBFI collaborates with the 7 top Mongolian insurance companies (Practical insurance, Mandal insurance, Nomin insurance, Bodi insurance, Khaan insurance, Tenger insurance and Munkh insurance) to insure car Percentage of exposure 2025 2024 Significant concentrations of credit risk Principal type The Group\u2019s credit risk is primarily concentrated in loans and banks operating in Mongolia. Management mitigates this However, the loan portfolio is geographically concentrated in these exposures are limited in size and are subject to internal shown above represent the current credit risk exposure. that is subject to Audited financial institutions. investment limits. Unaudited and retail, financial services, and real estate. of collatera collateral requirements held advances to customers, which represent the most significant portion of its financial assets. In addition, credit risk is also concentrated in cash and bank balances, which are held with a limited number of As at 31 December 2025, approximately 82% (2024: 80%) of the Group\u2019s cash and bank balances were held with five local commercia concentration by placing funds only with banks that meet internal credit quality requirements and are subject to ongoing monitoring. The Group\u2019s loan portfolio is not significantly concentrated in any single borrower or group of related borrowers, as exposure limits ar applied in accordance with the Group\u2019s Risk Management Policy. Mongolia, where the Group operates, and is diversified across variou industry sectors, including consumer finance, construction, wholesal The Group does not have any significant concentration of credit risk arising from debt instruments at FVOCI or other financial assets, as Where financial instruments are recorded at fair value, the amounts Loans and advances to corporate customers\ue056 Business loan 98.8% 97.5%Property, vehicles and equipmen Car loan 99.5% 100%Property, vehicles and equipmen Property Consumer loan 75.6% 85%vehicles, goods in turnover, cash deposit Property and Rapid loan 100% 100% other financia instruments Digital loan 0%\ue04f 0%Not subject to collatera 31 December 2025 (Audited) included in Note 31 (a). Credit quality analysis amounts for financial assets. (In thousands of PD range\ue056 Stage 1\ue056 Stage 2 Stage 3 Total of financial assets measured at amortized cost based on the Group\u2019s internal credit quality grading. Unless specifically indicated, the amounts in the table represent gross carrying Explanation of the terms \u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 is USD) The following table sets out information about the credit quality Performing 0.01 \u2013 7.6% 278,631 \u2013 \u2013 278,631 Past due\ue04f 5 \u2013 49.9% \u2013 20,452 \u2013 20,452 Substandard\ue04f\ue04f 25 -100% \u2013 \u2013 13,161 13,161 Doubtful\ue04f\ue04f 50 -100% \u2013 \u2013 11,344 11,344 Loss\ue04f 100% \u2013 \u2013 4,797 4,797 Deferred fee\ue04f (1,151) (58) (42)\ue04f (1,251) Gross amount\ue056\ue056 277,480 20,394 29,260 327,134 31 December 2024 (Unaudited) (In thousands of PD range\ue056 Stage 1\ue056 Stage 2\ue056 Stage 3\ue056 Total USD) Performing 0.02-4.8%\ue04f 251,924 \u2013 \u2013 251,924 Past due\ue04f 3-71.3%\ue04f \u2013 8,013\ue04f\ue04f \u2013 8,013 Substandard\ue04f\ue04f 100%\ue04f \u2013 \u2013 3,810 3,810 Doubtful\ue04f\ue04f 100%\ue04f \u2013 \u2013 5,359\ue04f\ue04f 5,359 Loss\ue04f 100%\ue04f \u2013 \u2013 3,595\ue04f\ue04f 3,595 Deferred fee\ue04f (918)\ue04f (31)\ue04f (44)\ue04f (993) Total Collateral and other credit enhancements The Group maintains collateral coverage in order to mitigate credit risk. The following table sets out the principal types of To mitigate the credit risk associated with financial assets, the Group requires collateral primarily for business and consumer product. For business loans, collateral includes both movable and immovable assets. For consumer loans, the underlying assets financed by the loan proceeds are typically used as collateral. For digital loans disbursed through the Pocket platform, the Group require collateral. 251,006 Amounts arising from ECL 7,982 12,720 271,708 collateral held against different types of financials assets. loans. The type of collateral varies depending on the loan relies on the borrower's credit scoring model and does not Inputs, assumptions and methodology used for estimating impairment Significant increase in credit risk When assessing whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers relevant and readily available information without undue cost or effort. This includes both quantitative and qualitative analysis, drawing on the Group\u2019s historical experience, expert credit assessments, and forward-looking information. The Group uses three criteria to determine whether there has been a significant increase in credit risk: \u2022 quantitative test based on movement in probability of default (PD); \u2022 qualitative indicators; and \u2022 a backstop indicator: If a financial asset is more than 30 days past due, or has been restructured, and if both internal and external ratings have decreased by two or more grades, it is assigned to Stage 2. If a financial asset is more than 90 days past due and therefore considered defaulted, it is allocated to Stage 3. Credit risk grades The Group allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Each exposure is allocated to a credit risk grade at initial recognition based on available information about the borrower. Exposures are subject to ongoing monitoring, which may result in exposure being moved to a different credit risk grade. The monitoring typically involves use of the following data to determine the impairment of financial asset: the borrower\u2019s financial condition, credit usage, contract restructuring, repayment history, income stability, economic trends, and references from law enforcement agencies. Sources of date include: \u2022 Internally collected data on customer behaviour, such as credit card usage; \u2022 External data from credit reference agencies; \u2022 Internally collected payment records, detailing overdue status and payment ratios; \u2022 Internally collected data on utilization of the approved credit limit; \u2022 Internally collected record of instances of forbearance requests and approvals; \u2022 Internal research on anticipated changes in economic, business, and financial conditions; \u2022 External data from law enforcement agencies. Generating the term structure of PD Determining whether credit risk has increased significantly The Group assesses whether credit risk has increased significant since initial recognition at each reporting period. Determining whether an increase in credit risk is significant depends on the characteristics of the financial instrument and the borrower. Credit risk may also be deemed to have increased significantly since initial recognition based on qualitative factors linked to the Group\u2019s credit risk management procedures, which may not be fully captured in the quantitative analysis in a timely manner. Such qualitative factors are based on the Group\u2019s expert judgement and relevant historical experience and are applied to the exposures that meet certain heightened risk criteria, such as placement on a watch list. As a backstop, the Group considers that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days from the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the borrower. If there is evidence that there is no longer a significant increase in credit risk relative to initial recognition, then the loss allowance on a financial instrument return to being measured as 12-month ECL. Some qualitative indicators of increased credit risk, such as delinquency or forbearance, may suggest a heightened risk of default that continues even after the indicator itself has ceased t exist. For instance, when the contractual terms of a loan have been modified, evidence that the criteria for recognizing lifetime ECL are no longer met includes a history of up-to-date payment performance in accordance with the modified contractual terms. The Group monitors the effectiveness of the criteria used to identify significant increases in credit risk through regular reviews to ensure that: \u2022 The criteria are capable of identifying significant increases in credit risk before exposure is in default. \u2022 The criteria do not align solely with the point in time when an asset becomes 30 days past due. \u2022 The average time between the identification of a significant increase in credit risk and default is reasonable. \u2022 Exposures are not generally transferred directly from 12- month ECL measurement to credit-impaired status. \u2022 There is no unwarranted volatility in loss allowance due to transfers between 12-month ECL (Stage 1) and lifetime ECL measurements (Stage 2). Definition of default The Group considers a financial asset to be in default when: \u2022 Insolvency: The borrower is considered insolvent for the following reasons: \u2022 Significant financial deterioration \u2022 Having difficulty paying interest or principal payment \u2022 Likelihood of bankruptcy or other financial restructuring \u2022 The asset is past due by more than 90 days. In assessing whether a borrower is in default, the Group considers indicators based on data developed internally and obtained from external sources: \u2022 Qualitative: e.g., breaches of covenant \u2022 Quantitative: e.g., overdue status and non-payment on another obligation to the Group Inputs into the assessment of whether a financial instrument is in default, and their significance, may vary over time to reflect change s in circumstances. Incorporation of forward-looking information The Group incorporates forward-looking information into both the assessment of whether the credit risk of an instrument has increase d significantly since its initial recognition and the measurement of EC L. The key drivers for credit risk include GDP growth, unemployment rates, and interest rates. Due to the short average life of the Group' s loan portfolio, the sensitivity to these key drivers is insignificant. Modified financial assets The contractual terms of a loan may be modified for a number of reasons, including changing market conditions, customer retention initiatives or, in certain cases, financial difficulty of the borrower. For modified financial assets, the Group assesses whether there ha s been a significant increase in credit risk (SICR\u2019) by comparing the ris k of default at the reporting date, based on the modified contractual terms, with the risk of default at initial recognition, based on the original, unmodified contractual terms. A modification of contractu al terms does not automatically result in a change in credit risk classification. Exposures with no significant increase in credit risk since initial recognition are classified as Stage 1. Exposures that have experienced a significant increase in credit risk are classified as Stag e 2, taking into account both quantitative and qualitative factors, including delinquency status and, where relevant, restructuring indicators. Exposures that are credit-impaired, including those with contractual payments past due by more than 90 days or otherwise assessed as defaulted, are classified as Stage 3. Measurement of ECL The key inputs into the measurement of Expected Credit Losses (EC L) are based on the term structure of the following variables: \u2022 Probability of Default (PD) \u2022 Loss Given Default (LGD) \u2022 Exposure at Default (EAD) For exposures in Stage 1, the 12-month ECL is calculated by multiplying the 12-month PD by LGD and EAD. Lifetime ECL is calculated similarly but uses the lifetime PD instead of the 12- month PD . LGD represents the expected loss magnitude in the event of default. LGD models take into consideration the structure of the financial asset, any collateral involved, the seniority of the claim, the industry of the counterparty, and the recovery cost associated with collateral integral to the asset. LGD estimates are adjusted for various economic scenarios and are calculated using a discounted cash flow approach, with the effective interest rate serving as the discount factor. EAD represents the anticipated exposure in the event of a default. The Group determines EAD based on the current exposure to the counterparty, considering potential changes allowed under the contract and arising from amortization. For a financial asset, EAD is the gross carrying amount at the time of default. For lending commitments, EAD encompasses potential future amounts that may be drawn under the contract, estimated using historical data and forward-looking forecasts. In the case of financial guarantees, EAD equals the exposure under the guarantee at the point when it becomes payable. As described above, and subject to using a maximum of a 12-month PD for Stage 1 financial assets, the Group measures ECL by considering the risk of default over the maximum contractual period, which includes any borrower's extension options, over which it is exposed to credit risk. This measurement applies even if, for credit risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to demand repayment of an advance or terminate a loan commitment or guarantee. Credit risk arising on cash at bank deposits The Group maintains cash at bank in a variety of banks across the portfolio of operations, giving rise to a level of credit risk associated with the credit worthiness of the banks with whom funds are held. As at the reporting date, a total of 97% (2024: 97%) of all funds held were lodged with banks with a credit rating of B2 or above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Risk management financial risks: a. Credit risk b. Market risk i. Interest rate risk ii. Foreign exchange risk c. Liquidity risk section. \u2022 Other financial assets \u2022 Other financial liabilities 31. Financial instruments - Risk management (i) Principal financial instruments financial instrument risk arises, are as follows: \u2022 Loans and advances to customers \u2022 Cash and cash equivalents \u2022 Private placement of trust deposit The Group is exposed through its operations to the following In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and procedures for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout this The principal financial instruments used by the Group, from which (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value include cash and cash equivalents, loans to customers, other financial assets, borrowings, bonds, convertible debt, trust deposit liabilities, and other financial liabilities. Due to their short-term nature, the carrying value of cash and cash equivalents, other financial assets, and other payables approximates their fair value. a) Credit risk General objectives, policies and procedures The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retainin g ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to InvesCore NBFI\u2019s credit committee. Management receives monthly reports from the Chief Financial Officer and the credit committee of InvesCore NBFI, through which it reviews the effectiveness of credit risk management processes and the appropriateness of the objectives and policies. The Group\u2019s internal auditors independently review the risk management policies and processes and report their findings to the Audit Committee. The overall objective of the management is to set policies that seek to reduce risk as much as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Credit risk is defined as the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is primarily exposed to credit risk due to customers potentially being unable to fulfil their obligations under loan agreements, impairment of collateral, and the inability to meet obligations with the collateral. The credit committee of InvesCore NBFI manages credit risk in an integrated manner by regularly discussing and resolving issues. If necessary, these issues are escalated and discussed at Board meetings of InvesCore NBFI and the Company. InvesCore NBFI follows the Risk Management Policy issued by credit committee for its loan activities. According to the policy, the risk management process consists of five interrelated stages. 2. Risk analysis and measurement 3. Risk assessment \u2013 Quantitative and qualitative approaches appropriate to the nature of the risk The main purpose of credit risk management is to optimize the level of risks and expected returns of loan activities. The Group adheres to the following principles in their credit risk management activities: 3. Operating within the framework of policies and procedures 4. Providing complete loan documentation 6. Adherence to limits set and diversification of the loan portfolio To manage the level of credit risk, InvesCore NBFI sets limits on the amount of risk it is willing to accept for individual borrowers or groups of borrowers. The level of exposure to credit risk is managed through ongoing analysis of borrowers' and potential borrowers' ability to meet interest and principal repayment obligations. Credit limits are adjusted as needed to mitigate risk. Furthermore, exposure to credit risk is managed by securing collateral and obtaining In addition to internal credit risk management policies, the Group complies with prudential regulatory requirements imposed by all relevant regulators in FY24 and FY25. These requirements include minimum asset risk reserve adequacy, single borrower exposure limits, related party exposure limits, and payment guarantee exposure ratios. Compliance with these prudential ratios is monitored internally on a monthly basis and reported to the regulator on a The maximum exposure to credit risk, excluding collateral and other (In thousands of USD) 5. Consistency quarterly basis. 31 December 2025 1. Risk identification 4. Risk treatment 5. Monitoring and review 1. Accountability 2. Independence corporate or personal guarantees. credit enhancements, is as follows: 31 December 2024 Gross maximum Gross maximum exposure exposure\ue04f (audited) (unaudited) Cash and bank balance\ue04f 53,331 40,500 Loans and advances to customers\ue04f 264,659 222,050 Debt instruments at FVOCI 5,314 6,401 Other financial assets 3,340 1,598 Total insurance. InvesCore NBFI collateralises real estates with LTV ratios of up-to 80% and cars with LTV ratios of up-to 70% in keeping with loan 326,644 purchase loans and investment loans. 270,549 Other credit enhancements refer to strategies and tools to mitigate risks associated with loan such as collateral, guarantees and procedure regulations. Furthermore, InvesCore NBFI collaborates with the 7 top Mongolian insurance companies (Practical insurance, Mandal insurance, Nomin insurance, Bodi insurance, Khaan insurance, Tenger insurance and Munkh insurance) to insure car Percentage of exposure 2025 2024 Significant concentrations of credit risk Principal type The Group\u2019s credit risk is primarily concentrated in loans and banks operating in Mongolia. Management mitigates this However, the loan portfolio is geographically concentrated in these exposures are limited in size and are subject to internal shown above represent the current credit risk exposure. that is subject to Audited financial institutions. investment limits. Unaudited and retail, financial services, and real estate. of collatera l collateral requirements held advances to customers, which represent the most significant portion of its financial assets. In addition, credit risk is also concentrated in cash and bank balances, which are held with a limited number of As at 31 December 2025, approximately 82% (2024: 80%) of the Group\u2019s cash and bank balances were held with five local commercia l concentration by placing funds only with banks that meet internal credit quality requirements and are subject to ongoing monitoring. The Group\u2019s loan portfolio is not significantly concentrated in any single borrower or group of related borrowers, as exposure limits ar e applied in accordance with the Group\u2019s Risk Management Policy. Mongolia, where the Group operates, and is diversified across variou s industry sectors, including consumer finance, construction, wholesal e The Group does not have any significant concentration of credit risk arising from debt instruments at FVOCI or other financial assets, as Where financial instruments are recorded at fair value, the amounts Loans and advances to corporate customers\ue056 Business loan 98.8% 97.5%Property, vehicles and equipmen t Car loan 99.5% 100%Property, vehicles and equipmen t Property , Consumer loan 75.6% 85%vehicles, goods in turnover, cash deposit s Property and Rapid loan 100% 100% other financia l instruments Digital loan 0%\ue04f 0%Not subject to collatera l 31 December 2025 (Audited) included in Note 31 (a). Credit quality analysis amounts for financial assets. (In thousands of PD range\ue056 Stage 1\ue056 Stage 2 Stage 3 Total of financial assets measured at amortized cost based on the Group\u2019s internal credit quality grading. Unless specifically indicated, the amounts in the table represent gross carrying Explanation of the terms \u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 is USD) The following table sets out information about the credit quality Performing 0.01 \u2013 7.6% 278,631 \u2013 \u2013 278,631 Past due\ue04f 5 \u2013 49.9% \u2013 20,452 \u2013 20,452 Substandard\ue04f\ue04f 25 -100% \u2013 \u2013 13,161 13,161 Doubtful\ue04f\ue04f 50 -100% \u2013 \u2013 11,344 11,344 Loss\ue04f 100% \u2013 \u2013 4,797 4,797 Deferred fee\ue04f (1,151) (58) (42)\ue04f (1,251) Gross amount\ue056\ue056 277,480 20,394 29,260 327,134 31 December 2024 (Unaudited) (In thousands of PD range\ue056 Stage 1\ue056 Stage 2\ue056 Stage 3\ue056 Total USD) Performing 0.02-4.8%\ue04f 251,924 \u2013 \u2013 251,924 Past due\ue04f 3-71.3%\ue04f \u2013 8,013\ue04f\ue04f \u2013 8,013 Substandard\ue04f\ue04f 100%\ue04f \u2013 \u2013 3,810 3,810 Doubtful\ue04f\ue04f 100%\ue04f \u2013 \u2013 5,359\ue04f\ue04f 5,359 Loss\ue04f 100%\ue04f \u2013 \u2013 3,595\ue04f\ue04f 3,595 Deferred fee\ue04f (918)\ue04f (31)\ue04f (44)\ue04f (993) Total Collateral and other credit enhancements The Group maintains collateral coverage in order to mitigate credit risk. The following table sets out the principal types of To mitigate the credit risk associated with financial assets, the Group requires collateral primarily for business and consumer product. For business loans, collateral includes both movable and immovable assets. For consumer loans, the underlying assets financed by the loan proceeds are typically used as collateral. For digital loans disbursed through the Pocket platform, the Group require collateral. 251,006 Amounts arising from ECL 7,982 12,720 271,708 collateral held against different types of financials assets. loans. The type of collateral varies depending on the loan relies on the borrower's credit scoring model and does not Inputs, assumptions and methodology used for estimating impairment Significant increase in credit risk When assessing whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers relevant and readily available information without undue cost or effort. This includes both quantitative and qualitative analysis, drawing on the Group\u2019s historical experience, expert credit assessments, and forward-looking information. The Group uses three criteria to determine whether there has been a significant increase in credit risk: \u2022 quantitative test based on movement in probability of default (PD); \u2022 qualitative indicators; and \u2022 a backstop indicator: If a financial asset is more than 30 days past due, or has been restructured, and if both internal and external ratings have decreased by two or more grades, it is assigned to Stage 2. If a financial asset is more than 90 days past due and therefore considered defaulted, it is allocated to Stage 3. Credit risk grades The Group allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Each exposure is allocated to a credit risk grade at initial recognition based on available information about the borrower. A Exposures are subject to ongoing monitoring, which may result in exposure being moved to a different credit risk grade. The monitoring typically involves use of the following data to determine the impairment of financial asset: the borrower\u2019s financial condition, credit usage, contract restructuring, repayment history, income stability, economic trends, and references from law enforcement agencies. Sources of date include: \u2022 Internally collected data on customer behaviour, such as credit card usage; \u2022 External data from credit reference agencies; \u2022 Internally collected payment records, detailing overdue status and payment ratios; \u2022 Internally collected data on utilization of the approved credit limit; \u2022 Internally collected record of instances of forbearance requests and approvals; \u2022 Internal research on anticipated changes in economic, business, and financial conditions; \u2022 External data from law enforcement agencies. Generating the term structure of PD Determining whether credit risk has increased significantly The Group assesses whether credit risk has increased significant l since initial recognition at each reporting period. Determining whether an increase in credit risk is significant depends on the characteristics of the financial instrument and the borrower. Credit risk may also be deemed to have increased significantly since initial recognition based on qualitative factors linked to the Group\u2019s credit risk management procedures, which may not be fully captured in the quantitative analysis in a timely manner. Such qualitative factors are based on the Group\u2019s expert judgement and relevant historical experience and are applied to the exposures that meet certain heightened risk criteria, such as placement on a watch list. As a backstop, the Group considers that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days from the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the borrower. If there is evidence that there is no longer a significant increase in credit risk relative to initial recognition, then the loss allowance on a financial instrument return to being measured as 12-month ECL. Some qualitative indicators of increased credit risk, such as delinquency or forbearance, may suggest a heightened risk of default that continues even after the indicator itself has ceased t o exist. For instance, when the contractual terms of a loan have been modified, evidence that the criteria for recognizing lifetime ECL are no longer met includes a history of up-to-date payment performance in accordance with the modified contractual terms. The Group monitors the effectiveness of the criteria used to identify significant increases in credit risk through regular reviews to ensure that: \u2022 The criteria are capable of identifying significant increases in credit risk before exposure is in default. \u2022 The criteria do not align solely with the point in time when an asset becomes 30 days past due. \u2022 The average time between the identification of a significant increase in credit risk and default is reasonable. \u2022 Exposures are not generally transferred directly from 12- month ECL measurement to credit-impaired status. \u2022 There is no unwarranted volatility in loss allowance due to transfers between 12-month ECL (Stage 1) and lifetime ECL measurements (Stage 2). Definition of default The Group considers a financial asset to be in default when: \u2022 Insolvency: The borrower is considered insolvent for the following reasons: \u2022 Significant financial deterioration \u2022 Having difficulty paying interest or principal payment \u2022 Likelihood of bankruptcy or other financial restructuring \u2022 The asset is past due by more than 90 days. In assessing whether a borrower is in default, the Group considers indicators based on data developed internally and obtained from external sources: \u2022 Qualitative: e.g., breaches of covenant \u2022 Quantitative: e.g., overdue status and non-payment on another obligation to the Group Inputs into the assessment of whether a financial instrument is in default, and their significance, may vary over time to reflect change in circumstances. Incorporation of forward-looking information The Group incorporates forward-looking information into both the assessment of whether the credit risk of an instrument has increase significantly since its initial recognition and the measurement of EC The key drivers for credit risk include GDP growth, unemployment rates, and interest rates. Due to the short average life of the Group' loan portfolio, the sensitivity to these key drivers is insignificant. Modified financial assets The contractual terms of a loan may be modified for a number of reasons, including changing market conditions, customer retention initiatives or, in certain cases, financial difficulty of the borrower. For modified financial assets, the Group assesses whether there ha been a significant increase in credit risk (SICR\u2019) by comparing the ris of default at the reporting date, based on the modified contractual terms, with the risk of default at initial recognition, based on the original, unmodified contractual terms. A modification of contractu terms does not automatically result in a change in credit risk classification. Exposures with no significant increase in credit risk since initial recognition are classified as Stage 1. Exposures that have experienced a significant increase in credit risk are classified as Stag 2, taking into account both quantitative and qualitative factors, including delinquency status and, where relevant, restructuring indicators. Exposures that are credit-impaired, including those with contractual payments past due by more than 90 days or otherwise assessed as defaulted, are classified as Stage 3. Measurement of ECL The key inputs into the measurement of Expected Credit Losses (EC are based on the term structure of the following variables: \u2022 Probability of Default (PD) \u2022 Loss Given Default (LGD) \u2022 Exposure at Default (EAD) For exposures in Stage 1, the 12-month ECL is calculated by multiplying the 12-month PD by LGD and EAD. Lifetime ECL is calculated similarly but uses the lifetime PD instead of the 12- month PD . LGD represents the expected loss magnitude in the event of default. LGD models take into consideration the structure of the financial asset, any collateral involved, the seniority of the claim, the industry of the counterparty, and the recovery cost associated with collateral integral to the asset. LGD estimates are adjusted for various economic scenarios and are calculated using a discounted cash flow approach, with the effective interest rate serving as the discount factor. EAD represents the anticipated exposure in the event of a default. The Group determines EAD based on the current exposure to the counterparty, considering potential changes allowed under the contract and arising from amortization. For a financial asset, EAD is the gross carrying amount at the time of default. For lending commitments, EAD encompasses potential future amounts that may be drawn under the contract, estimated using historical data and forward-looking forecasts. In the case of financial guarantees, EAD equals the exposure under the guarantee at the point when it becomes payable. As described above, and subject to using a maximum of a 12-month PD for Stage 1 financial assets, the Group measures ECL by considering the risk of default over the maximum contractual period, which includes any borrower's extension options, over which it is exposed to credit risk. This measurement applies even if, for credit risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to demand repayment of an advance or terminate a loan commitment or guarantee. Credit risk arising on cash at bank deposits The Group maintains cash at bank in a variety of banks across the portfolio of operations, giving rise to a level of credit risk associated with the credit worthiness of the banks with whom funds are held. As at the reporting date, a total of 97% (2024: 97%) of all funds held were lodged with banks with a credit rating of B2 or above. b) Market risk Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rate (currency risk) or other market factors (other market price risk). i) Interest rate risk The Group defines interest rate risk as the potential loss due to a negative impact from adverse changes in interest rates and their implied volatility. The Group\u2019s lending, funding and investment activities give rise to interest rate risk. The immediate impact of variation in interest rate is on the Group\u2019s net interest income, while a long-term impact is on the Group\u2019s net worth as the economic value of the Group\u2019s assets, liabilities and off-balance sheet exposures will be affected. Change in interest rate Currency\ue056 interest rates are shown below: Sensitivity of net interest in\ue056\ue056 expense\ue056 The Group\u2019s risk function periodically monitors the compliance against its risk appetite on the Group\u2019s interest rate position. The following table presents the sensitivity analysis demonstrating the potential impact of a reasonable change in interest rates, while holding all other variables constant, on the Group\u2019s statement of comprehensive income. The sensitivity analysis measures the effect of assumed changes in interest rates on net interest income for one year, based on the floating rate of financial assets and financial liabilities held as of 31 December 2025 and 31 December 2024. Amount of interest-bearing receivables and liabilities, and related basis point\ue056 2025\ue056 2024\ue056 Audited Unaudited USD\u2019000\ue04f USD\u2019000\ue04f Borrowed funds\ue04f +/-100\ue04f\ue04f MNT\ue04f 331/(331) 153/(153) +/-100\ue04f\ue04f USD\ue04f 66/(66) \u2013 +/-100\ue04f\ue04f GBP\ue04f 11/(11) \u2013 +/-100\ue04f\ue04f ii) Foreign currency risk SGD\ue04f 6/(6) 2/(2) Foreign currency risk is the risk that the fair value of financial instruments fluctuates as a result of changes in foreign currency rates. This risk arises from foreign currency transactions and recognised assets and liabilities denominated in the foreign currencies. As of 31 December 2025, and 31 December 2024, the Group\u2019s net exposure to foreign exchange risk is presented below. 2025 (Audited) 2024 (Unaudited) Impact on profit or loss\ue056\ue056 Impact on profit or loss\ue056\ue056 Net exposure to Strengthening by Weakening by 8% the presentation currency of the Group, with all other variables held constant. Net exposure to Strengthening Weakening by 8% foreign currency 8% foreign currency by 8%\ue056 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 The table also presents sensitivities of profit or loss to reasonably possible changes in exchange rates applied as of 31 December 2025 against MNT 86,224 6,898 (6,898) 84,136 6,731 (6,731) JPY\ue04f 563\ue04f\ue04f 45 (45)\ue04f 1,648 132 (132) KGS\ue04f 7,881 630 (630) 7,519 602 (602) Other1 1 c) Liquidity risk needs. 755 Other currencies include the KTZ, Euro and Singapore Dollar. 60 cash flows, available funding sources and planned mitigating actions. (60) collections and recoveries and prioritise liquidity preservation measures, if required. 2,787 223 Liquidity risk refers to the risk that the Group may be unable to fulfil its short-term financial obligations as they come due. (223) The Group's policy is designed to ensure it always has adequate cash on hand to meet its liabilities promptly. To achieve this objective, the Gro up maintains cash reserves and utilises agreed-upon facilities, such as overdraft facilities with multiple financial institutions, to cover anticipated The Group actively manages liquidity risk through ongoing monitoring of projected and actual cash flows, maintenance of cash reserves, utilisation of committed facilities and continued access to domestic funding channels, including trust deposits, bond issuances and other fundi ng instruments in Mongolia. Liquidity risk assessments are performed regularly and reviewed by management and the Board of Directors. The Group\u2019s principal assets comprise short-term microfinance and consumer lending portfolios, which generate recurring cash inflows throug h regular repayments and collections. The Group also maintains operational flexibility to moderate new loan disbursements, increase focus on Management expects the Group to continue to maintain sufficient liquidity to meet its financial obligations as they fall due based on projected The following table sets out the contractual maturities of the Group\u2019s financial liabilities, representing undiscounted contractual cash flows by remaining maturity:
As at 31 December 2025\ue056
On demand
Up to 3 months Between 3 and 12 \ue042 Between 1 and 2\ue056 Between 2 and 5\ue056 Total
months \ue042 Years\ue056 Years\ue056 (Audited)
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000
Financial assets
Cash and bank balances
45,751
3,483
4,573
\u2013
\u2013
53,807
Loans and advances to customers
9,540
53,710
76,986
129,886
121,227
391,349
Financial assets
\u2013
2,346
614
6,022
138
9,120
Prepayments, inventories and
other receivables
1,240
1,320
2
250
250
3,062
Total financial assets
56,531
60,859
82,175
136,158
121,615
457,338
As at 31 December 2025\ue056
Financial liabilities
Borrowed funds\ue04f
72,543
7,401
11,232
50,624
4,708
146,508
Bond payables\ue04f
\u2013
13,206
15,846
11,468
\u2013
40,520
Private placement of deposits\ue04f
18
9,632
52,026
1,189
\u2013
62,865
Derivative financial liabilities\ue04f
\u2013
\u2013
439666
346
127
912
Other financial liabilities\ue04f
\u2013
5,800
489
268
286
6,843
Lease liabilities\ue04f
\u2013
224
422
466
405
1,517
Total financial liabilities\ue056
72,561
36,263
80,454
64,361
5,526
259,165
Net position
(16,030)
24,596
1,721
71,797
116,089
198,173
As at 31 December 2024\ue056
On demand
Up to 3 months Between 3 and 12 Between 1 and 2\ue056 Between 2 and 5\ue056 Total
months Years\ue056 Years\ue056 (Unaudited)
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000
Financial assets
Cash and bank balances\ue04f
39,115
221
1,179
\u2013
\u2013
40,515
Loans and advances to customers\ue04f
9,286
39,402
82,698
117,504
84,307
333,197
Financial assets
\u2013
2,305
5,474
\u2013
\u2013
7,779
Prepayments, inventories and
other receivables
554
1,279
26
\u2013
\u2013
1,859
Other financial assets
48,955
43,207\ue042
89,377\ue056
117,504\ue056\ue056
84,307\ue056
383,350
Financial liabilities
Borrowed funds\ue04f
85
23,778
48,973
30,335
13,517
116,688
Bond payables\ue04f
\u2013
3,932
28,353
8,384
2,103
42,772
Private placement of deposits\ue04f
\u2013
17,784
47,001
220
\u2013
65,005
Derivative financial liabilities\ue04f
\u2013
4,391
666666
1,332
\u2013
6,389
Other financial liabilities\ue04f
\u2013
4,360
489
34
\u2013
4,883
Lease liabilities\ue04f
\u2013
104
339
388
455
1,286
Total financial liabilities\ue056
85
54,349
125,821
40,693
16,075
237,023
Net position
48,870
(11,142)
(36,444)
76,811
68,232
146,327
d. Disclosure of capital The Group controls \u2018adjusted capital\u2019, which consists of all components of the equity (e.g. share premium, non-controlling interest, retained earnings and other reserves). The primary objectives of the Group\u2019s capital management are: \u2022 Ensure compliance with the minimum capital requirements set by the Financial Regulatory Commission of Mongolia; \u2022 Support the Group\u2019s financial stability and ability to continue as a going concern, consistent with the Group\u2019s going concern assessment (Note 2.5) and longer-term viability assessment; \u2022 Provide shareholders with appropriate returns by setting prices for products and services based on the level of risk involved. In accordance with the requirements of the Financial Regulatory Commission of Mongolia, the Group is required to maintain minimum regulatory capital and comply with applicable capital adequacy requirements. The Group monitors its capital structure and ensures ongoing compliance with these externally imposed requirements. The Group determines the amount of capital it needs relative to its risk exposure. It actively manages its capital structure and adjusts it in response to changes in economic conditions and the risk profile of its underlying assets. To maintain or modify its capital structure, the Group may adjust dividend payments, conduct share buybacks, issue new shares, or sell assets to reduce debt. These actions are taken to optimize the Group's financial position and align its capital with its risk tolerance and business strategy. e. Operational risk management In the operational risk management framework of the Group, operational risk is defined as the potential for loss arising from inadequate or failed internal processes, human errors, system failures, or external events. All employees are accountable for preventing situations that could lead to operational risk incidents and for promptly reporting any significant operational risk incidents. Roles and responsibilities are allocated based on the Three Lines of Defence as outlined below: The First Line of Defence, comprising Business Units and supporting units, is responsible for several key tasks within the operational risk management framework: ensuring the implementation and execution of robust, effective, and efficient controls; reporting on the effectiveness of operational risk controls; accepting operational risk based on the approved risk acceptance matrix; and implementing follow-up measures commensurate with the level of operational risk identified. The Second Line of Defence, represented by the Risk Management Department, holds several responsibilities within the operational risk management framework: reviewing and challenging all process assessments and follow-up measures; monitoring the performance of operational risk metrics; and escalating operational risk matters to the Risk Management Committee for appropriate attention and action. The Third Line of Defence, Internal Audit, is tasked with providing assurance on the effectiveness of governance, risk management, and internal controls. This includes assessing how the first and second lines of defence fulfil their risk management and control objectives. The risk appetite statement is reviewed and approved annually by the Board of Directors. Monitoring of risk appetite occurs on a monthly basis, with reports provided to the monthly Risk Management Committee and quarterly to the Board Risk Management Committee. i) Fraud risk Fraud risk is managed through a comprehensive Anti-Fraud Policy and Whistleblowing Policy, forming the cornerstone of a robust framework where the intolerance for fraud is clearly outlined. These policies ensure that all employees grasp the significance of identifying and reporting any fraudulent incidents. By cultivating a culture of vigilance and accountability, every employee is empowered to actively engage in detecting and reporting potential fraud, thereby strengthening the Group\u2019s dedication to mitigating fraud risk and upholding the integrity of its operations. ii) Health and safety The Group addresses Occupational Health and Safety (OHS) risks through a comprehensive framework, incorporating established OHS procedures and designating an OHS officer to oversee compliance and safety measures. Regular OHS annual training and awareness programs ensure that all employees are well-versed in safety protocols and best practices. To oversee and mitigate risks, the Group tracks OHS incident metrics monthly, presenting detailed reports to the Risk Management Committee for review and action. Furthermore, the presence of an OHS incident response team ensures prompt and effective responses to any safety incidents, thereby reducing potential risks and fostering a safe working environment. iii) Product or service malfunction and/or deficiency The Group effectively manages product and service errors or deficiencies within an operational risk framework, employing a robust system that commences with thorough product development procedures. These procedures require risk assessments prior to product launch to proactively identify and mitigate potential risks. The Group upholds a stringent control environment to ensure continuous oversight and compliance with regulatory standards. Regular risk reporting facilitates timely identification and documentation of any emerging issues, allowing for swift resolution. Moreover, a well-defined customer complaint resolution procedure ensures swift investigation and resolution of any reported deficiencies. Certified by ISO 9001, the Group adheres to international quality management standards, reinforcing its commitment to excellence and continuous improvement. This certification underscores the Group's dedication to maintaining high standards of quality and reliability, thereby safeguarding its reputation and ensuring customer satisfaction. iv) Business disruption The management of business disruptions is facilitated through the implementation of a Business Continuity Plan (BCP), which assures resilience and prompt recovery in unforeseen circumstances. This plan incorporates well-defined risk tolerances related to business disruptions, such as core system uptime ratios and internet service availability, to sustain vital operations. It delineates comprehensive protocols for addressing diverse disruption scenarios, ensuring the uninterrupted continuity of essential functions with minimal disruptions. Routine testing and revisions of the BCP are conducted to ensure its ongoing effectiveness and applicability. Through imposing rigorous standards for system uptime and service reliability, the Group emphasises the significance of operational continuity. v) Legal and Compliance risk The Group effectively mitigates legal and compliance risks through the collaborative efforts of its Legal Unit and Risk and Compliance units, dedicated to proactively prevent such risks. The Group employs thorough legal assessments and compliance protocols, with the legal team meticulously scrutinizing all operations to ensure conformity with pertinent legal standards. Additionally, the legal team offers timely recommendations to address any identified instances of non-compliance. The Group reinforces compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations through robust policies and procedures, complemented by mandatory annual training for all staff. Through the integration of these strategies, the Group fortifies its defences against legal and compliance risks, thereby safeguarding its operations and reputation. vi) Information technology The Group manages IT risk through a multifaceted approach anchored by adherence to the ISO 27001 standard, renowned for its stringent framework in information security management. An integral part of this strategy involves a dedicated IT team responsible for implementing and upholding these standards, ensuring the establishment of robust security measures for safeguarding sensitive data and systems. This team conducts regular risk assessments, oversees IT infrastructure, and promptly addresses any identified vulnerabilities. Furthermore, the Group enforces stringent access controls, employs data encryption measures, and maintains continuous monitoring to counter cyber threats effectively. Through the utilization of the IT team's expertise and compliance with internationally recognised standards, the Group effectively mitigates IT risks, thereby ensuring the security and integrity of its technological assets. f) Climate related risks and uncertainties Management has assessed the potential effects of climate related risks on the Group\u2019s financial position, financial performance, and cash flows, taking into consideration the likelihood of both physical risks (such as extreme weather events) and transition risks (including changes in regulation, market behavior, and economic conditions Based on this assessment, management has concluded that climate associated with climate change). related risks do not give rise to a material uncertainty that would have a significant impact on the carrying amounts of the Group\u2019s assets and liabilities as at 31 December 2025. In particular, management has considered the potential impact of climate related risks on loan portfolio credit quality, collateral valuations, expected credit losses, liquidity, and funding, and has determined that no material adjustments to the financial statements are required as at the reporting date. The Group\u2019s loan portfolio is primarily short to medium term in nature and is secured by collateral, which is subject to conservative loan to value limits and ongoing monitoring. Accordingly, management does not consider climate related risks to be a significant source of estimation uncertainty for the Group at the reporting date. Management will continue to monitor developments related to climate change and regulatory developments and will update its assessment in future reporting periods as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "Risk management financial risks: a. Credit risk b. Market risk i. Interest rate risk ii. Foreign exchange risk c. Liquidity risk section. \u2022 Other financial assets \u2022 Other financial liabilities 31. Financial instruments - Risk management (i) Principal financial instruments financial instrument risk arises, are as follows: \u2022 Loans and advances to customers \u2022 Cash and cash equivalents \u2022 Private placement of trust deposit The Group is exposed through its operations to the following In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and procedures for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout this The principal financial instruments used by the Group, from which (ii) Financial instruments not measured at fair value Financial instruments not measured at fair value include cash and cash equivalents, loans to customers, other financial assets, borrowings, bonds, convertible debt, trust deposit liabilities, and other financial liabilities. Due to their short-term nature, the carrying value of cash and cash equivalents, other financial assets, and other payables approximates their fair value. a) Credit risk General objectives, policies and procedures The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retainin g ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to InvesCore NBFI\u2019s credit committee. Management receives monthly reports from the Chief Financial Officer and the credit committee of InvesCore NBFI, through which it reviews the effectiveness of credit risk management processes and the appropriateness of the objectives and policies. The Group\u2019s internal auditors independently review the risk management policies and processes and report their findings to the Audit Committee. The overall objective of the management is to set policies that seek to reduce risk as much as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Credit risk is defined as the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is primarily exposed to credit risk due to customers potentially being unable to fulfil their obligations under loan agreements, impairment of collateral, and the inability to meet obligations with the collateral. The credit committee of InvesCore NBFI manages credit risk in an integrated manner by regularly discussing and resolving issues. If necessary, these issues are escalated and discussed at Board meetings of InvesCore NBFI and the Company. InvesCore NBFI follows the Risk Management Policy issued by credit committee for its loan activities. According to the policy, the risk management process consists of five interrelated stages. 2. Risk analysis and measurement 3. Risk assessment \u2013 Quantitative and qualitative approaches appropriate to the nature of the risk The main purpose of credit risk management is to optimize the level of risks and expected returns of loan activities. The Group adheres to the following principles in their credit risk management activities: 3. Operating within the framework of policies and procedures 4. Providing complete loan documentation 6. Adherence to limits set and diversification of the loan portfolio To manage the level of credit risk, InvesCore NBFI sets limits on the amount of risk it is willing to accept for individual borrowers or groups of borrowers. The level of exposure to credit risk is managed through ongoing analysis of borrowers' and potential borrowers' ability to meet interest and principal repayment obligations. Credit limits are adjusted as needed to mitigate risk. Furthermore, exposure to credit risk is managed by securing collateral and obtaining In addition to internal credit risk management policies, the Group complies with prudential regulatory requirements imposed by all relevant regulators in FY24 and FY25. These requirements include minimum asset risk reserve adequacy, single borrower exposure limits, related party exposure limits, and payment guarantee exposure ratios. Compliance with these prudential ratios is monitored internally on a monthly basis and reported to the regulator on a The maximum exposure to credit risk, excluding collateral and other (In thousands of USD) 5. Consistency quarterly basis. 31 December 2025 1. Risk identification 4. Risk treatment 5. Monitoring and review 1. Accountability 2. Independence corporate or personal guarantees. credit enhancements, is as follows: 31 December 2024 Gross maximum Gross maximum exposure exposure\ue04f (audited) (unaudited) Cash and bank balance\ue04f 53,331 40,500 Loans and advances to customers\ue04f 264,659 222,050 Debt instruments at FVOCI 5,314 6,401 Other financial assets 3,340 1,598 Total insurance. InvesCore NBFI collateralises real estates with LTV ratios of up-to 80% and cars with LTV ratios of up-to 70% in keeping with loan 326,644 purchase loans and investment loans. 270,549 Other credit enhancements refer to strategies and tools to mitigate risks associated with loan such as collateral, guarantees and procedure regulations. Furthermore, InvesCore NBFI collaborates with the 7 top Mongolian insurance companies (Practical insurance, Mandal insurance, Nomin insurance, Bodi insurance, Khaan insurance, Tenger insurance and Munkh insurance) to insure car Percentage of exposure 2025 2024 Significant concentrations of credit risk Principal type The Group\u2019s credit risk is primarily concentrated in loans and banks operating in Mongolia. Management mitigates this However, the loan portfolio is geographically concentrated in these exposures are limited in size and are subject to internal shown above represent the current credit risk exposure. that is subject to Audited financial institutions. investment limits. Unaudited and retail, financial services, and real estate. of collatera l collateral requirements held advances to customers, which represent the most significant portion of its financial assets. In addition, credit risk is also concentrated in cash and bank balances, which are held with a limited number of As at 31 December 2025, approximately 82% (2024: 80%) of the Group\u2019s cash and bank balances were held with five local commercia l concentration by placing funds only with banks that meet internal credit quality requirements and are subject to ongoing monitoring. The Group\u2019s loan portfolio is not significantly concentrated in any single borrower or group of related borrowers, as exposure limits ar e applied in accordance with the Group\u2019s Risk Management Policy. Mongolia, where the Group operates, and is diversified across variou s industry sectors, including consumer finance, construction, wholesal e The Group does not have any significant concentration of credit risk arising from debt instruments at FVOCI or other financial assets, as Where financial instruments are recorded at fair value, the amounts Loans and advances to corporate customers\ue056 Business loan 98.8% 97.5%Property, vehicles and equipmen t Car loan 99.5% 100%Property, vehicles and equipmen t Property , Consumer loan 75.6% 85%vehicles, goods in turnover, cash deposit s Property and Rapid loan 100% 100% other financia l instruments Digital loan 0%\ue04f 0%Not subject to collatera l 31 December 2025 (Audited) included in Note 31 (a). Credit quality analysis amounts for financial assets. (In thousands of PD range\ue056 Stage 1\ue056 Stage 2 Stage 3 Total of financial assets measured at amortized cost based on the Group\u2019s internal credit quality grading. Unless specifically indicated, the amounts in the table represent gross carrying Explanation of the terms \u2018Stage 1\u2019, \u2018Stage 2\u2019 and \u2018Stage 3\u2019 is USD) The following table sets out information about the credit quality Performing 0.01 \u2013 7.6% 278,631 \u2013 \u2013 278,631 Past due\ue04f 5 \u2013 49.9% \u2013 20,452 \u2013 20,452 Substandard\ue04f\ue04f 25 -100% \u2013 \u2013 13,161 13,161 Doubtful\ue04f\ue04f 50 -100% \u2013 \u2013 11,344 11,344 Loss\ue04f 100% \u2013 \u2013 4,797 4,797 Deferred fee\ue04f (1,151) (58) (42)\ue04f (1,251) Gross amount\ue056\ue056 277,480 20,394 29,260 327,134 31 December 2024 (Unaudited) (In thousands of PD range\ue056 Stage 1\ue056 Stage 2\ue056 Stage 3\ue056 Total USD) Performing 0.02-4.8%\ue04f 251,924 \u2013 \u2013 251,924 Past due\ue04f 3-71.3%\ue04f \u2013 8,013\ue04f\ue04f \u2013 8,013 Substandard\ue04f\ue04f 100%\ue04f \u2013 \u2013 3,810 3,810 Doubtful\ue04f\ue04f 100%\ue04f \u2013 \u2013 5,359\ue04f\ue04f 5,359 Loss\ue04f 100%\ue04f \u2013 \u2013 3,595\ue04f\ue04f 3,595 Deferred fee\ue04f (918)\ue04f (31)\ue04f (44)\ue04f (993) Total Collateral and other credit enhancements The Group maintains collateral coverage in order to mitigate credit risk. The following table sets out the principal types of To mitigate the credit risk associated with financial assets, the Group requires collateral primarily for business and consumer product. For business loans, collateral includes both movable and immovable assets. For consumer loans, the underlying assets financed by the loan proceeds are typically used as collateral. For digital loans disbursed through the Pocket platform, the Group require collateral. 251,006 Amounts arising from ECL 7,982 12,720 271,708 collateral held against different types of financials assets. loans. The type of collateral varies depending on the loan relies on the borrower's credit scoring model and does not Inputs, assumptions and methodology used for estimating impairment Significant increase in credit risk When assessing whether the risk of default on a financial instrument has increased significantly since initial recognition, the Group considers relevant and readily available information without undue cost or effort. This includes both quantitative and qualitative analysis, drawing on the Group\u2019s historical experience, expert credit assessments, and forward-looking information. The Group uses three criteria to determine whether there has been a significant increase in credit risk: \u2022 quantitative test based on movement in probability of default (PD); \u2022 qualitative indicators; and \u2022 a backstop indicator: If a financial asset is more than 30 days past due, or has been restructured, and if both internal and external ratings have decreased by two or more grades, it is assigned to Stage 2. If a financial asset is more than 90 days past due and therefore considered defaulted, it is allocated to Stage 3. Credit risk grades The Group allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of default and applying experienced credit judgement. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default. Each exposure is allocated to a credit risk grade at initial recognition based on available information about the borrower. Exposures are subject to ongoing monitoring, which may result in exposure being moved to a different credit risk grade. The monitoring typically involves use of the following data to determine the impairment of financial asset: the borrower\u2019s financial condition, credit usage, contract restructuring, repayment history, income stability, economic trends, and references from law enforcement agencies. Sources of date include: \u2022 Internally collected data on customer behaviour, such as credit card usage; \u2022 External data from credit reference agencies; \u2022 Internally collected payment records, detailing overdue status and payment ratios; \u2022 Internally collected data on utilization of the approved credit limit; \u2022 Internally collected record of instances of forbearance requests and approvals; \u2022 Internal research on anticipated changes in economic, business, and financial conditions; \u2022 External data from law enforcement agencies. Generating the term structure of PD Determining whether credit risk has increased significantly The Group assesses whether credit risk has increased significant l y since initial recognition at each reporting period. Determining whether an increase in credit risk is significant depends on the characteristics of the financial instrument and the borrower. Credit risk may also be deemed to have increased significantly since initial recognition based on qualitative factors linked to the Group\u2019s credit risk management procedures, which may not be fully captured in the quantitative analysis in a timely manner. Such qualitative factors are based on the Group\u2019s expert judgement and relevant historical experience and are applied to the exposures that meet certain heightened risk criteria, such as placement on a watch list. As a backstop, the Group considers that a significant increase in credit risk occurs no later than when an asset is more than 30 days past due. Days past due are determined by counting the number of days from the earliest elapsed due date in respect of which full payment has not been received. Due dates are determined without considering any grace period that might be available to the borrower. If there is evidence that there is no longer a significant increase in credit risk relative to initial recognition, then the loss allowance on a financial instrument return to being measured as 12-month ECL. Some qualitative indicators of increased credit risk, such as delinquency or forbearance, may suggest a heightened risk of default that continues even after the indicator itself has ceased t o exist. For instance, when the contractual terms of a loan have been modified, evidence that the criteria for recognizing lifetime ECL are no longer met includes a history of up-to-date payment performance in accordance with the modified contractual terms. The Group monitors the effectiveness of the criteria used to identify significant increases in credit risk through regular reviews to ensure that: \u2022 The criteria are capable of identifying significant increases in credit risk before exposure is in default. \u2022 The criteria do not align solely with the point in time when an asset becomes 30 days past due. \u2022 The average time between the identification of a significant increase in credit risk and default is reasonable. \u2022 Exposures are not generally transferred directly from 12- month ECL measurement to credit-impaired status. \u2022 There is no unwarranted volatility in loss allowance due to transfers between 12-month ECL (Stage 1) and lifetime ECL measurements (Stage 2). Definition of default The Group considers a financial asset to be in default when: \u2022 Insolvency: The borrower is considered insolvent for the following reasons: \u2022 Significant financial deterioration \u2022 Having difficulty paying interest or principal payment \u2022 Likelihood of bankruptcy or other financial restructuring \u2022 The asset is past due by more than 90 days. In assessing whether a borrower is in default, the Group considers indicators based on data developed internally and obtained from external sources: \u2022 Qualitative: e.g., breaches of covenant \u2022 Quantitative: e.g., overdue status and non-payment on another obligation to the Group Inputs into the assessment of whether a financial instrument is in default, and their significance, may vary over time to reflect change s in circumstances. Incorporation of forward-looking information The Group incorporates forward-looking information into both the assessment of whether the credit risk of an instrument has increase d significantly since its initial recognition and the measurement of EC L. The key drivers for credit risk include GDP growth, unemployment rates, and interest rates. Due to the short average life of the Group' s loan portfolio, the sensitivity to these key drivers is insignificant. Modified financial assets The contractual terms of a loan may be modified for a number of reasons, including changing market conditions, customer retention initiatives or, in certain cases, financial difficulty of the borrower. For modified financial assets, the Group assesses whether there ha s been a significant increase in credit risk (SICR\u2019) by comparing the ris k of default at the reporting date, based on the modified contractual terms, with the risk of default at initial recognition, based on the original, unmodified contractual terms. A modification of contractu al terms does not automatically result in a change in credit risk classification. Exposures with no significant increase in credit risk since initial recognition are classified as Stage 1. Exposures that have experienced a significant increase in credit risk are classified as Stag e 2, taking into account both quantitative and qualitative factors, including delinquency status and, where relevant, restructuring indicators. Exposures that are credit-impaired, including those with contractual payments past due by more than 90 days or otherwise assessed as defaulted, are classified as Stage 3. Measurement of ECL The key inputs into the measurement of Expected Credit Losses (EC L) are based on the term structure of the following variables: \u2022 Probability of Default (PD) \u2022 Loss Given Default (LGD) \u2022 Exposure at Default (EAD) For exposures in Stage 1, the 12-month ECL is calculated by multiplying the 12-month PD by LGD and EAD. Lifetime ECL is calculated similarly but uses the lifetime PD instead of the 12- month PD LGD represents the expected loss magnitude in the event of default. LGD models take into consideration the structure of the financial asset, any collateral involved, the seniority of the claim, the industry of the counterparty, and the recovery cost associated with collateral integral to the asset. LGD estimates are adjusted for various economic scenarios and are calculated using a discounted cash flow approach, with the effective interest rate serving as the discount factor. EAD represents the anticipated exposure in the event of a default. The Group determines EAD based on the current exposure to the counterparty, considering potential changes allowed under the contract and arising from amortization. For a financial asset, EAD is the gross carrying amount at the time of default. For lending commitments, EAD encompasses potential future amounts that may be drawn under the contract, estimated using historical data and forward-looking forecasts. In the case of financial guarantees, EAD equals the exposure under the guarantee at the point when it becomes payable. As described above, and subject to using a maximum of a 12-month PD for Stage 1 financial assets, the Group measures ECL by considering the risk of default over the maximum contractual period, which includes any borrower's extension options, over which it is exposed to credit risk. This measurement applies even if, for credit risk management purposes, the Group considers a longer period. The maximum contractual period extends to the date at which the Group has the right to demand repayment of an advance or terminate a loan commitment or guarantee. Credit risk arising on cash at bank deposits The Group maintains cash at bank in a variety of banks across the portfolio of operations, giving rise to a level of credit risk associated with the credit worthiness of the banks with whom funds are held. As at the reporting date, a total of 97% (2024: 97%) of all funds held were lodged with banks with a credit rating of B2 or above. b) Market risk Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rate (currency risk) or other market factors (other market price risk). i) Interest rate risk The Group defines interest rate risk as the potential loss due to a negative impact from adverse changes in interest rates and their implied volatility. The Group\u2019s lending, funding and investment activities give rise to interest rate risk. The immediate impact of variation in interest rate is on the Group\u2019s net interest income, while a long-term impact is on the Group\u2019s net worth as the economic value of the Group\u2019s assets, liabilities and off-balance sheet exposures will be affected. Change in interest rate Currency\ue056 interest rates are shown below: Sensitivity of net interest in\ue056\ue056 expense\ue056 The Group\u2019s risk function periodically monitors the compliance against its risk appetite on the Group\u2019s interest rate position. The following table presents the sensitivity analysis demonstrating the potential impact of a reasonable change in interest rates, while holding all other variables constant, on the Group\u2019s statement of comprehensive income. The sensitivity analysis measures the effect of assumed changes in interest rates on net interest income for one year, based on the floating rate of financial assets and financial liabilities held as of 31 December 2025 and 31 December 2024. Amount of interest-bearing receivables and liabilities, and related basis point\ue056 2025\ue056 2024\ue056 Audited Unaudited USD\u2019000\ue04f USD\u2019000\ue04f Borrowed funds\ue04f +/-100\ue04f\ue04f MNT\ue04f 331/(331) 153/(153) +/-100\ue04f\ue04f USD\ue04f 66/(66) \u2013 +/-100\ue04f\ue04f GBP\ue04f 11/(11) \u2013 +/-100\ue04f\ue04f ii) Foreign currency risk SGD\ue04f 6/(6) 2/(2) Foreign currency risk is the risk that the fair value of financial instruments fluctuates as a result of changes in foreign currency rates. This risk arises from foreign currency transactions and recognised assets and liabilities denominated in the foreign currencies. As of 31 December 2025, and 31 December 2024, the Group\u2019s net exposure to foreign exchange risk is presented below. 2025 (Audited) 2024 (Unaudited) Impact on profit or loss\ue056\ue056 Impact on profit or loss\ue056\ue056 Net exposure to Strengthening by Weakening by 8% the presentation currency of the Group, with all other variables held constant. Net exposure to Strengthening Weakening by 8% foreign currency 8% foreign currency by 8%\ue056 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 The table also presents sensitivities of profit or loss to reasonably possible changes in exchange rates applied as of 31 December 2025 against MNT 86,224 6,898 (6,898) 84,136 6,731 (6,731) JPY\ue04f 563\ue04f\ue04f 45 (45)\ue04f 1,648 132 (132) KGS\ue04f 7,881 630 (630) 7,519 602 (602) Other1 1 c) Liquidity risk needs. 755 Other currencies include the KTZ, Euro and Singapore Dollar. 60 cash flows, available funding sources and planned mitigating actions. (60) collections and recoveries and prioritise liquidity preservation measures, if required. 2,787 223 Liquidity risk refers to the risk that the Group may be unable to fulfil its short-term financial obligations as they come due. (223) The Group's policy is designed to ensure it always has adequate cash on hand to meet its liabilities promptly. To achieve this objective, the Gro up maintains cash reserves and utilises agreed-upon facilities, such as overdraft facilities with multiple financial institutions, to cover anticipated The Group actively manages liquidity risk through ongoing monitoring of projected and actual cash flows, maintenance of cash reserves, utilisation of committed facilities and continued access to domestic funding channels, including trust deposits, bond issuances and other fundi ng instruments in Mongolia. Liquidity risk assessments are performed regularly and reviewed by management and the Board of Directors. The Group\u2019s principal assets comprise short-term microfinance and consumer lending portfolios, which generate recurring cash inflows throug h regular repayments and collections. The Group also maintains operational flexibility to moderate new loan disbursements, increase focus on Management expects the Group to continue to maintain sufficient liquidity to meet its financial obligations as they fall due based on projected
The following table sets out the contractual maturities of the Group\u2019s financial liabilities, representing undiscounted contractual cash flows by
remaining maturity:
As at 31 December 2025\ue056
On demand
Up to 3 months Between 3 and 12 \ue042 Between 1 and 2\ue056 Between 2 and 5\ue056 Total
months \ue042 Years\ue056 Years\ue056 (Audited)
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000
Financial assets
Cash and bank balances
45,751
3,483
4,573
\u2013
\u2013
53,807
Loans and advances to customers
9,540
53,710
76,986
129,886
121,227
391,349
Financial assets
\u2013
2,346
614
6,022
138
9,120
Prepayments, inventories and
other receivables
1,240
1,320
2
250
250
3,062
Total financial assets
56,531
60,859
82,175
136,158
121,615
457,338
As at 31 December 2025\ue056
Financial liabilities
Borrowed funds\ue04f
72,543
7,401
11,232
50,624
4,708
146,508
Bond payables\ue04f
\u2013
13,206
15,846
11,468
\u2013
40,520
Private placement of deposits\ue04f
18
9,632
52,026
1,189
\u2013
62,865
Derivative financial liabilities\ue04f
\u2013
\u2013
439666
346
127
912
Other financial liabilities\ue04f
\u2013
5,800
489
268
286
6,843
Lease liabilities\ue04f
\u2013
224
422
466
405
1,517
Total financial liabilities\ue056
72,561
36,263
80,454
64,361
5,526
259,165
Net position
(16,030)
24,596
1,721
71,797
116,089
198,173
As at 31 December 2024\ue056
On demand
Up to 3 months Between 3 and 12 Between 1 and 2\ue056 Between 2 and 5\ue056 Total
months Years\ue056 Years\ue056 (Unaudited)
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000
Financial assets
Cash and bank balances\ue04f
39,115
221
1,179
\u2013
\u2013
40,515
Loans and advances to customers\ue04f
9,286
39,402
82,698
117,504
84,307
333,197
Financial assets
\u2013
2,305
5,474
\u2013
\u2013
7,779
Prepayments, inventories and
other receivables
554
1,279
26
\u2013
\u2013
1,859
Other financial assets
48,955
43,207\ue042
89,377\ue056
117,504\ue056\ue056
84,307\ue056
383,350
Financial liabilities
Borrowed funds\ue04f
85
23,778
48,973
30,335
13,517
116,688
Bond payables\ue04f
\u2013
3,932
28,353
8,384
2,103
42,772
Private placement of deposits\ue04f
\u2013
17,784
47,001
220
\u2013
65,005
Derivative financial liabilities\ue04f
\u2013
4,391
666666
1,332
\u2013
6,389
Other financial liabilities\ue04f
\u2013
4,360
489
34
\u2013
4,883
Lease liabilities\ue04f
\u2013
104
339
388
455
1,286
Total financial liabilities\ue056
85
54,349
125,821
40,693
16,075
237,023
Net position
48,870
(11,142)
(36,444)
76,811
68,232
146,327
d. Disclosure of capital The Group controls \u2018adjusted capital\u2019, which consists of all components of the equity (e.g. share premium, non-controlling interest, retained earnings and other reserves). The primary objectives of the Group\u2019s capital management are: \u2022 Ensure compliance with the minimum capital requirements set by the Financial Regulatory Commission of Mongolia; \u2022 Support the Group\u2019s financial stability and ability to continue as a going concern, consistent with the Group\u2019s going concern assessment (Note 2.5) and longer-term viability assessment; \u2022 Provide shareholders with appropriate returns by setting prices for products and services based on the level of risk involved. In accordance with the requirements of the Financial Regulatory Commission of Mongolia, the Group is required to maintain minimum regulatory capital and comply with applicable capital adequacy requirements. The Group monitors its capital structure and ensures ongoing compliance with these externally imposed requirements. The Group determines the amount of capital it needs relative to its risk exposure. It actively manages its capital structure and adjusts it in response to changes in economic conditions and the risk profile of its underlying assets. To maintain or modify its capital structure, the Group may adjust dividend payments, conduct share buybacks, issue new shares, or sell assets to reduce debt. These actions are taken to optimize the Group's financial position and align its capital with its risk tolerance and business strategy. e. Operational risk management In the operational risk management framework of the Group, operational risk is defined as the potential for loss arising from inadequate or failed internal processes, human errors, system failures, or external events. All employees are accountable for preventing situations that could lead to operational risk incidents and for promptly reporting any significant operational risk incidents. Roles and responsibilities are allocated based on the Three Lines of Defence as outlined below: The First Line of Defence, comprising Business Units and supporting units, is responsible for several key tasks within the operational risk management framework: ensuring the implementation and execution of robust, effective, and efficient controls; reporting on the effectiveness of operational risk controls; accepting operational risk based on the approved risk acceptance matrix; and implementing follow-up measures commensurate with the level of operational risk identified. The Second Line of Defence, represented by the Risk Management Department, holds several responsibilities within the operational risk management framework: reviewing and challenging all process assessments and follow-up measures; monitoring the performance of operational risk metrics; and escalating operational risk matters to the Risk Management Committee for appropriate attention and action. The Third Line of Defence, Internal Audit, is tasked with providing assurance on the effectiveness of governance, risk management, and internal controls. This includes assessing how the first and second lines of defence fulfil their risk management and control objectives. The risk appetite statement is reviewed and approved annually by the Board of Directors. Monitoring of risk appetite occurs on a monthly basis, with reports provided to the monthly Risk Management Committee and quarterly to the Board Risk Management Committee. i) Fraud risk Fraud risk is managed through a comprehensive Anti-Fraud Policy and Whistleblowing Policy, forming the cornerstone of a robust framework where the intolerance for fraud is clearly outlined. These policies ensure that all employees grasp the significance of identifying and reporting any fraudulent incidents. By cultivating a culture of vigilance and accountability, every employee is empowered to actively engage in detecting and reporting potential fraud, thereby strengthening the Group\u2019s dedication to mitigating fraud risk and upholding the integrity of its operations. ii) Health and safety The Group addresses Occupational Health and Safety (OHS) risks through a comprehensive framework, incorporating established OHS procedures and designating an OHS officer to oversee compliance and safety measures. Regular OHS annual training and awareness programs ensure that all employees are well-versed in safety protocols and best practices. To oversee and mitigate risks, the Group tracks OHS incident metrics monthly, presenting detailed reports to the Risk Management Committee for review and action. Furthermore, the presence of an OHS incident response team ensures prompt and effective responses to any safety incidents, thereby reducing potential risks and fostering a safe working environment. iii) Product or service malfunction and/or deficiency The Group effectively manages product and service errors or deficiencies within an operational risk framework, employing a robust system that commences with thorough product development procedures. These procedures require risk assessments prior to product launch to proactively identify and mitigate potential risks. The Group upholds a stringent control environment to ensure continuous oversight and compliance with regulatory standards. Regular risk reporting facilitates timely identification and documentation of any emerging issues, allowing for swift resolution. Moreover, a well-defined customer complaint resolution procedure ensures swift investigation and resolution of any reported deficiencies. Certified by ISO 9001, the Group adheres to international quality management standards, reinforcing its commitment to excellence and continuous improvement. This certification underscores the Group's dedication to maintaining high standards of quality and reliability, thereby safeguarding its reputation and ensuring customer satisfaction. iv) Business disruption The management of business disruptions is facilitated through the implementation of a Business Continuity Plan (BCP), which assures resilience and prompt recovery in unforeseen circumstances. This plan incorporates well-defined risk tolerances related to business disruptions, such as core system uptime ratios and internet service availability, to sustain vital operations. It delineates comprehensive protocols for addressing diverse disruption scenarios, ensuring the uninterrupted continuity of essential functions with minimal disruptions. Routine testing and revisions of the BCP are conducted to ensure its ongoing effectiveness and applicability. Through imposing rigorous standards for system uptime and service reliability, the Group emphasises the significance of operational continuity. v) Legal and Compliance risk The Group effectively mitigates legal and compliance risks through the collaborative efforts of its Legal Unit and Risk and Compliance units, dedicated to proactively prevent such risks. The Group employs thorough legal assessments and compliance protocols, with the legal team meticulously scrutinizing all operations to ensure conformity with pertinent legal standards. Additionally, the legal team offers timely recommendations to address any identified instances of non-compliance. The Group reinforces compliance with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations through robust policies and procedures, complemented by mandatory annual training for all staff. Through the integration of these strategies, the Group fortifies its defences against legal and compliance risks, thereby safeguarding its operations and reputation. vi) Information technology The Group manages IT risk through a multifaceted approach anchored by adherence to the ISO 27001 standard, renowned for its stringent framework in information security management. An integral part of this strategy involves a dedicated IT team responsible for implementing and upholding these standards, ensuring the establishment of robust security measures for safeguarding sensitive data and systems. This team conducts regular risk assessments, oversees IT infrastructure, and promptly addresses any identified vulnerabilities. Furthermore, the Group enforces stringent access controls, employs data encryption measures, and maintains continuous monitoring to counter cyber threats effectively. Through the utilization of the IT team's expertise and compliance with internationally recognised standards, the Group effectively mitigates IT risks, thereby ensuring the security and integrity of its technological assets. f) Climate related risks and uncertainties Management has assessed the potential effects of climate related risks on the Group\u2019s financial position, financial performance, and cash flows, taking into consideration the likelihood of both physical risks (such as extreme weather events) and transition risks (including changes in regulation, market behavior, and economic conditions Based on this assessment, management has concluded that climate associated with climate change). related risks do not give rise to a material uncertainty that would have a significant impact on the carrying amounts of the Group\u2019s assets and liabilities as at 31 December 2025. In particular, management has considered the potential impact of climate related risks on loan portfolio credit quality, collateral valuations, expected credit losses, liquidity, and funding, and has determined that no material adjustments to the financial statements are required as at the reporting date. The Group\u2019s loan portfolio is primarily short to medium term in nature and is secured by collateral, which is subject to conservative loan to value limits and ongoing monitoring. Accordingly, management does not consider climate related risks to be a significant source of estimation uncertainty for the Group at the reporting date. Management will continue to monitor developments related to climate change and regulatory developments and will update its assessment in future reporting periods as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "b) Market risk Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rate (currency risk) or other market factors (other market price risk). i) Interest rate risk The Group defines interest rate risk as the potential loss due to a negative impact from adverse changes in interest rates and their implied volatility. The Group\u2019s lending, funding and investment activities give rise to interest rate risk. The immediate impact of variation in interest rate is on the Group\u2019s net interest income, while a long-term impact is on the Group\u2019s net worth as the economic value of the Group\u2019s assets, liabilities and off-balance sheet exposures will be affected. Change in interest rate Currency\ue056 interest rates are shown below: Sensitivity of net interest in\ue056\ue056 expense\ue056 The Group\u2019s risk function periodically monitors the compliance against its risk appetite on the Group\u2019s interest rate position. The following table presents the sensitivity analysis demonstrating the potential impact of a reasonable change in interest rates, while holding all other variables constant, on the Group\u2019s statement of comprehensive income. The sensitivity analysis measures the effect of assumed changes in interest rates on net interest income for one year, based on the floating rate of financial assets and financial liabilities held as of 31 December 2025 and 31 December 2024. Amount of interest-bearing receivables and liabilities, and related basis point\ue056 2025\ue056 2024\ue056 Audited Unaudited USD\u2019000\ue04f USD\u2019000\ue04f Borrowed funds\ue04f +/-100\ue04f\ue04f MNT\ue04f 331/(331) 153/(153) +/-100\ue04f\ue04f USD\ue04f 66/(66) \u2013 +/-100\ue04f\ue04f GBP\ue04f 11/(11) \u2013 +/-100\ue04f\ue04f ii) Foreign currency risk SGD\ue04f 6/(6) 2/(2) Foreign currency risk is the risk that the fair value of financial instruments fluctuates as a result of changes in foreign currency rates. This risk arises from foreign currency transactions and recognised assets and liabilities denominated in the foreign currencies. As of 31 December 2025, and 31 December 2024, the Group\u2019s net exposure to foreign exchange risk is presented below. 2025 (Audited) 2024 (Unaudited) Impact on profit or loss\ue056\ue056 Impact on profit or loss\ue056\ue056 Net exposure to Strengthening by Weakening by 8% the presentation currency of the Group, with all other variables held constant. Net exposure to Strengthening Weakening by 8% foreign currency 8% foreign currency by 8%\ue056 USD'000 USD'000 USD'000 USD'000 USD'000 USD'000 The table also presents sensitivities of profit or loss to reasonably possible changes in exchange rates applied as of 31 December 2025 against MNT 86,224 6,898 (6,898) 84,136 6,731 (6,731) JPY\ue04f 563\ue04f\ue04f 45 (45)\ue04f 1,648 132 (132) KGS\ue04f 7,881 630 (630) 7,519 602 (602) Other1 1 755 Other currencies include the KTZ, Euro and Singapore Dollar. 60 (60) 2,787 223 (223) ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "c) Liquidity risk needs. cash flows, available funding sources and planned mitigating actions. collections and recoveries and prioritise liquidity preservation measures, if required. Liquidity risk refers to the risk that the Group may be unable to fulfil its short-term financial obligations as they come due. The Group's policy is designed to ensure it always has adequate cash on hand to meet its liabilities promptly. To achieve this objective, the Gro maintains cash reserves and utilises agreed-upon facilities, such as overdraft facilities with multiple financial institutions, to cover anticipated The Group actively manages liquidity risk through ongoing monitoring of projected and actual cash flows, maintenance of cash reserves, utilisation of committed facilities and continued access to domestic funding channels, including trust deposits, bond issuances and other fundi instruments in Mongolia. Liquidity risk assessments are performed regularly and reviewed by management and the Board of Directors. The Group\u2019s principal assets comprise short-term microfinance and consumer lending portfolios, which generate recurring cash inflows throug regular repayments and collections. The Group also maintains operational flexibility to moderate new loan disbursements, increase focus on Management expects the Group to continue to maintain sufficient liquidity to meet its financial obligations as they fall due based on projected The following table sets out the contractual maturities of the Group\u2019s financial liabilities, representing undiscounted contractual cash flows by remaining maturity:
As at 31 December 2025\ue056
On demand
Up to 3 months Between 3 and 12 \ue042 Between 1 and 2\ue056 Between 2 and 5\ue056 Total
months \ue042 Years\ue056 Years\ue056 (Audited)
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000
Financial assets
Cash and bank balances
45,751
3,483
4,573
\u2013
\u2013
53,807
Loans and advances to customers
9,540
53,710
76,986
129,886
121,227
391,349
Financial assets
\u2013
2,346
614
6,022
138
9,120
Prepayments, inventories and
other receivables
1,240
1,320
2
250
250
3,062
Total financial assets
56,531
60,859
82,175
136,158
121,615
457,338
As at 31 December 2025\ue056
Financial liabilities
Borrowed funds\ue04f
72,543
7,401
11,232
50,624
4,708
146,508
Bond payables\ue04f
\u2013
13,206
15,846
11,468
\u2013
40,520
Private placement of deposits\ue04f
18
9,632
52,026
1,189
\u2013
62,865
Derivative financial liabilities\ue04f
\u2013
\u2013
439666
346
127
912
Other financial liabilities\ue04f
\u2013
5,800
489
268
286
6,843
Lease liabilities\ue04f
\u2013
224
422
466
405
1,517
Total financial liabilities\ue056
72,561
36,263
80,454
64,361
5,526
259,165
Net position
(16,030)
24,596
1,721
71,797
116,089
198,173
As at 31 December 2024\ue056
On demand
Up to 3 months Between 3 and 12 Between 1 and 2\ue056 Between 2 and 5\ue056 Total
months Years\ue056 Years\ue056 (Unaudited)
USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000
Financial assets
Cash and bank balances\ue04f
39,115
221
1,179
\u2013
\u2013
40,515
Loans and advances to customers\ue04f
9,286
39,402
82,698
117,504
84,307
333,197
Financial assets
\u2013
2,305
5,474
\u2013
\u2013
7,779
Prepayments, inventories and
other receivables
554
1,279
26
\u2013
\u2013
1,859
Other financial assets
48,955
43,207\ue042
89,377\ue056
117,504\ue056\ue056
84,307\ue056
383,350
Financial liabilities
Borrowed funds\ue04f
85
23,778
48,973
30,335
13,517
116,688
Bond payables\ue04f
\u2013
3,932
28,353
8,384
2,103
42,772
Private placement of deposits\ue04f
\u2013
17,784
47,001
220
\u2013
65,005
Derivative financial liabilities\ue04f
\u2013
4,391
666666
1,332
\u2013
6,389
Other financial liabilities\ue04f
\u2013
4,360
489
34
\u2013
4,883
Lease liabilities\ue04f
\u2013
104
339
388
455
1,286
Total financial liabilities\ue056
85
54,349
125,821
40,693
16,075
237,023
Net position
48,870
(11,142)
(36,444)
76,811
68,232
146,327
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "(In thousands of Level 1 32. Fair value disclosures Fair value measurement assets or liabilities; value is provided below. Level 2 valuation method, as follows: or indirectly (i.e. derived from prices); participants at the valuation date. Level 3 Financial instruments measured at fair value observable market data (unobservable inputs). reporting period of which such transfers occurred. Level 3 The Group aims to use the best available observable inputs in the market when measuring fair values of assets or liabilities. Fair values are classified within the fair value hierarchy based on inputs used in Level 1: quoted prices (unadjusted) in active markets for identical Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) Level 3: inputs for the asset or liability that are not based on If various inputs used to measure the fair value of assets or liabilities are transferred between levels of the fair value hierarchy, the Group classifies the assets and liabilities at the lowest level of inputs among the fair value hierarchy which is significant to the entire measured value and recognizes transfers between levels at the end of the The Group measures the following financial instruments at fair value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market The fair value hierarchy of financial instruments measured at fair USD)\ue04f \u2022 Derivative (Note 25) \u2022 Financial assets (Note 15) At 31 December 2025 (audited) Financial assets\ue056 Financial assets at FVOCI 5,909 \u2013 \u2013 5,909 Financial assets at FVTPL 826 430 419 1,675 Derivative financial \u2013 103 \u2013 103 assets Financial liabilities Derivative financial \u2013 (100) \u2013 (100) liabilities Due to customers \u2013 \u2013 \u2013 \u2013 6,735 433 419 7,587 (In thousands of Level 1 Level 2 Level 3 Level 3 USD)\ue04f At 31 December 2024 (unaudited) Financial assets Financial assets at FVOCI 6,401 \u2013 \u2013 6,401 Financial assets at FVTPL 817 330 131 1,278 Derivative financial \u2013 36 \u2013 36 assets Financial liabilities Derivative financial \u2013 (213) \u2013 (213) liabilities Due to customers (318) \u2013 \u2013 (318) 6,900 153 131 7,184 Description of valuation techniques and inputs used in fair value Financial Fair value Valuation Inputs measurement for Level 1, Level 2 and Level 3: Sensitivity to instruments\ue056 hierarchy\ue056\ue056 technique changes in significant unobservable inputs Share price,Increase in the net Financial assets Level 1 Market price transactionassets value will price increase the fair value and vice versa Bond price,Increase in the Debt Level 2 Market value transactiontransaction price will instruments price increase the fair value and vice versa Policy rate,Increase in USD Governmentinterest rate and Derivative Interest rate bond yield, Z-decrease in the MNT financial Level 2 parity spread, SOFRinterest rate will instruments analysis rates, andincrease/decrease the SHIBOR ratesfair value and vice- versa SOFR rate,Increase in the USD policy rateinterest rate and Cross currency and spotdecrease in the MNT/ swap contractsLevel 2 Market value exchangeKGS interest rate will rate increase/decrease the fair value and vice- versa Net asset value (\u2018NAV\u2019) reported by the fund Increase in the net Equity There were no changes in the valuation approach used during the years ended 31 December 2025 and 31 December 2024. Additionally, there were no transfers between Levels 1 and Level 2 of the fair value Level 3Net assets manager; no assets value will investments value significant increase the fair value unobservable and vice versa inputs applied by the Group hierarchy for assets recorded at fair value. cost based on the following methodologies and assumptions: \u2022 Loans and advances to customers are valued by first categorizing them into portfolios with similar characteristics. The fair value determination involves adjusting contractual cash flows for ECLs and expectations of customer behaviour, which are informed by observed historic data. These adjusted cash flows are then discounted at a weighted average lending rate that is appropriate for each portfolio, resulting in an estimate of their fair value. Significant unobservable inputs used in these valuations include discount rates, prepayment rates and credit loss assumptions. The weighted average discount rates applied range from 35.8% to 36.4% per annum depending on the portfolio. \u2022 Trust deposits are valued using a replacement cost method, which assumes that if the deposits were to be replaced, it would be done in the most advantageous market available. The fair value calculation involves discounting contractual cash flows using a funding interest rate profile that incorporates credit spreads reflecting the maturity profile of each deposit. The significant unobservable inputs include credit spreads and funding rates, which range from 18.5% to 20.5% per annum. \u2022 Debt securities in issue are valued based on quoted market prices where available. When quoted prices are not available, the fair value is determined using a discounted cash flow model. This model uses current market rates applicable to instruments with similar terms and maturity to estimate the present value of future cash flows. Where valuation techniques use unobservable inputs, these primarily include discount rates derived from comparable instruments, ranging from 16% to 22% per annum. \u2022 Borrowed funds are valued using a discounted cash flow methodology. Fair value is estimated for borrowings with fixed interest rates and original maturities exceeding one year by discounting contractual future cash flows using a market-based discount rate that reflects current funding conditions and the Group's credit risk. The significant unobservable input used in the valuation is the discount rate, which was determined at 17.8% per annum. Sensitivity of Level 3 fair values to reasonably possible changes in assumptions For financial instruments classified as Level 3, the fair value is sensitive to changes in significant unobservable inputs. A reasonably possible increase (decrease) in discount rates of 1% would result in a decrease (increase) in fair value of approximately USD 8,400 (USD 8,400). Changes in credit spreads of 1% would have a similar inverse impact on fair values. The Group considers these changes to be reasonably possible based on historical volatility of the inputs. The effect of changes in unobservable inputs is not material to the financial statements. Unquoted equity 2025\ue042 2024\ue042 Movements in fair value measurements within Level 3 are as follows: USD\u2019000 USD\u2019000\ue05a Audited Unaudited At 1 January 131 301 Addition 282 \u2013 Disposed \u2013 (216) Net gain from change in fair value 14 46 Foreign exchange translation (8) \u2013 At 31 December 419 131 The Group discloses fair values for financial instruments at amortized", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "As at 31 December 2025\ue056 On demand Up to 3 months 33. Maturity analysis of assets and liabilities Between 3 and 6 Between 6 and 9 Between 9 and More than 12 Total months\ue056 months 12 months\ue056 months\ue056 (Audited) USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000\ue04f Assets Cash and bank balances 45,751 3,412 6\ue04f 12 4,047 2 53,230 Loans and advances to customers\ue04f 9,540 47,183 16,456 13,810 14,699 145,699 247,387 Other financial assets \u2013 2,633 \u2013 13 193 5,422 8,261 Prepayments, inventory and other receivables 1,240 2,310 685 9 1,030 698 5,972 Other assets\ue04f \u2013 56 \u2013 \u2013 2,795 12,030 14,881 Total assets 56,531 55,594 17,147 13,844 22,764 163,851 329,731 Liabilities\ue056 Borrowed funds\ue04f 71,661 2,207 4,399 964 9,083 43,837 132,151 Bond payables\ue04f \u2013 13,105 7,341 3,467 3,900 4,714 32,527\ue04f\ue04f Private placement of trust deposits\ue04f 18 11,588 7,898 18,019 21,592 1,085 60,200\ue04f\ue04f Lease liabilities\ue04f \u2013 121 156 170 209 610 1,266 Other liabilities\ue04f 2,552 4,927 380 399 1,018 1,174 10,450 Total liabilities 74,231 31,948 20,174 23,019 35,802 51,420 236,594 Net position (17,700) 23,646 (3,027) (9,175) (13,038) 112,431 93,137 As at 31 December 2024\ue056 On demand\ue042 Up to 3 months Between 3 and 6 Between 6 and 9 Between 9 and More than 12 Total months\ue056 months 12 months\ue056 months\ue056 (Unaudited) USD\u2019000 USD\u2019000 USD\u2019000 USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000\ue04f USD\u2019000\ue04f Assets Cash and bank balances 38,347 850 1,179 \u2013 \u2013 \u2013 40,376 Bank balances held on behalf of customers \u2013 117 \u2013 \u2013 \u2013 \u2013 117 Loans and advances to customers\ue04f 9,286 24,217 7,075 10,498 10,197 153,576 214,849 Other financial assets \u2013 2,305 \u2013 \u2013 91 5,152 7,548 Prepayments, inventory and other receivables 554 2,871 5 35 2,540 311 6,316 Other assets\ue04f \u2013 968 6 4 4 9,338 10,320 Total assets 48,187 31,328 8,265 10,537 12,832 168,377 279,526 Liabilities\ue056 Borrowed funds\ue04f 85 2,790 6,742 18,446 18,446 48,419 94,928 Bond payables\ue04f \u2013 2,781 5,048 9,764 9,764 9,277 36,634 Private placement of trust deposits\ue04f \u2013 12,514 12,245 17,351 17,351 186 59,647 Lease liabilities\ue04f \u2013 182 63 71 71 709 1,096 Other liabilities\ue04f \u2013 7,815 102 \u2013 53 645 8,615 Total liabilities 85 26,082 24,200 45,632 45,685 59,236 200,920 Net position 48,102 5,246 (15,935) (35,095) (32,853) 109,141 78,606", "dimensions": { "concept": "icfg:DisclosureOfMaturityAnalysisOfAssetsAndLiabilities", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "31 December 2025 34. Segment information A. Segment information by business line available. Microfinance Other businesses Total The Group comprises multiple strategic business units which offer differing products and services, being microfinance products, capital market These strategic business units represent the Group\u2019s operating segments, which are identified based on internal management reports that are Each operating segment engages in business activities that generate revenues and incur expenses and has discrete financial information Management has assessed the aggregation criteria set out in IFRS\u202f8, including whether the operating segments exhibit similar economic aggregated into a separate reporting category, \u201cOther businesses\u201d, as permitted under IFRS 8. These operating segments are not separately business services, real estate management services and AI and IT services. (Audited) regularly reviewed by the Group\u2019s Chief Operating Decision Maker for the purposes of allocating resources and assessing performance. characteristics and meet the qualitative aggregation criteria. Certain operating segments that are individually immaterial have been USD\u2019000 USD\u2019000 reportable due to their size and do not individually meet the quantitative thresholds for separate disclosure. The Group therefore assesses the performance of all activities within these individual strategic business units. USD\u2019000 Segment results\ue056 Interest income calculated using the effective interest rate 87,476 246 87,722 Interest expenses calculated using the EIR (32,697) (589) (33,286) and other finance costs Net interest income 54,779 (343) 54,436 Fee, commission and other operating income 12,299 7,578 19,877 Fee, commission and other operating expense (150) (1,799) (1,949) Net fee, commission and other operating income 12,149 5,779 17,928 Allowance for expected credit losses (15,523) (23) (15,546) Net operating income\ue056 51,405 5,413 56,818 Employee costs (7,534) (5,009) (12,543) Depreciation and amortisation expense (1,113) (417) (1,530) Administrative expenses (5,374) (5,615) (10,989) Listing expense \u2013 (16,032) (16,032) Profit/(loss) before tax 37,384 (21,660) 15,724 Income tax expense (7,267) (420) (7,687) Profit/(loss) for the year 30,117 (22,080) 8,037 Profit for the\ue029year\ue029attributable to:\ue029\ue029 Owners of the parent 24,660 (21,770) 2,890 Non-controlling interest\ue04f 5,457 (310) 5,147 Segment assets\ue04f 319,068 10,663 329,731 Segment liabilities\ue04f 223,691 12,903 236,594 Non-controlling interest\ue04f 107 23,880 23,987 31 December 2024 Microfinance Other businesses Total business (Unaudited) USD\u2019000 USD\u2019000 USD\u2019000 Segment results\ue056 Interest income calculated using the effective interest rate 65,900 230 66,130 Interest expenses calculated using the EIR (24,246) (468) (24,714) and other finance costs Net interest income\ue056 41,654 (238) 41,416 Fee, commission and other operating income\ue04f 7,595 6,319 13,914 Fee, commission and other operating expense\ue04f (116) (1,738) (1,854) Net fee, commission and other operating income 7,479 4,581 12,060 Allowance for expected credit losses\ue04f (5,097) 21 (5,076) Net operating income\ue056 44,036 4,364 48,400 Employee costs\ue04f (5,897) (3,088) (8,985) Depreciation and amortisation expense\ue04f (957) (338) (1,295) Administrative expenses\ue04f (3,703) (2,483) (6,186) Profit/(Loss) 33,479 (1,545) 31,934 before tax\ue056 Income tax expense (7,008) (419) (7,427) Profit/(Loss) for the year 26,471 (1,964) 24,507 Profit for the\ue029year\ue029attributable to:\ue029\ue029 Owners of the parent\ue04f 21,659 (2,104) 19,555 Non-controlling interest\ue04f 4,812 140 4,952 Segment assets\ue04f 270,289 9,237 279,526 Segment liabilities\ue04f 197,213 3,707 200,920 Non-controlling interest\ue04f 471 23,282 23,753 B) Segment information by geography \u2013 Microfinance Microfinance business within the Group is made up of the core Mongolian market operations and operations in other Central Asian jurisdictions, most notably Kyrgyzstan and Kazakhstan. The segmental information below shows the performance and assets of the microfinance business unit within these two key geographical jurisdictions. 31 December 2025 Microfinance Mongolia USD\u2019000 Microfinance Central Asia 1 USD\u2019000 Total (Audited) USD\u2019000 Segment results Interest income calculated using the effective interest rate 80,462 7,014 87,476 Interest expenses calculated using the EIR and other finance costs (30,831) (1,866) (32,697) Net interest income 49,631 5,148 54,779 Fee, commission and other operating income 11,817 482 12,299 Fee, commission and other operating expense (108) (42) (150) Net fee, commission and other operating income 11,709 440 12,149 Allowance for expected credit losses (15,266) (257) (15,523) Net operating income 46,074 5,331 51,405 Employee costs (6,314) (1,220) (7,534) Depreciation and amortisation expense (941) (172) (1,113) Administrative expenses (4,952) (422) (5,374) Profit before tax 33,867 3,517 37,384 Income tax expense (7,154) (113) (7,267) Profit for the year 26,713 3,404 30,117 Profit for the year attributable to: Owners of the parent 21,376 3,284 24,660 Non-controlling interest 5,337 120 5,457 Segment assets 289,325 29,743 319,068 Segment liabilities 202,283 21,408 223,691 Non-controlling interest 107 \u2013 107 1 Central Asia refers to Kazakhstan, Kyrgyzstan and Uzbekistan and excludes Mongolia. 31 December 2024\ue056 Microfinance Microfinance Total Mongolia Central Asia1 (Unaudited) USD\u2019000 USD\u2019000 USD\u2019000 Segment results\ue056 Interest income calculated using the effective interest rate 61,787 4,113 65,900 Interest expenses calculated using the EIR (22,117) (2,129) (24,246) and other finance costs Net interest income\ue056 39,670 1,984 41,654 Fee, commission and other operating income\ue04f 7,486 109 7,595 Fee, commission and other operating expense\ue04f (64) (52) (116) Net fee, commission and other operating income 7,422 57 7,479 Allowance for expected credit losses\ue04f (4,771) (326) (5,097) Net operating income\ue056 42,321 1,715 44,036 Employee costs\ue04f (5,101) (796) (5,897) Depreciation and amortisation expense\ue04f (850) (107) (957) Administrative expenses\ue04f (3,261) (442) (3,703) Profit before tax\ue056 33,109 370 33,479 Income tax expense (6,914) (94) (7,008) Profit for the year\ue056 26,195 276 26,471 A Profit for the\ue029year\ue029attributable to:\ue029\ue029 Owners of the parent\ue04f 21,383 276 21,659 Non-controlling interest\ue04f 4,812 \u2013 4,812 Segment assets\ue04f 260,503 19,023 279,526 Segment liabilities\ue04f 182,172 15,041 197,213 Non-controlling interest\ue04f 1 471 Central Asia refers to Kazakhstan, Kyrgyzstan and Uzbekistan and excludes Mongolia. \u2013 471", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "35. Subsequent events statements. Subsequent to 31 December 2025, global geopolitical developments, including the continuation of the Russia\u2013Ukraine conflict, ongoing tensions in the Middle East affecting global trade routes (including disruptions in the Red Sea region), and continued macroeconomic uncertainty driven by inflationary pressures and interest rate movements in major economies, have occurred. Management has considered the potential impact of these events and determined that they represent non adjusting subsequent events. No material financial impact has been identified as at the date of approval of these financial statements. Management is not aware of any other events that occurred after the end of the reporting year until the date the consolidated financial statements were approved for release, which would have any impact on these consolidated financial Other than the Board and Management changes noted in the Chairman\u2019s Statement, there have been no material subsequent events occurring between 31 December 2025 and the date of approval of these consolidated financial statements that would require disclosure or adjustment.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800C7BC4EZQAEBT76", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }