Saudi Smart Card Issuance Project

The purpose of this engagement with the Private Office of HRH Prince Abdulaziz Bin Abdullah Bin Saud Bin Abdulaziz Al Saud is to formally request strategic support for the Saudi Smart Card Issuance Project.

Specifically, we respectfully seek:

• Financial support to co-fund the implementation and scaling of the project within the Kingdom of Saudi Arabia.
• Regulatory and legislative support to facilitate the acquisition of all required licenses, approvals, and regulatory clearances from relevant Saudi authorities, including the Saudi Central Bank (SAMA).

The involvement of the Private Office is sought as a strategic partner and sponsor to ensure alignment with Vision 2030, accelerated regulatory readiness, and long-term sustainability.

ASFAR Payment Services L.L.C. is a licensed payment services provider headquartered in Dubai, UAE. The company operates under a defined corporate governance framework comprising shareholders, executive management, and operational teams.

A complete organizational structure, including shareholders, board members, executive leadership, and key management personnel, will be formally submitted as a standalone company deck.

All ASFAR-related entities referenced in prior submissions, including ASFAR Group L.L.C., are part of a broader holding structure. ASFAR Payment Services L.L.C. is the operational fintech entity responsible for technology, compliance, and execution.

The company's operating business generates revenues through a diversified portfolio comprising:

• Government and semi-government platforms
• Financial institutions
• Private-sector and commercial clients

Revenue is derived through recurring service contracts, transaction-based fees, and long-term technology partnerships.

Geographic markets currently served include the Middle East, Asia, and selected international markets, with active operations and partnerships in the UAE, China, Indonesia, South Korea, and other jurisdictions.

The audited financial statements reference historical investments made to support technology development, infrastructure deployment, and international expansion of ASFAR Payment Services L.L.C.

With respect to the Saudi Smart Card Issuance Project, all investments will be structured through a dedicated Saudi legal entity. This entity will be financially and operationally independent from the UAE-based operations.

Capital allocated to the Saudi project will be maintained in Saudi-based bank accounts, subject to local regulatory oversight and audit requirements. No commingling of funds will occur between jurisdictions.

Current annual revenues range between AED 12–14 million, generated primarily from recurring contracts and transaction-driven payment services.

Management assesses revenue sustainability through contract duration analysis, transaction volume growth, client diversification, and geographic expansion.

The Saudi Smart Card Issuance Project is expected to materially contribute to future revenue growth through card issuance fees, transaction commissions, and value-added services.

Key regulatory and operational risks include licensing timelines, cybersecurity threats, and evolving compliance requirements.

These risks are managed through strict adherence to PCI DSS standards, AML/CFT frameworks, robust cybersecurity infrastructure, and continuous engagement with regulators.

Research and development activities are conducted through a hybrid model combining in-house engineering teams and strategic technology partners.

Approximately 20% of operating resources are allocated to innovation, focusing on biometric verification, multi-currency issuance, platform scalability, and integration with government services.

This annex is intended to support the organizational and financial structure clarification under Reference HA012826.

Open Annex A