Momentum Financial Holdings Limited announced that on May 27, 2024, the Company entered into a strategic cooperation agreement with Shenzhen Yuanshijie Technology Co., Limited, a company established under the laws of the People's Republic of China which mainly operates the business of software development, data analysis and development of artificial intelligence technology. Pursuant to Strategic Cooperation Agreement, the Company and Yuanshijie will cooperate on various matters including but not limited to research and development on artificial intelligence technology and respective software development and its applications in cross- border business, financial and other areas. The Company and Yuanshijie will also explore the use of big data to enhance its competitiveness and upgrade its services in cross-border business.

The Strategic Cooperation Agreement represents the intention of the parties to cooperate only and does not have any legal effect. As of the date of this announcement, there is no legal binding agreement has been signed by the Company with Yuanshijie. The Strategic Cooperation Agreement shall be effective for a term of one year.

The Board is of the view that entering into the Strategic Cooperation Agreement will enable the Company to leverage on the strength, resources and experience of Yuanshijie as a software development, data analysis and development of artificial intelligence technology company in the PRC to (i) broaden the Company's business mix; (ii) enhance its competitiveness and upgrade its services in cross-border business; and (iii) maximize the Company's business values and the interest of the shareholders of the Company. Accordingly, the entering into the Strategic Cooperation Agreement is in the interests of the Company and its shareholders as a whole.