The board of directors of MOG Digitech Holdings Limited provided an update on the latest business development of the Group. The Board announced that Zhongbao Digitech was incorporated by the Company in the British Virgin Islands with limited liability on 18 June 2024. It is the Group's strategic plan to expand its insurance intermediary services through Zhongbao Digitech.

The Group plans to make significant investments in developing a proprietary technologies platform (the " Platform") that caters to its business needs. The Platform would be based on a robust cloud-based system with advantages in stability, speed, and scalability. Specifically, the Group intends to expand its services beyond serving as a settlement process agent by transitioning into a platform service provider.

The Group aims to provide insurance clients with a smooth insurance transaction experience through the Platform by offering a series of insurance client services, including, among others, product selection and recommendations, online underwriting assistance, online completion of insurance purchases, and policy management. With the sophisticated Platform, the Group will be able to broker insurance products to clients through insurance agents and extend its market to a wider array of insurance clients via business partners. The insurance products sold will be backed by insurance companies.

Moreover, Zhongbao Tech aims to broaden its revenue streams by (i) offering digital risk assessment, (ii) providing technological solutions for online transactions, and (iii) delivering advanced and expedited claims settlement services. These services will be founded on the potential to develop an intelligent claims calculation system that integrates algorithms, image recognition, and other third-party technologies to accelerate the claim processing cycle.