Q2 2026 Crunchfish AB Earnings Call
Speaker #2: Hi, everyone, and welcome to Vesterhavn Corporate Finance. In this session, we will discuss Crunchfish's latest report, and I'm standing here with the CEO, Joakim Sörensson.
Olof Tiermas: Hi, everyone, and welcome to Tiermes Corporate Finance, and this session in which we will discuss Crunchfish's latest report. I am standing here with the CEO, Joachim Samuelsson. Very much welcome, Joachim.
[Analyst] (Tiermes Corporate Finance): Hi, everyone, and welcome to Tiermes Corporate Finance, and this session in which we will discuss Crunchfish's latest report. I am standing here with the CEO, Joachim Samuelsson. Very much welcome, Joachim.
Speaker #2: Very much welcome, Joakim.
Speaker #3: Thank you.
Joachim Samuelsson: Thank you.
Joachim Samuelsson: Thank you.
Speaker #2: Now, let's start again then. Okay, let's go. The latest report, Joakim—what was going on when last we spoke, and so it will be very interesting to hear where things stand now.
Olof Tiermas: Now let us start again then. Okay, let us go. The latest report, Joachim, a lot was going on when last we spoke, and it will be very interesting to hear where things stand now. This time I would like to focus on the market update section of your report. Let us start with the financials. The figures in Q2 were largely as expected. Net revenue was low, but we forecast that you will enter into an agreement this year that will start generating some revenue. Are we too optimistic or how would you comment on the sales development?
[Analyst] (Tiermes Corporate Finance): Now let us start again then. Okay, let us go. The latest report, Joachim, a lot was going on when last we spoke, and it will be very interesting to hear where things stand now. This time I would like to focus on the market update section of your report. Let us start with the financials. The figures in Q2 were largely as expected. Net revenue was low, but we forecast that you will enter into an agreement this year that will start generating some revenue. Are we too optimistic or how would you comment on the sales development?
Speaker #2: This time, I'd like to focus on the market update section of your report, but let's start with the financials. The figures in Q2 were largely as expected.
Speaker #2: Net revenue, rep net revenue, was low, but we forecast that you will enter into an agreement this year that will start generating some revenue.
Speaker #2: Are we too optimistic? Or how would you comment on the sales development?
Speaker #3: When you say, "Are we too optimistic?" is that in terms of generating sales?
Joachim Samuelsson: When you say, are we too optimistic, is that in terms of generating sales?
Joachim Samuelsson: When you say, are we too optimistic, is that in terms of generating sales?
Olof Tiermas: Generating sales.
[Analyst] (Tiermes Corporate Finance): Generating sales.
Speaker #2: generating sales?
Joachim Samuelsson: I think it's reasonable. I think what certainly has happened this quarter is that a lot of the opportunities have moved from looking at does the product work, technically verifying it, into commercial discussions. We've certainly started discussing commercials with RBI and NPCI for India. We are moved significantly for GCash. There we are discussing the commercials in parallel with the technical trial agreement that we've signed. There is also good movements in the Caribbean for a CBDC project as well. So to expect revenue this year, yes, we certainly do that.
Joachim Samuelsson: I think it's reasonable. I think what certainly has happened this quarter is that a lot of the opportunities have moved from looking at does the product work, technically verifying it, into commercial discussions. We've certainly started discussing commercials with RBI and NPCI for India. We are moved significantly for GCash. There we are discussing the commercials in parallel with the technical trial agreement that we've signed. There is also good movements in the Caribbean for a CBDC project as well. So to expect revenue this year, yes, we certainly do that.
Speaker #3: I, I, I would I think it's reasonable. I think what what I certainly have happened this quarter is that a lot of the, opportunities have moved from, looking at does the product work, technically verifying it, into, commercial discussions.
Speaker #3: We've certainly started discussing commercials with RBI and NPCI for India. We have moved significantly for GCash; there, we are discussing the commercials in parallel with the technical trial agreement that we've signed. And then, there is also good movement in the Caribbean for a CBDC project as well.
Speaker #3: So, to expect revenue this year—yes, we certainly do that.
Speaker #2: Okay.
Olof Tiermas: Okay.
[Analyst] (Tiermes Corporate Finance): Okay.
Speaker #3: Yeah.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Speaker #2: Welcome back to all those projects in just a bit. But let me ask you about the cash situation: the operating cash flow in Q2 was about minus $4.6 million.
Olof Tiermas: We'll come back to all those projects in just a bit. Let me ask you about the cash situation. The operating cash flow in Q2 was about -4.6 million.
[Analyst] (Tiermes Corporate Finance): We'll come back to all those projects in just a bit. Let me ask you about the cash situation. The operating cash flow in Q2 was about -4.6 million.
Speaker #3: Yeah.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Speaker #2: And the cash balance ended at SEK 13 million.
Olof Tiermas: The cash balance ended at SEK 13 million.
[Analyst] (Tiermes Corporate Finance): The cash balance ended at SEK 13 million.
Speaker #3: Mm-hmm.
Speaker #2: Given these figures, it's it would appear as, as if you would need a major deal or a deal. Or external financing of some sort for year-end.
Olof Tiermas: Given these figures, it would appear as if you would need a major deal or a deal or external financing of some sort for year-round. What are your thoughts on the financial planning?
[Analyst] (Tiermes Corporate Finance): Given these figures, it would appear as if you would need a major deal or a deal or external financing of some sort for year-round. What are your thoughts on the financial planning?
Speaker #2: What are your thoughts on the financial planning?
Speaker #3: Yeah, but you're right that we, we, we did in Q2 the rights issue, which was—we, the chairman and myself, we subscribed for it.
Joachim Samuelsson: Well, you are right that we did in the Q2, the rights issue, which was the chairman and myself, we subscribed for it, the whole thing, and then it was oversubscribed, and that strengthened the financial position in the company considerably just before the summer. But we are looking into the financials, we certainly are. It is coming from commercial, that is the main what we need to live on is the commercial contracts. The other one is the strategic investor project that we have looked at as well. I think these two projects or these two revenue streams that are in a way helping each other. If we are getting sales traction, it will be much more easy to attract strategic investors as well in parallel.
Joachim Samuelsson: Well, you are right that we did in the Q2, the rights issue, which was the chairman and myself, we subscribed for it, the whole thing, and then it was oversubscribed, and that strengthened the financial position in the company considerably just before the summer. But we are looking into the financials, we certainly are. It is coming from commercial, that is the main what we need to live on is the commercial contracts. The other one is the strategic investor project that we have looked at as well. I think these two projects or these two revenue streams that are in a way helping each other. If we are getting sales traction, it will be much more easy to attract strategic investors as well in parallel.
Speaker #3: the whole thing. And then it was oversubscribed, and that strengthened the financial position in the company considerably, just before the summer. But we are looking into the financials.
Speaker #3: We certainly are. And it is coming from commercial—that is the main, what we need to live on is the commercial contracts.
Speaker #3: The other one is the strategic investor project that we have looked at as well. And I think these two projects, or these two revenue streams, are in a way helping each other.
Speaker #3: If we are getting sales traction, it will be much more easy to attract strategic investors as well in parallel. But, I I don't think it's binary that, like you say, I I think there are yeah, we we are we're we're aware of the financial situation and, and we are considering our options what we do.
Joachim Samuelsson: I do not think it is binary that like you say, I think there are, we are aware of the financial situation, and we are considering our options for what to do. The main thing we want to do is to sign deals, as you said, major deals in order to leave those financial discussions behind us.
Joachim Samuelsson: I do not think it is binary that like you say, I think there are, we are aware of the financial situation, and we are considering our options for what to do. The main thing we want to do is to sign deals, as you said, major deals in order to leave those financial discussions behind us.
Speaker #3: The main thing we want to do is to sign deals, as you said—major deals—in order to leave those financial discussions behind us.
Speaker #2: Yeah, and I mean, in connection with the rights issue, Chairman's Corporate Finance was engaged to track new strategic investors.
Olof Tiermas: Yeah. In connection with the rights issue, Tiermes Corporate Finance was engaged to attract new strategic investors.
[Analyst] (Tiermes Corporate Finance): Yeah. In connection with the rights issue, Tiermes Corporate Finance was engaged to attract new strategic investors.
Speaker #3: Yeah.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Olof Tiermas: Are there any updates on this process?
[Analyst] (Tiermes Corporate Finance): Are there any updates on this process?
Speaker #2: Are there any updates on this pro process?
Speaker #3: Well, it's ongoing. It's been a little bit on the slow side due to summer vacation. But we're working on that, and I think what has happened is that our financial situation is sort of stronger, as I said.
Joachim Samuelsson: Well, it is ongoing. It has been a little bit on the slow side due to summer vacation. We are working on that. I think what has happened is that our financial situation is stronger, as I said. We have moved forward quite a lot with the commercial discussions in many of those opportunities we have at hand. I would also say that the fact that we got a patent approved in India is also making the whole situation look stronger for us. So that helps in the dialogues that Olof from Tiermes is having in the market.
Joachim Samuelsson: Well, it is ongoing. It has been a little bit on the slow side due to summer vacation. We are working on that. I think what has happened is that our financial situation is stronger, as I said. We have moved forward quite a lot with the commercial discussions in many of those opportunities we have at hand. I would also say that the fact that we got a patent approved in India is also making the whole situation look stronger for us. So that helps in the dialogues that Olof from Tiermes is having in the market.
Speaker #3: We have moved forward quite a lot with the commercial discussions in many of those opportunities we have at hand. And I would also say that the fact that we got a patent approved in India is also making the whole situation look stronger for us.
Speaker #3: So, that helps in the dialogues that Olof from Chairman's is sort of having in the market.
Olof Tiermas: Okay.
[Analyst] (Tiermes Corporate Finance): Okay.
Speaker #2: Okay, yeah, that's my next question actually, because I'd like to turn to the market situation now and your position. I mean, as you described in the report, you have proven that your solution works.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Olof Tiermas: Yeah, that is my next question, actually, because I would like to turn to the market situation now and your position. As you describe in the report, you have proven that your solution works. It is the title of your CEO statement, "From Proof to Position.
[Analyst] (Tiermes Corporate Finance): Yeah, that is my next question, actually, because I would like to turn to the market situation now and your position. As you describe in the report, you have proven that your solution works. It is the title of your CEO statement, "From Proof to Position.
Speaker #2: It's the title of your CEO statement: From Proof to Position.
Speaker #3: Yeah.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Speaker #2: Have you done any updates on your offering?
Olof Tiermas: Have you done any updates on your offering?
[Analyst] (Tiermes Corporate Finance): Have you done any updates on your offering?
Speaker #3: no, tech-technically it's sort of the same, product. So we we are we are doing, work on it always. but the technically it's sort of still very much the same product.
Joachim Samuelsson: No. Technically, it is sort of the same product. We are doing work on it always, but technically it is sort of still very much the same product. I think what is becoming clear, and this is why we are structuring in a way the market update on the system level, we really understand that we need to be part of the system. That is one level. Then on the service level, the ones that are serving end users like you and me, so we can pay even offline, that is another level. We are working that way, but it is not the product itself that has changed. Our go-to-market is clearly structured in those two components, and we are very aware of that. I think that is a necessity in order to go to market with an offline product like we have.
Joachim Samuelsson: No. Technically, it is sort of the same product. We are doing work on it always, but technically it is sort of still very much the same product. I think what is becoming clear, and this is why we are structuring in a way the market update on the system level, we really understand that we need to be part of the system. That is one level. Then on the service level, the ones that are serving end users like you and me, so we can pay even offline, that is another level. We are working that way, but it is not the product itself that has changed. Our go-to-market is clearly structured in those two components, and we are very aware of that. I think that is a necessity in order to go to market with an offline product like we have.
Speaker #3: I I think what is becoming clear and this is how why we are structuring in a way the market update in on the system level, we we we we really understand that we need to be part of the system.
Speaker #3: That is sort of on one level. And then on the service level, the ones that are serving end users, like you and me, so we can pay even offline.
Speaker #3: That's another level. And we are working that way. But it's not the product itself that has sort of changed; it's sort of our go-to-market that is clearly structured in those two components.
Speaker #3: And we're very aware of that. And I think that's a necessity in order to go to market with an offline product like we have.
Speaker #2: Yeah. I understand. are you also like to, to, encourage all viewers to send in your questions in your in the chat function in the in this webinar?
Olof Tiermas: Yeah, understood. I would also like to encourage all viewers to send in your questions in the chat function in this webinar so we can address them as we go along. First, let us address the India patent, which was a milestone for you. Has this changed how you discuss with RBI and NPCI and banks and stuff?
[Analyst] (Tiermes Corporate Finance): Yeah, understood. I would also like to encourage all viewers to send in your questions in the chat function in this webinar so we can address them as we go along. First, let us address the India patent, which was a milestone for you. Has this changed how you discuss with RBI and NPCI and banks and stuff?
Speaker #2: So we can address them as we go along. But first, let's address the India patent, which was, myself, for you. Has this changed how you discuss with the RBI and NPCI and banks and—?
Speaker #3: Well, yes, I would say yes, because I think it changes. Before, it was, 'Let's try our technology for the market as a vendor-neutral, system-level architecture,' and then later we can bring in service providers.
Joachim Samuelsson: Yes, I would say yes because I think it changes. Before it was that let us try our technology for the market as a vendor-neutral system-level architecture. Then later we can bring in service providers who could deliver an offline wallet on that system. We have been, in a way, working closely with the system operator, NPCI, to set this up and the specs are ready. We are ready to go to the banks as well. I think what has changed is that we are not just a technology provider. Now we are a technology provider with rights to the architecture that-
Joachim Samuelsson: Yes, I would say yes because I think it changes. Before it was that let us try our technology for the market as a vendor-neutral system-level architecture. Then later we can bring in service providers who could deliver an offline wallet on that system. We have been, in a way, working closely with the system operator, NPCI, to set this up and the specs are ready. We are ready to go to the banks as well. I think what has changed is that we are not just a technology provider. Now we are a technology provider with rights to the architecture that-
Speaker #3: Who could deliver an offline wallet on that system? We have, in a way, been working closely with the system operator, NPCI, to set this up.
Speaker #3: And, the specs are ready. we're ready to go to the banks as well. But I think what what is what has changed is that we are not just a sort of a a technology provider.
Speaker #3: Now we are a technology provider with rights to the architecture that.
Speaker #2: Do you have, like, a business proposal now?
Olof Tiermas: You have a business proposal now?
[Analyst] (Tiermes Corporate Finance): You have a business proposal now?
Speaker #3: Ye well, we yes, we we are, we we we've had several discussions actually, during this, months since we last spoke here. with RBI as well as with with NPCI.
Joachim Samuelsson: Well, yes. We have had several discussions actually during this month since we last spoke here with RBI as well as with NPCI. RBI, we have asked them because it is their product. Initially here we are talking about the digital rupee. Are you our counterparty for sourcing in our technology or is it NPCI? We have been directed to that we should have the commercial discussion with NPCI. That is what we had. But we are still having conversations with RBI and keeping them abreast of what is happening in our discussions with NPCI. There is a meeting, probably two meetings with RBI planned for just to the end of the month.
Joachim Samuelsson: Well, yes. We have had several discussions actually during this month since we last spoke here with RBI as well as with NPCI. RBI, we have asked them because it is their product. Initially here we are talking about the digital rupee. Are you our counterparty for sourcing in our technology or is it NPCI? We have been directed to that we should have the commercial discussion with NPCI. That is what we had. But we are still having conversations with RBI and keeping them abreast of what is happening in our discussions with NPCI. There is a meeting, probably two meetings with RBI planned for just to the end of the month.
Speaker #3: And RBI, we've asked them because it's their product—initially here, we're talking about the digital rupee. Are you our counterparty for sourcing in our technology, or is it NPCI?
Speaker #3: And we've been directed to that we should have the commercial discussion with, with NPCI, that that that's what we had. But, but we are we we we still having conversations, with RBI, keeping them abreast of what is happening in our discussions with NPCI.
Speaker #3: there is a meeting probably two meetings with RBI planned for just to the end of the month this. So we we are and then GFF is coming up, the global fintech fest, early September, where we have a a good chance to meet in person as well with both, people from NPCI as well as, RBI, as well as the banking, community that, is supposed to implement the offline wallets as well.
Joachim Samuelsson: GFF is coming up, the Global Fintech Fest early September, where we have a good chance to meet in person as well with both people from NPCI as well as RBI, as well as the banking community that is supposed to implement offline wallets as well. Yeah.
Joachim Samuelsson: GFF is coming up, the Global Fintech Fest early September, where we have a good chance to meet in person as well with both people from NPCI as well as RBI, as well as the banking community that is supposed to implement offline wallets as well. Yeah.
Speaker #2: Yeah. Yeah. So, so, the project that you were running with the NPCI and the two banks. is it is it completed or where are you now in this in that process?
Olof Tiermas: The project that you were running with the NPCI and the two banks-
[Analyst] (Tiermes Corporate Finance): The project that you were running with the NPCI and the two banks-
Joachim Samuelsson: Yeah
Joachim Samuelsson: Yeah.
Olof Tiermas: is it completed or where are you now in that process?
[Analyst] (Tiermes Corporate Finance): Is it completed or where are you now in that process?
Speaker #3: I i i the the project is is the what we are doing is that we have, we're running it with it's it's two separate thing in a way.
Joachim Samuelsson: The project, what we are doing is that we are running it with, it is two separate things in a way. It is an infrastructural thing with NPCI. That is one level. That is the service level. Oh, sorry, system level in order to have the technology that the system can accept and process offline payments. That is the system level. On the service level, then the idea is that we have signed agreements with two banks there, IDFC and Axis Bank, and that is also progressed. We have signed a technical trial agreement with Axis during the quarter here. IDFC, the other bank, is our customer since before as well. But they need the specification on the system level in order for them to be able to integrate the work.
Joachim Samuelsson: The project, what we are doing is that we are running it with, it is two separate things in a way. It is an infrastructural thing with NPCI. That is one level. That is the service level. Oh, sorry, system level in order to have the technology that the system can accept and process offline payments. That is the system level. On the service level, then the idea is that we have signed agreements with two banks there, IDFC and Axis Bank, and that is also progressed. We have signed a technical trial agreement with Axis during the quarter here. IDFC, the other bank, is our customer since before as well. But they need the specification on the system level in order for them to be able to integrate the work.
Speaker #3: There, it's an infrastructural thing with NPCI. That— that is one level. That's the service level— oh, sorry, system level— in order to have the technology that the system can accept and process offline payments.
Speaker #3: That's the system level. On the service level, then, the idea is that we have, and we have signed agreements with, sort of, two banks there—IDFC and Axis Bank.
Speaker #3: And that's also progressed. We've signed a technical trial agreement with Axis during the quarter here, and IDFC, the other bank, is our customer since before as well.
Speaker #3: But they they are they need the specification on the system level in order for them to be able to integrate sort of the work.
Speaker #2: The system-level needs to be completed first, and then.
Olof Tiermas: The system level needs to be completed first, and then
[Analyst] (Tiermes Corporate Finance): The system level needs to be completed first, and then.
Speaker #3: Yes. Yeah. It needs to be system level first. and and that's that's what we've been working with for for a long time. And now I think partly with the the patent as well, but also the the work we've done is that we we we're asking sort of, compensation on a system level compensation for all the work we've done.
Joachim Samuelsson: Yes
Joachim Samuelsson: Yes.
Olof Tiermas: they can move on.
[Analyst] (Tiermes Corporate Finance): They can move on.
Joachim Samuelsson: Yes. It needs to be system level first. That is what we have been working with for a long time. Now, I think partially with the patent as well, but also the work we have done, is that we are asking a compensation on the system-level compensation for all the work we have done, and the fact that it is using our intellectual property here on the Indian market.
Joachim Samuelsson: Yes. It needs to be system level first. That is what we have been working with for a long time. Now, I think partially with the patent as well, but also the work we have done, is that we are asking a compensation on the system-level compensation for all the work we have done, and the fact that it is using our intellectual property here on the Indian market.
Speaker #3: And the fact that it is using our intellectual property here in the Indian market.
Speaker #2: So, things are progressing in India?
Olof Tiermas: Things are progressing in India?
[Analyst] (Tiermes Corporate Finance): Things are progressing in India?
Speaker #3: Yes. Yes, they are.
Joachim Samuelsson: Yes. Yes, they are.
Joachim Samuelsson: Yes. Yes, they are.
Speaker #2: Okay. Should we move on to the Philippines, perhaps? You mentioned GCash. How close are you for dealing with GCash or the Philippines?
Olof Tiermas: Should we move on to the Philippines perhaps? You mentioned GCash. How close are you for dealing with GCash or the Philippines?
[Analyst] (Tiermes Corporate Finance): Should we move on to the Philippines perhaps? You mentioned GCash. How close are you for dealing with GCash or the Philippines?
Speaker #3: the Philippines has developed in in a really good way during this three months as well. GCash, does a very they they have a very structured process.
Joachim Samuelsson: The Philippines has developed in a really good way during these 3 months as well. GCash, they have a very structured process. When we spoke last time, we had positive signs from their product team and the technical team that they wanted to go ahead with us. Then they have now put us into their, what they call the innovation team, which are the ones that prepare new innovation for the GCash solution. We are working with them closely. We have signed an agreement for what will now happen in terms of technical testing. In parallel, we have also given them commercial proposals as well. They wanted to have one clarification last week, and we have sent them that.
Joachim Samuelsson: The Philippines has developed in a really good way during these 3 months as well. GCash, they have a very structured process. When we spoke last time, we had positive signs from their product team and the technical team that they wanted to go ahead with us. Then they have now put us into their, what they call the innovation team, which are the ones that prepare new innovation for the GCash solution. We are working with them closely. We have signed an agreement for what will now happen in terms of technical testing. In parallel, we have also given them commercial proposals as well. They wanted to have one clarification last week, and we have sent them that.
Speaker #3: When we spoke last time, we had positive signs from their product team and the technical team that they wanted to go ahead with us.
Speaker #3: But then they have now put us into what they call the innovation team, which are the ones that prepare new innovation for the GCash solution.
Speaker #3: So we we are working with them closely, we've signed an agreement for what will now happen in terms of test technical testing, but in parallel, we we've also, giving them commercial, proposals as well which they have, yeah, they they wanted to have one clarification last week and we've sent them that.
Speaker #3: So, this is what I think is good—that we are progressing. Not just to try it out and see if it works, but also, we are at the stage of commercial discussions as well.
Joachim Samuelsson: This is what I think is good, that we are progressing, not just try it out if it works, but also we are at the stage of commercial discussions as well. We have also had, this was coordinated by the Central Bank of the Philippines, they are called BSP. They brought together the whole ecosystem. This is the major banks, the payment networks, the equivalent of Swish, which is called InstaPay. They brought all together and discussed that we believe from the Central Bank perspective, that this solution that Crunchfish is coming with is very important for the Filipino market. Then this whole ecosystem had a chance to say, "Well, what do you think?" in front of the Central Bank. They all agreed.
Joachim Samuelsson: This is what I think is good, that we are progressing, not just try it out if it works, but also we are at the stage of commercial discussions as well. We have also had, this was coordinated by the Central Bank of the Philippines, they are called BSP. They brought together the whole ecosystem. This is the major banks, the payment networks, the equivalent of Swish, which is called InstaPay. They brought all together and discussed that we believe from the Central Bank perspective, that this solution that Crunchfish is coming with is very important for the Filipino market. Then this whole ecosystem had a chance to say, "Well, what do you think?" in front of the Central Bank. They all agreed.
Speaker #3: We've also had—this was coordinated by the central bank of the Philippines. They're called BSP. And they brought together the whole ecosystem; this is the major banks, the payment networks, the equivalent of Swish, which is called InstaPay.
Speaker #3: They brought everyone together and discussed that, from the central bank's perspective, we believe this solution that Crunchfish is coming with is very important for the Filipino market.
Speaker #3: And then this whole ecosystem had a chance to say, "What do you think?" in front of the central bank. And they all said, they all agreed.
Speaker #3: This is I would say this is as we I think we've discussed before, this is this is sort of for the whole Philippines, all and and going for our technology, which is extremely encouraging, almost like we we're now doing in India.
Joachim Samuelsson: I would say this is, as I think we have discussed before, this is sort of for the whole Philippines, all and going for our technology, which is extremely encouraging, almost like we are now doing in India. What is good with GCash is that they are a front runner. It is like a closed-loop wallet. It is one management, and they control.
Joachim Samuelsson: I would say this is, as I think we have discussed before, this is sort of for the whole Philippines, all and going for our technology, which is extremely encouraging, almost like we are now doing in India. What is good with GCash is that they are a front runner. It is like a closed-loop wallet. It is one management, and they control.
Speaker #3: But what's good with GCash is that they are a frontrunner. It's like a closed loop wallet, it's one management and they control it.
Speaker #2: They, and they can do, and they can make the decision.
Olof Tiermas: They can make the decision.
[Analyst] (Tiermes Corporate Finance): They can make the decision.
Speaker #3: Yeah. Yeah.
Joachim Samuelsson: Yeah
Joachim Samuelsson: Yeah.
Speaker #2: Irrespective of, of the infrastructure.
Olof Tiermas: irrespective of infrastructure.
[Analyst] (Tiermes Corporate Finance): Irrespective of infrastructure.
Speaker #3: Yes. Yes. And and they this is the plan that they they they want to do that. they have 80 million Filipinos have their their wallet.
Joachim Samuelsson: Yes. This is the plan, that they want to do that. They have 80 million Filipinos have their wallet, the GCash wallet. It is just like in Sweden with Swish. Everybody sort of has Swish on their phones. Everybody has GCash in a way. They have also a very strong network of merchants that can accept those payments. So GCash can move independently on their own, and we think they are going to be a fast track for us. That is going well. I am also very encouraged that the Central Bank is taking this so seriously and coordinating with, and mentioning this opportunity with the Governed Offline for the Filipino market, and sort of drives in a way the project. I do expect that will take longer time to get the whole ecosystem behind it than just doing it with one player like GCash.
Joachim Samuelsson: Yes. This is the plan, that they want to do that. They have 80 million Filipinos have their wallet, the GCash wallet. It is just like in Sweden with Swish. Everybody sort of has Swish on their phones. Everybody has GCash in a way. They have also a very strong network of merchants that can accept those payments. So GCash can move independently on their own, and we think they are going to be a fast track for us.
Speaker #3: The GCash wallet is just like in Sweden with Swish. Everybody sort of has Swish on their phones. Everybody has GCash in a way. And they also have a very strong network of merchants that can accept those payments.
Speaker #3: So, GCash can move independently on their own. And, and we think they're going to be a fast track for us. And that's going well.
Joachim Samuelsson: That is going well. I am also very encouraged that the Central Bank is taking this so seriously and coordinating with, and mentioning this opportunity with the Governed Offline for the Filipino market, and sort of drives in a way the project. I do expect that will take longer time to get the whole ecosystem behind it than just doing it with one player like GCash. Philippines has developed positively in two ways, both on a single wallet level, but also ecosystem-wise.
Speaker #3: But I I'm also very encouraged that the central bank is taking this so seriously and coordinating sort of with and and mentioning this opportunity with the Government Offline for the Filipino market.
Speaker #3: And, sort of drives in a way the project. But I I I do expect that that will be a that will take longer time to get the whole ecosystem behind it than just doing it with one, one player like GCash.
Speaker #3: So, but but it's the Philippines has developed positively in in sort of two ways, both on a single single, wallet level, but also ecosystem wise.
Joachim Samuelsson: Philippines has developed positively in two ways, both on a single wallet level, but also ecosystem-wise.
Olof Tiermas: Yeah.
[Analyst] (Tiermes Corporate Finance): Yeah.
Speaker #3: So it's been good. I think the Philippines has developed well.
Joachim Samuelsson: It has been good. I think the Philippines has developed well.
Joachim Samuelsson: It has been good. I think the Philippines has developed well.
Speaker #2: Okay, that's good. Let's travel to the Caribbean. Yeah.
Olof Tiermas: Okay. That's good. Let's travel to the Caribbean.
[Analyst] (Tiermes Corporate Finance): Okay. That's good. Let's travel to the Caribbean.
Speaker #3: Caribbean? Yeah. We've traveled the world—globetrotters.
Joachim Samuelsson: Caribbean?
Joachim Samuelsson: Caribbean?
Olof Tiermas: Yeah.
[Analyst] (Tiermes Corporate Finance): Yeah.
Joachim Samuelsson: Yeah, we travel the world. Globetrotters.
Joachim Samuelsson: Yeah, we travel the world. Globetrotters.
Speaker #2: Where are you in this process?
Olof Tiermas: Where are you in this process?
[Analyst] (Tiermes Corporate Finance): Where are you in this process?
Joachim Samuelsson: We wrote in the Q2 report that we are expecting in the Q3 a board decision. It's not a done deal yet, but everything points in our direction. I think the board has taken some sort of principal decision in our favor, but there are still some clarifications that the board have asked the management team to sort out. We had a meeting yesterday, quite late actually, and there is another one on Monday. We are sorting out the details now. We have to discuss about contracts and things like that, but commercially, technically, I think the-
Joachim Samuelsson: We wrote in the Q2 report that we are expecting in the Q3 a board decision. It's not a done deal yet, but everything points in our direction. I think the board has taken some sort of principal decision in our favor, but there are still some clarifications that the board have asked the management team to sort out. We had a meeting yesterday, quite late actually, and there is another one on Monday. We are sorting out the details now. We have to discuss about contracts and things like that, but commercially, technically, I think the-
Speaker #3: yeah, we we we wrote in the, in the, Q2 report that we are expecting in the Q3 a, a board decision. it's not a done deal yet, but everything points in our direction.
Speaker #3: I think the board has taken some sort of principal decision in our favor, but there are still some clarifications that the board has asked the management team to sort out.
Speaker #3: We had a meeting yesterday, quite late actually, and there is another one on Monday. So we're sorting out the details now. It's still—we have to write, we have to discuss about contracts and things like that.
Speaker #3: But commercially, technically, I—I think it's...
Speaker #2: So, what will this central bank actually do with your solution? Will they adopt it and implement it?
Olof Tiermas: What will this Central Bank do with your solution? They will adopt it and
[Analyst] (Tiermes Corporate Finance): What will this Central Bank do with your solution? They will adopt it and
Speaker #3: Yes. Yes. They they they they have already, a working, CBDC platform, a central bank digital currency platform in the Caribbeans. and, but a lot of Caribbean countries, they are island states.
Joachim Samuelsson: Yes
Joachim Samuelsson: Yes
Olof Tiermas: implement it.
[Analyst] (Tiermes Corporate Finance): Implement it.
Joachim Samuelsson: Yes. They have already a working CBDC platform, a Central Bank Digital Currency platform in the Caribbeans. A lot of Caribbean countries, they are island states. The infrastructure is with internet connectivity and sometimes even power, is a problem sometimes. Having offline is a priority for them, and we are quite happy that it looks like the approach that we are taking with Governed Offline has appealed to them, and it is looking very promising. We haven't announced it yet because we feel it is still a little bit. We are not there yet, but we are close. That is back to your question, will we get sales this year? I think this is a good candidate which is looking very good in the near term, even.
Joachim Samuelsson: Yes. They have already a working CBDC platform, a Central Bank Digital Currency platform in the Caribbeans. A lot of Caribbean countries, they are island states. The infrastructure is with internet connectivity and sometimes even power, is a problem sometimes. Having offline is a priority for them, and we are quite happy that it looks like the approach that we are taking with Governed Offline has appealed to them, and it is looking very promising. We haven't announced it yet because we feel it is still a little bit. We are not there yet, but we are close. That is back to your question, will we get sales this year? I think this is a good candidate which is looking very good in the near term, even.
Speaker #3: So the infrastructure is with internet connectivity, and sometimes even power is sort of a problem sometimes. So having offline has—having offline is sort of a priority for them.
Speaker #3: And, we we're quite happy that, it it looks like the approach that we are taking, with Government Offline, has appealed to them. And, it's it's looking, it's looking very promising.
Speaker #3: We we haven't announced it yet because we we feel it's, it's still, a little bit, yeah, we we're not there yet, but we but we're close.
Speaker #3: And they and that's back to your question. Will we get sales this year? I I think this this is a a good candidate where we which is looking very very good in in the near term even.
Olof Tiermas: Okay.
[Analyst] (Tiermes Corporate Finance): Okay.
Speaker #3: Yeah.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Speaker #2: Interesting. So let's go to the Middle East and talk about Merchant.
Olof Tiermas: Interesting. Let us go to the Middle East and talk about Mercury.
[Analyst] (Tiermes Corporate Finance): Interesting. Let us go to the Middle East and talk about Mercury.
Joachim Samuelsson: Middle East now. Yeah.
Joachim Samuelsson: Middle East now. Yeah.
Speaker #3: Middle East now.
Speaker #2: Yeah, Mercury. How is this collaboration progressing?
Olof Tiermas: Mercury.
[Analyst] (Tiermes Corporate Finance): Mercury.
Joachim Samuelsson: Yes.
Joachim Samuelsson: Yes.
Olof Tiermas: How is this collaboration progressing?
[Analyst] (Tiermes Corporate Finance): How is this collaboration progressing?
Joachim Samuelsson: Mercury have done their homework. We sent them technically what it would take for them. If we step back one step maybe, Mercury is like NPCI in three countries. They take on the role of being the system operator for the central bank payment systems, very similar to NPCI's role in India. Mercury has that role in three Middle Eastern countries. Since we spoke last time, they have worked with their integrators or their technical providers to scope what do we need to do in order to have Governed Offline from Crunchfish integrated. They have got that scoped, and they got an offer. Mercury have told us that we have accepted that offer. Before we start, they now want to go to the central banks in those three countries and basically say that we can do this.
Joachim Samuelsson: Mercury have done their homework. We sent them technically what it would take for them. If we step back one step maybe, Mercury is like NPCI in three countries. They take on the role of being the system operator for the central bank payment systems, very similar to NPCI's role in India. Mercury has that role in three Middle Eastern countries. Since we spoke last time, they have worked with their integrators or their technical providers to scope what do we need to do in order to have Governed Offline from Crunchfish integrated. They have got that scoped, and they got an offer. Mercury have told us that we have accepted that offer. Before we start, they now want to go to the central banks in those three countries and basically say that we can do this.
Speaker #3: Mercury have done their homework. We sent them, sort of, technically what it would take for them. If we step back one step, maybe, Mercury is like NPCI.
Speaker #3: In three central, in in three countries, they they they take on the role of being the system operator, for the central bank payment systems.
Speaker #3: Very similar to NPCI's role in India. Mercury has that role in three Middle Eastern countries. And, they have worked during since we spoke last time, they worked with their, their integrators or their their sort of, yeah, technical providers to scope what do we need to do in order to have, Government Offline from Crunchfish integrated.
Speaker #3: And they've got that scoped, and they got it—they got an offer. Mercury have told us that we have accepted that offer. But before we start, they now want to go to the central banks.
Speaker #3: in those three countries. And basically say that we can do this, or before we actually, you know, start committing and doing all the work and integrating it, is this what you want?
Joachim Samuelsson: Before we actually start committing and doing all the work and integrating it, is this what you want? This is also very positive that we feel that Mercury is moving ahead as we thought. It has been summer holiday. We had a meeting with them when they, I shouldn't say they complained, but they said it was 54 degrees. So it is
Joachim Samuelsson: Before we actually start committing and doing all the work and integrating it, is this what you want? This is also very positive that we feel that Mercury is moving ahead as we thought. It has been summer holiday. We had a meeting with them when they, I shouldn't say they complained, but they said it was 54 degrees. So it is
Speaker #3: So this is also very positive that we feel that Mercury is moving ahead as we thought. It's been summer holiday.
Speaker #3: I we we had a meeting with them when they I I shouldn't say they complain, but they said it it was 54 degrees, so it's, pretty hot.
Olof Tiermas: Pretty hot.
[Analyst] (Tiermes Corporate Finance): Pretty hot.
Speaker #3: It's been an enormously hot summer, and there's been some vacation time as well. But I like that they've done their homework with their technical integrators.
Joachim Samuelsson: It's been an enormously hot summer. There's been some vacation time as well. I like that they've done their homework with their technical integrators. It's yet another project which is moving, and it's moving towards now decision, and after that, then commercials and integration.
Joachim Samuelsson: It's been an enormously hot summer. There's been some vacation time as well. I like that they've done their homework with their technical integrators. It's yet another project which is moving, and it's moving towards now decision, and after that, then commercials and integration.
Speaker #3: And, yeah, it's yet another project which is moving, and it's moving towards a decision now. After that, then, yeah, commercials and integration.
Speaker #2: Yeah, very good. We received a question from a viewer, and would you like to address investors who are disappointed in the development or the lack of tangible commercial results?
Olof Tiermas: Yeah, very good. We received a question from a viewer. Would you like to address investors who are disappointed in the development or the lack of tangible commercial results?
[Analyst] (Tiermes Corporate Finance): Yeah, very good. We received a question from a viewer. Would you like to address investors who are disappointed in the development or the lack of tangible commercial results?
Speaker #3: Yeah.
Speaker #2: What what what's your com?
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Olof Tiermas: What's your comments?
[Analyst] (Tiermes Corporate Finance): What's your comments?
Speaker #3: Yeah, I think we are coming with a new approach with offline payments. It has taken longer than expected, that's for sure.
Joachim Samuelsson: Yeah. I think we are coming with a new approach with offline payments. It has taken longer time than expected, that is for sure. What can I say more than that? It is a complicated setup that we do.
Joachim Samuelsson: Yeah. I think we are coming with a new approach with offline payments. It has taken longer time than expected, that is for sure. What can I say more than that? It is a complicated setup that we do.
Speaker #3: But it's, yeah, what can I say more than that? It is, it is a complicated setup that we do, I think.
Speaker #2: Long, long sales cycles with the...
Olof Tiermas: Long sales cycles with very.
[Analyst] (Tiermes Corporate Finance): Long sales cycles with very.
Joachim Samuelsson: Certainly long sales cycle. I think also if we are looking at India, that we had India already 2023 approved by their regulatory. Our solution was approved. NPCI did a competing product, which, by the way, is very similar to us as well. So India is now sitting with both UPI Lite X as well as what we have done, which is essentially using our patented technology. The fact that they did that made it difficult for us to do deals in India. Since then, we have continued with India, and now we are back and we have now a stronger position. That certainly took time for us. We are moving now into other markets. I think the other thing is that the other main market for our product has been CBDC, Central Bank Digital Currency.
Joachim Samuelsson: Certainly long sales cycle. I think also if we are looking at India, that we had India already 2023 approved by their regulatory. Our solution was approved. NPCI did a competing product, which, by the way, is very similar to us as well. So India is now sitting with both UPI Lite X as well as what we have done, which is essentially using our patented technology. The fact that they did that made it difficult for us to do deals in India. Since then, we have continued with India, and now we are back and we have now a stronger position. That certainly took time for us. We are moving now into other markets. I think the other thing is that the other main market for our product has been CBDC, Central Bank Digital Currency.
Speaker #3: Certainly a long sales cycle. I think also, if we're looking at India, that we had India already in 2023, approved by their regulatory—our solution was approved.
Speaker #3: But then NPCI did a competing product, which, by the way, is very similar to us as well. So India is now sort of sitting with both UPI Lite X as well as what we've done, which is essentially using our patented technology.
Speaker #3: But the fact that they did that made it difficult for us to do deals in India. Since then, we have continued with India, and now we are back and have a stronger position.
Speaker #3: But but it's that certainly took time for us. and and we are, moving now into other markets. And and I think the other thing is that the the other main market for our our product has been CBDC, central bank digital currency.
Speaker #3: But that's been occupied by that—you move money out on devices, and then you transfer a token, just like you transfer a banknote.
Joachim Samuelsson: That has been occupied by that you move money out on devices and then you transfer a token, just like you transfer a banknote. A lot of central banks have thought that is the way it should be done. I am very encouraged now that the approach that we call Governed Offline, where the money stays in the backend, you reserve it there. That is our patented approach. That is winning ground. India was certainly doing the other approach with CBDC before, but they are now, with our help, looking at.
Joachim Samuelsson: That has been occupied by that you move money out on devices and then you transfer a token, just like you transfer a banknote. A lot of central banks have thought that is the way it should be done. I am very encouraged now that the approach that we call Governed Offline, where the money stays in the backend, you reserve it there. That is our patented approach. That is winning ground. India was certainly doing the other approach with CBDC before, but they are now, with our help, looking at.
Speaker #3: A lot of central banks have thought that’s the way it should be done. I’m very encouraged now that the approach that we call Government Government Offline, where the money stays in the backend—you just, you reserve it there.
Speaker #3: And that's our patented approach—that is winning ground. India was certainly taking the other approach with CBDC before, but they are now, with our help, looking at it.
Olof Tiermas: Have they completed their move to. They were in a project.
[Analyst] (Tiermes Corporate Finance): Have they completed their move to. They were in a project.
Speaker #2: Have they completed their move to—they were in a project,
Speaker #3: They did the—they did the other approach before. But I think what I'm saying is that central banks around the world thought that they're gonna do it just like they issue banknotes.
Joachim Samuelsson: They did the other approach before. What I am saying is that central banks around the world thought that they are going to do, just like they issue banknotes, now we are going to do something very similar. We have convinced them, and we have good, strong argumentation for that has been this you need a solution which is banking friendly and implementable and governed. That means that the reserve pay and settle paradigm that we have always talked about is winning ground. I am very happy about in the Caribbean here. That is sort of a Central Bank Digital Currency project where they are. They have also tried doing the other approach, but failed.
Joachim Samuelsson: They did the other approach before. What I am saying is that central banks around the world thought that they are going to do, just like they issue banknotes, now we are going to do something very similar. We have convinced them, and we have good, strong argumentation for that has been this you need a solution which is banking friendly and implementable and governed. That means that the reserve pay and settle paradigm that we have always talked about is winning ground. I am very happy about in the Caribbean here. That is sort of a Central Bank Digital Currency project where they are. They have also tried doing the other approach, but failed.
Speaker #3: Now we're gonna we're gonna do something very similar. But we have convinced them and we are we have good strong argumentation for that. That that's been this you need a solution which is banking friendly and implementable and governed.
Speaker #3: And that means that the reserve pay and settle paradigm that we have always talked about is is winning ground. And and I'm I'm very happy about the in the Caribbean here, that's that's sort of a, central bank digital currency project where they are yeah, they have also tried doing the other approach.
Speaker #3: But failed. And they're going to... So, what takes time is that I think we've come up with a new approach, and it's taken much longer to get it to commercials than certainly what I thought.
Olof Tiermas: Okay.
[Analyst] (Tiermes Corporate Finance): Okay.
Joachim Samuelsson: They are going to our. What takes time is that I think we have come with a new approach, and it has been much longer to get it to commercials than certainly what I thought. The promising now is that we have a strong position in many places, and the discussions are about commercials now, not about if it works or not, or if we should have your solution or not. Now it is about trying to make commercials out of what we have. We are certainly getting closer, but it has been a long journey for sure.
Joachim Samuelsson: They are going to our. What takes time is that I think we have come with a new approach, and it has been much longer to get it to commercials than certainly what I thought. The promising now is that we have a strong position in many places, and the discussions are about commercials now, not about if it works or not, or if we should have your solution or not. Now it is about trying to make commercials out of what we have. We are certainly getting closer, but it has been a long journey for sure.
Speaker #3: But the promising thing is that now we are moving forward. We have a strong position in many places, and the discussions are about commercials now, not about whether it works or not, or if we should have your solution or not.
Speaker #3: Now it's about, yeah, trying to make commercials out of what we have. So, we're certainly getting closer, but it's been a long journey, for sure.
Speaker #2: Yeah. We have a question regarding all the tests and projects that you're running evaluating your product. Do you charge for those?
Olof Tiermas: Sure. We have a question regarding all the tests and projects that you are running evaluating your product. Do you charge for those?
[Analyst] (Tiermes Corporate Finance): Sure. We have a question regarding all the tests and projects that you are running evaluating your product. Do you charge for those?
Speaker #3: Yeah, we typically we we typically charge. But, this is not what we think we can we can live on. We can't overcharge because they then then they don't wanna try it.
Joachim Samuelsson: Yeah, we typically charge, but this is not what we think we can live on. We can't overcharge because then they don't want to try it. So we have a fee which sort of covers at best cost. But this is not a major revenue stream in any way. So we typically charge something to cover costs. But this company needs to sell systems and to sell offline wallets in those systems. That's the future for us, not to do proof of concepts really.
Joachim Samuelsson: Yeah, we typically charge, but this is not what we think we can live on. We can't overcharge because then they don't want to try it. So we have a fee which sort of covers at best cost. But this is not a major revenue stream in any way. So we typically charge something to cover costs. But this company needs to sell systems and to sell offline wallets in those systems. That's the future for us, not to do proof of concepts really.
Speaker #3: so we we we have a we have a fee which, sort of covers yeah, at best cost. But, we we're not this is not a major revenue stream in any way.
Speaker #3: So, we typically charge something, yeah, to cover costs. But this company needs to sell systems—and to sell offline wallets in those systems. That is what—that's the future for us, not to do proof of concepts, really.
Speaker #2: Of course. So, I urge you to keep sending in questions, and we will address them as they come in. But in the meantime, let's go back to Europe.
Olof Tiermas: Of course. So, I urge you to keep sending in questions. We will address them as they come in. But in the meantime, let's go back to Europe.
[Analyst] (Tiermes Corporate Finance): Of course. So, I urge you to keep sending in questions. We will address them as they come in. But in the meantime, let's go back to Europe.
Speaker #3: Now we're in Europe again. Yeah.
Joachim Samuelsson: Now we're in Europe. Yeah.
Joachim Samuelsson: Now we're in Europe. Yeah.
Speaker #2: You completed phase two in the Digital Pound Lab in the UK. What happens now?
Olof Tiermas: You completed phase II in the digital pound lab in the UK.
[Analyst] (Tiermes Corporate Finance): You completed phase II in the digital pound lab in the UK.
Olof Tiermas: What happens now?
[Analyst] (Tiermes Corporate Finance): What happens now?
Speaker #3: Yeah, the phase two is—it’s sort of a phase in their digital lab. It's now, I think, they are wrapping it up.
Joachim Samuelsson: Yeah. The phase two, it is sort of a phase in their digital lab. I think they are wrapping it up. They gave some indication, they published something on their website of who has been involved. There will be another, I think in September, they will wrap the whole phase up. I think for us, it is not that the central bank or the Bank of England have not taken a decision to just roll this out. So for us, this is more validation of our Governed Offline approach, and we are getting a validation from that it has been tested in an environment with a very respectable central bank. So we are happy with that. So it is more about credentials for being involved with them rather than there is sort of a direct next step with them.
Joachim Samuelsson: Yeah. The phase two, it is sort of a phase in their digital lab. I think they are wrapping it up. They gave some indication, they published something on their website of who has been involved. There will be another, I think in September, they will wrap the whole phase up. I think for us, it is not that the central bank or the Bank of England have not taken a decision to just roll this out. So for us, this is more validation of our Governed Offline approach, and we are getting a validation from that it has been tested in an environment with a very respectable central bank.
Speaker #3: They, they, they gave some indication. They published something on their website of who's been involved. There will be another, I think in September, they will wrap the whole phase up.
Speaker #3: I... I think for us, it's not that the central bank, or the Bank of England, have not taken a decision to just roll this out.
Speaker #3: So for us, this is more validation of our Government Offline approach. And we're getting validation that it's been tested in an environment with a very respectable central bank.
Speaker #3: So we were happy with that. So it's more about credentials for being involved with them, rather than there being a sort of direct next step with them.
Joachim Samuelsson: So we are happy with that. So it is more about credentials for being involved with them rather than there is sort of a direct next step with them. I think there is sort of no commercial next step immediately because they have not taken the decision yet to go forward with a digital pound yet in the UK markets.
Speaker #3: I I think, yeah, there there is there is sort of no commercial next step immediately because they haven't taken the decision yet to go forward with a a digital pound, yet in the, in the UK market.
Joachim Samuelsson: I think there is sort of no commercial next step immediately because they have not taken the decision yet to go forward with a digital pound yet in the UK markets.
Speaker #2: So they are also evaluating different options, and.
Olof Tiermas: They are also evaluating different options and-
[Analyst] (Tiermes Corporate Finance): They are also evaluating different options and-
Speaker #3: No, this is not just offline. It's, it's, it is for, should we have a digital pound or not, really, or an offline is one component.
Joachim Samuelsson: No, this is not just offline. It is for should we have a digital pound or not really. Offline is one component. I think we have done a good job to show them that you do not have to bring money down on devices. You could actually implement it in this Governed Offline way. I think they fully understand now that that option is available to them.
Joachim Samuelsson: No, this is not just offline. It is for should we have a digital pound or not really. Offline is one component. I think we have done a good job to show them that you do not have to bring money down on devices. You could actually implement it in this Governed Offline way. I think they fully understand now that that option is available to them.
Speaker #3: I think we've done a good job to show them that you don't have to bring money down on devices. You could actually implement it in this Government Offline way.
Speaker #3: I think they fully understand now that that option is available to them. Yeah.
Speaker #2: Yeah. So that's the Bank of England. How about the EMU? The ECB.
Olof Tiermas: Yeah.
[Analyst] (Tiermes Corporate Finance): Yeah.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Olof Tiermas: That is the Bank of England. How about the EMU, the ECB?
[Analyst] (Tiermes Corporate Finance): That is the Bank of England. How about the EMU, the ECB?
Joachim Samuelsson: There, they wrote a spec a few years back, which was on that, again, immediate model, and they are going ahead with that, and they awarded that project. But we met people at a conference where they are signaling to us that we want you to stay involved, and we are a pioneer, an innovation pioneer for the digital euro as well. They indicated that we want to explore how we can get you more involved. But over the summer, nothing has really progressed from that conference that were in May last year. Right now, I do not have any, and that is why we do not write much about digital euro project in the report this year. It is-
Joachim Samuelsson: There, they wrote a spec a few years back, which was on that, again, immediate model, and they are going ahead with that, and they awarded that project. But we met people at a conference where they are signaling to us that we want you to stay involved, and we are a pioneer, an innovation pioneer for the digital euro as well. They indicated that we want to explore how we can get you more involved. But over the summer, nothing has really progressed from that conference that were in May last year. Right now, I do not have any, and that is why we do not write much about digital euro project in the report this year. It is-
Speaker #3: There they they they wrote a spec a few years back which was on that again, immediate model. And and they are they are going ahead with that.
Speaker #3: And they are awarded that project. But we we met people in, at a conference where they are singling to us that we want to you to stay involved as and we are a pioneer, an innovation pioneer for the digital euro as well.
Speaker #3: And they indicated that they want to explore how we can get you more involved. But over the summer, nothing has really progressed from that conference that was in May last year.
Speaker #3: So, right now, I don't have any, and that's why we don't write much about the digital euro project in the report this year.
Speaker #3: So it's,
Speaker #2: Long cycle.
Olof Tiermas: Long cycles.
[Analyst] (Tiermes Corporate Finance): Long cycles.
Speaker #3: These are very long cycles, yeah. Yeah.
Joachim Samuelsson: These are very long cycles.
Joachim Samuelsson: These are very long cycles.
Olof Tiermas: Yeah.
[Analyst] (Tiermes Corporate Finance): Yeah.
Speaker #2: I'm running out of questions, so if you have any, please send them in. And I will ask you— I mean, there's a lot going on, obviously.
Joachim Samuelsson: Yeah.
Joachim Samuelsson: Yeah.
Olof Tiermas: I am running out of questions. If you have any, please send them in, and I will ask you. There is a lot going on obviously. Could you tell me three things that you could see happening for Crunchfish during the H2?
[Analyst] (Tiermes Corporate Finance): I am running out of questions. If you have any, please send them in, and I will ask you. There is a lot going on obviously. Could you tell me three things that you could see happening for Crunchfish during the H2?
Speaker #2: Could you tell me three things that you could see happening for Crunchfish during the second half?
Speaker #3: Yeah, it is that we got that contract with IDFC First Bank back in 2023, also a small system for doing SMS-based payments.
Joachim Samuelsson: It is that we got that contract with IDFC FIRST Bank back in 2023. It was a small system for doing SMS-based payments for the digital rupee for IDFC only. Now, finally, we are getting to selling our system, and I think commercialization to basically commercialize what we have done, what everybody has been so disappointed about that why has not it happened? I think that is what is certainly next.
Joachim Samuelsson: It is that we got that contract with IDFC FIRST Bank back in 2023. It was a small system for doing SMS-based payments for the digital rupee for IDFC only. Now, finally, we are getting to selling our system, and I think commercialization to basically commercialize what we have done, what everybody has been so disappointed about that why has not it happened? I think that is what is certainly next.
Speaker #3: Within a for the digital rupee for IDFC only. Now, finally, we are getting to selling our system, and I think commercialization—to basically commercialize what we've done.
Speaker #3: What everybody's been, you know, so disappointed about is that, why hasn't it happened? I think that is what is certainly next.
Speaker #2: So I think it's proved to be commercial proof.
Olof Tiermas: Proof to commercial proof?
[Analyst] (Tiermes Corporate Finance): Proof to commercial proof?
Speaker #3: Commercial—well, basically, commercial revenue—we didn’t want to write that because our top number didn’t really show any, and, as you know, we’re low on revenue.
Joachim Samuelsson: Well, basically commercial revenue. We didn't want to write that because our top number didn't really show any, and as you know, low on revenue. That's why we wrote it from proof to that we have a position. But that position needs to be now converted into commercial. That's one. I think the other one is that we're working on, as I said before, on the system level. In India, that's very interesting. That's the whole ecosystem of India, and we're doing similar things with Mercury as well, that we are on the system level working there, which is one level for revenue and for as an opportunity, but then there is a whole ecosystem of wallet sales underneath as well. So the system-level implementation that we decided on already last year is turning out to be right. I think that's good.
Joachim Samuelsson: Well, basically commercial revenue. We didn't want to write that because our top number didn't really show any, and as you know, low on revenue. That's why we wrote it from proof to that we have a position. But that position needs to be now converted into commercial. That's one. I think the other one is that we're working on, as I said before, on the system level. In India, that's very interesting. That's the whole ecosystem of India, and we're doing similar things with Mercury as well, that we are on the system level working there, which is one level for revenue and for as an opportunity, but then there is a whole ecosystem of wallet sales underneath as well. So the system-level implementation that we decided on already last year is turning out to be right. I think that's good.
Speaker #3: So that's why we wrote it from proof to that we have a position. But that position needs to now be converted into commercial.
Speaker #3: So that's one. I think the other one is that we're working on, as I said before, on the system level.
Speaker #3: In India, that's very interesting. That's the whole ecosystem of India. And we're doing similar things with Mercury as well, where we are working at the system level, which is one level for revenue and for asset opportunity.
Speaker #3: But then there is a whole ecosystem of wallet sales underneath as well. So, the system-level implementation that we decided on already last year is turning out to be right.
Speaker #3: I think that's good. I I think the third one, if I it should probably be that we are it as you said, we we travel the world, you know, we we've been, in many places in in this discussion here.
Joachim Samuelsson: I think the third one, it should probably be that, as you said, we travel the world. We've been in many places in this discussion here. I think that our approach is seen and recognized increasingly as a very strong offline approach, both if you have an instant payment system like a Swish system or if you are a central bank. So I think we are a very credible sort of player. You mentioned where we were, let's travel to Europe, and you talk about digital pound. But we do mention another project in Europe as well, and that's a European country where we are in quite advanced now discussions with. It's early, but we got the right level of people we're talking to, both from their major wallet, but also from the ones that are working with merchants and is accepting payments.
Joachim Samuelsson: I think the third one, it should probably be that, as you said, we travel the world. We've been in many places in this discussion here. I think that our approach is seen and recognized increasingly as a very strong offline approach, both if you have an instant payment system like a Swish system or if you are a central bank. So I think we are a very credible sort of player. You mentioned where we were, let's travel to Europe, and you talk about digital pound. But we do mention another project in Europe as well, and that's a European country where we are in quite advanced now discussions with. It's early, but we got the right level of people we're talking to, both from their major wallet, but also from the ones that are working with merchants and is accepting payments.
Speaker #3: I I I think that we are our our approach is seen and recognized increasingly as, a very strong offline approach, both if you have an instant payment system like a Swish system or if you are a central bank.
Speaker #3: So I, I think we are a very credible sort of player. You mentioned we were, let's travel to Europe, and you talked about a digital pound.
Speaker #3: But we we do mention a another project in in Europe as well. And that's, a European country where we are in in in quite advanced now discussions with, it's early, but, we got the right level of, people we're talking to, both from their major wallet but also from, the major, the ones that are working with merchants.
Speaker #3: And it's accepting payments, both those are keen, and we—we're gonna have meetings with them. So I would say the third one is that the opportunity is not just in a few places.
Joachim Samuelsson: Both those are keen, and we're going to have meetings with them. So I would say the third one is that the opportunity is not just in a few places, it's actually happening multiple places around the world, really. And I'm pleased. Compared to where we were one year ago, we are much further. Just compared to where we were three months ago, we are much further. So it's been a strong quarter, since we spoke last time. But we haven't yet turned it into revenues, and that's what we need to do to make this a sustainable company.
Joachim Samuelsson: Both those are keen, and we're going to have meetings with them. So I would say the third one is that the opportunity is not just in a few places, it's actually happening multiple places around the world, really. And I'm pleased. Compared to where we were one year ago, we are much further. Just compared to where we were three months ago, we are much further. So it's been a strong quarter, since we spoke last time. But we haven't yet turned it into revenues, and that's what we need to do to make this a sustainable company.
Speaker #3: It's actually happening yeah, it's it's multiple places around the world really. And I am, I'm I'm I'm I'm pleased. We're compared to where we were one year ago, we are much further.
Speaker #3: Just compared to where we were three months ago, we are much further. So, it's been a strong quarter since we spoke last time, but we haven't yet turned it into revenues.
Speaker #3: And that's what we need to do: to make this a sustainable company.
Speaker #2: Yes. Thank you, Joaquin, for coming and talking about this. And thank you for watching. We will certainly be following the news for Crunchfish. Looking forward to another chat in a couple of months with you again.
Olof Tiermas: Yes. Thank you, Joachim, for coming and talking about this, and thank you for watching. We will certainly be following the news for Crunchfish. Looking forward to have a chat in a couple of months.
[Analyst] (Tiermes Corporate Finance): Yes. Thank you, Joachim, for coming and talking about this, and thank you for watching. We will certainly be following the news for Crunchfish. Looking forward to have a chat in a couple of months.
Joachim Samuelsson: Yeah
Joachim Samuelsson: Yeah
Olof Tiermas: with you again. For you who is watching, don't forget to subscribe to Västra Hamnen's YouTube channel, so you don't miss the next update about Crunchfish. That's all for now. Thank you and goodbye.
[Analyst] (Tiermes Corporate Finance): With you again. For you who is watching, don't forget to subscribe to Västra Hamnen's YouTube channel, so you don't miss the next update about Crunchfish. That's all for now. Thank you and goodbye.
Speaker #2: And for you who's watching, don't forget to subscribe to Vesterhavn's YouTube channel, so you don't miss the next update on Crunchfish. So, that's all for now.
Speaker #2: Thank you. And goodbye.
Speaker #3: Thank you.
Joachim Samuelsson: Thank you.
Joachim Samuelsson: Thank you.
Operator: The recording has stopped. Goodbye.
