The Board of Directors (“Board”) of XOX Bhd (“XOX” or the “Company”) wishes to inform that XOX Wallet Sdn Bhd (“XOX Wallet”), a wholly-owned subsidiary of the Company, had on 24 August 2020 entered into a Strategic Collaboration Agreement (“Agreement”) with Alipay Labs (Singapore) Pte. Ltd to collaborate in the blockchain-based solutions for a period of 3 years.

Alipay Labs (Singapore) Pte. Ltd is a private limited liability company incorporated in Singapore and is an affiliate company of Ant Group Co., Ltd.

The Agreement shall be effective from 24 August 2020 for a period of 3 years.

The Agreement will not have any effects on the share capital and shareholding structure of the Company and is not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of XOX for the financial year ending 30 September 2020.

Similar to all business entities, the risk factors affecting the execution of the Agreement, including but not limited to business risks such as prudent financial management, changes in political, economic and regulatory conditions. However, the Board will continue to exercise due care in considering the risks associated with the Agreement and will take appropriate measures in planning the successful execution of the Agreement.

The Agreement being incurred in the ordinary course of business, is not subject to the approval of the shareholders.

None of the Directors and/or other major shareholders of the Company and/ or any persons connected to them have any interest, direct or indirect, in relation to the Agreement.

The Board, after due consideration, is of the opinion that the Agreement is in the best interest of the Group.

This announcement is dated 26 August 2020.