The board of directors of Fire Rock Holdings Limited announced that the company and FOMO Pay Pte. Ltd. (FOMO Pay) entered into a strategic cooperation framework agreement (Strategic Cooperation Agreement). FOMO Pay is among the first batch of Major Payment Institutions to be granted the ``Digital Payment Token Service'' license in Singapore to provide digital payment token services in relation to, among others, central bank digital currencies and virtual currencies. Accordingly, both parties agreed to pursue strategic cooperation for joint research and development of blockchain technology-based e-payment service, which will facilitate the sale of in-game virtual items by game developers to players in different ways to increase their revenue as well as enable players to process game value top-up in a cheaper and faster way through blockchain technology and trading of in-game virtual items. The term of the Strategic Cooperation Agreement shall be 3 years. Upon expiry, the cooperation period shall be extended automatically for 3 years where both parties consider necessary. According to the Strategic Cooperation Agreement, the parties shall cooperate as follows: (1) Overseas Payment Channel Cooperation: The company's games would support cheaper and faster payment channels under FOMO Pay so that overseas players would no longer be limited to traditional top-up methods for game value top-up, eliminating the procedures of traditional bank transfers and saving high cost on mobile application publishing platforms. FOMO Pay would jointly develop the blockchain-based payment and settlement functions with the Company actively, and the legal tender of the player's location would be converted into the legal tender of the region where the developer operates to the extent permitted by law of the relevant region through smart contracts to significantly reduce the cross-border transfer delay and settlement costs. (2) Research and Develop Blockchain Technology for Overseas Game Applications: The company would develop overseas games that support blockchain technology. By leveraging the characteristics of blockchain technology that its data cannot be tampered with and its traceability, equipment and props in the games would be released in the form of ``Non-Fungible Token'' (NFT) and converted into unique and tradable digital assets for players to conduct in-game virtual item transactions through connecting to the payment channel of FOMO Pay in the designated blockchain digital asset interface in the game. FOMO Pay has also agreed to leverage its rich experience in the payment solutions market and a large customer base (such as its large number of users in Southeast Asia) to assist the Company in accessing the blockchain application scenarios so that the company's overseas blockchain business can be extended to cover the trading of other digital assets that are not related to games (such as art pieces) and it is expected to expand the revenue base of the Group and become a new growth area in the future business. (3) Blockchain and Payment Technology Information Exchange: The company and FOMO Pay has agreed to share the information and resources related to blockchain technology in gaming and payment channels from time to time so as to explore any potential opportunities for cooperation. If FOMO Pay provides or establishes blockchain technology support services for any third parties in the future, it has agreed to offer the company the most favorable treatment under the same commercial conditions. (4) Preferential Rights to Investment: If FOMO Pay issues any new shares or conducts any other investment and financing activities in the next 36 months, FOMO Pay agrees that the Company shall be given priority in investment or subscription opportunities. The specific terms, amounts and investment targets and methods would be determined through further negotiation between the parties at that time. Reasons for and Benefits of Strategic Cooperation: Cooperating with FOMO Pay not only provides players with a faster and cheaper way for game value top-up, but also enables the Group to quickly access the blockchain application scenarios in order to develop cross-platform in-game virtual items and other digital asset transaction settlement technologies. The Board considers that the above technology is compatible with the projects under development of the Group's other teams, namely making certain digital assets, such as skins or props, unique and non-duplicable through the NFT technology under blockchain, so that the digital assets in the Company's games can be used in different games and players can trade among themselves and pay each other. As a result, in-game virtual items are more valuable for collection and more products in the game can be sold in the future to increase revenue.