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Fintech software provider TechFinancials said its annual losses widened, owing to lower sales and an asset writedown.
Pre-tax losses for the year through December amounted to $6.2m, compared to losses of $5.0m on-year. Revenue slumped 56% to $3.4m.
'2019 was a very challenging year, following which the board has taken major decisions to make substantial adjustments to its operating structure and cost base,' chairman Eitan Yanuv said.
'During the period the continuing regulatory challenges affected revenues and profitability of the group's historical B2C business in Asia and led to the decision to close DragonFinancials and the entire B2C business.'
TechFinancials was devoting significant resources in subsidiary Footies, to develop a blockchain-based ticketing software and app, for sports venues and teams.