iClick Interactive Asia Group Limited (ICLK): Business Model Canvas [Dec-2025 Updated]

You're looking at the Business Model Canvas for what used to be iClick Interactive Asia Group Limited, but honestly, that company barely exists now; we're analyzing the post-merger Amber International Holding Limited as of late 2025. This is a massive pivot, moving from pure-play digital marketing to a hybrid model where premium Digital Wealth Management (DWM) is the new engine, aiming for higher margins while still servicing global brands targeting China's massive user base-remember, they still claim access to nearly all Chinese internet users. This isn't your old MarTech story anymore. To see exactly how they are structuring their new revenue streams and managing the compliance risk of their FinTech push, check out the full breakdown below.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Key Partnerships

You're looking at the structure of iClick Interactive Asia Group Limited (ICLK) right after its major transformation, which is now operating as Amber International Holding Limited (AMBR) following the merger completion on March 12, 2025. The partnerships are central to the combined entity's strategy, especially those inherited from the Amber DWM side.

The merger itself established a new power dynamic. The transaction valued Amber DWM at $360 million and iClick Interactive Asia Group Limited at $40 million on a fully diluted equity basis (assuming restructuring completion) (Source 3). Post-closing, Amber DWM shareholders gained control, holding approximately 90% of the combined entity, with former iClick shareholders holding about 10% (Source 5).

Here is a breakdown of the critical alliances shaping the business model as of late 2025:

• Amber DWM Holding Limited (now merged entity): This partnership resulted in the current structure. Amber DWM Holding Limited became a wholly-owned subsidiary of the combined company (Source 1).
• WhaleFin Markets Limited and Sparrow Tech Private Limited (DWM assets): The merger involved the acquisition of 100% of the equity interest in WhaleFin Markets Limited (Source 1). While regulatory approvals for full integration were pending, a subsidiary of the combined entity was set to receive 100% of the consolidated basis net income generated by the WFTL Assigned Contracts and 100% consolidated net income of Sparrow Tech Private Limited (Source 1, 10).
• Chinese digital giants (e.g., Tencent, Baidu) for media access: These platforms remain vital for media inventory access and data synergy. For context on the scale of these ecosystems, Baidu Core's online marketing revenue in the first quarter of 2025 was RMB16.0 billion ($2.21 billion) (Source 16).
• Strategic shareholder Baozun Inc. (e-commerce services): Baozun Inc. is a significant strategic investor. As of January 2021, Baozun beneficially owned approximately 4% of iClick's total outstanding shares, representing approximately 10% of total voting equity (Source 8). Baozun's Brand Management division delivered 16% revenue growth in 2024 (Source 9).
• Global and local marketing agencies/resellers: These entities act as channel partners to distribute the combined entity's marketing technology and enterprise solutions across various markets.

The financial impact of the strategic shareholder is visible in their reporting. Baozun recorded an unrealized investment gain of RMB4.9 million ($0.7 million) in 2024, which was mainly due to the increase in the trading price of iClick Interactive Asia Group Limited (Source 12).

The core technology access points and related scale are summarized below:

The relationship with Baozun Inc. is cemented by their investment, which involved subscribing for newly issued Class B ordinary shares at an aggregate price of approximately US$17.2 million (Source 8). The scale of Baozun's own operations, which iClick/AMBR seeks synergy with, includes supporting over 490 brand partners by the end of 2024 (Source 9).

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Key Activities

You're looking at the core engine of Amber International Holding Limited-the actions they must perform exceptionally well to deliver value, especially after the March 2025 merger with Amber DWM Holding Limited. This isn't just about running software; it's about managing a complex, dual-focus technology and finance operation. The key activities now center heavily on integrating and scaling the digital wealth management (DWM) platform alongside the established marketing cloud business.

Operating the digital wealth management (DWM) platform

This activity is now central, operating under the brand name Amber Premium, which focuses on institutional crypto financial services. The performance metrics for Q1 2025 show significant traction following the merger completion on March 12, 2025. You need to watch the growth in assets and client onboarding as the primary indicators here.

Here are the key operational statistics from the first quarter of 2025 (ended March 31, 2025):

The DWM business is clearly driving the top line, contributing the bulk of the revenue reported.

Developing proprietary MarTech and data cloud solutions

While the DWM business is highlighted in the financials, the legacy marketing cloud platform continues to be a core activity, now operating as a subsidiary under Amber International Holding Limited. This involves maintaining and enhancing the proprietary technology stack that supports the marketing solutions.

The overall revenue for the combined entity in Q1 2025 was US$14.9 million. If we subtract the US$9.9 million from Wealth Management Solutions, the remaining revenue, which includes Execution Solutions (US$2.7 million) and the rest of the marketing/enterprise solutions, was approximately US$5.0 million for the quarter. The company has a history of using proprietary technologies like iAudience and iNsights 2.0, and has recently launched Arohar, a live streaming enhancement mobile application integrating AI and AR.

Executing cross-border and China-focused marketing campaigns

This activity leverages the company's position as an overseas partner of major Chinese digital giants to help global brands reach Chinese audiences. The scale of their client base speaks to the volume of campaigns executed.

• Client base includes over 300 Fortune 500 companies.
• Trusted by more than 3,000 direct marketers and agency clients.
• The team presented at Digital Marketing Asia (DMA) Hong Kong 2025, connecting with over 200+ digital leaders.
• The company has offices in 10 countries and territories worldwide.

The focus remains on full-funnel China marketing solutions, using AI to predict audience intent in real-time.

Managing regulatory compliance for FinTech operations

With the DWM business operating in the dynamic crypto economy, regulatory compliance is a non-negotiable key activity. The Q1 2025 results mention a focus on a regulated foundation and strict compliance, especially as they expand into the Digital Assets Treasury (DAT) sector. While specific compliance expenditure figures for 2025 aren't public, the operational structure reflects this focus.

The company is committed to delivering services in line with applicable regulatory requirements and, where applicable, in collaboration with licensed partners. This is a critical operational overhead that underpins the DWM revenue stream.

Data analytics and AI-driven audience targeting

This activity underpins both the marketing and wealth management segments. For marketing, it involves unifying consumer signals across awareness, interest, and purchase stages. For DWM, it supports institutional-grade access and tailored portfolio strategies.

The financial results show a significant increase in total operating expenses to US$10.2 million in Q1 2025, up from US$1.4 million in Q1 2024, with increases attributed partly to technology infrastructure and software services expenses for business expansion and development of new products and services. This spending fuels the AI and data development.

The company is actively developing AI-native financial automation, exemplified by MIA, their AgentFi ambassador.

Finance: draft 13-week cash view by Friday.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Key Resources

You're looking at the core assets that power the combined entity's value proposition in late 2025. Honestly, the most significant shift this year was the merger, which fundamentally changed the resource base by integrating FinTech capabilities.

Proprietary MarTech/Data Cloud Platform (iAudience, iSCRM)

The technology stack remains central. The proprietary platform, which includes components like iAudience and iSCRM (Customer Relationship Management), is built on big data and AI-driven automation solutions. This technology underpins the ability to connect brands with audiences. The company has raised a total funding of $80M over 7 rounds to build this out, with the latest funding round being a Post IPO round of $50M on January 27, 2021.

Extensive data on Chinese internet users (up to 98% reach)

The data asset is massive, covering up to 98% of Internet users in China. This reach is a critical barrier to entry for competitors trying to match the depth of consumer insights available to iClick Interactive Asia Group Limited.

FinTech and digital wealth management expertise from Amber DWM

Following the merger, which closed around March 12, 2025, the FinTech expertise from Amber DWM Holding Limited (operating as Amber Premium) is now a key resource. The transaction that brought this expertise in valued Amber DWM at US$360 million by equity value on a fully diluted basis. This integration moves the combined entity, now Amber International Holding Limited (AMBR), beyond pure marketing tech into the digital financial ecosystem.

Experienced engineering and data science teams

The human capital supports the technology. As of the latest available data, iClick Interactive Asia Group Limited has between 501-1000 Employees. The engineering and data science capabilities are essential for maintaining and evolving the proprietary platform and integrating the quantitative algorithms from the FinTech side.

Cash and equivalents of US$70.2 million (as of June 30, 2024)

Liquidity provides operational runway and flexibility for strategic moves. As of June 30, 2024, the continuing operations of iClick Interactive Asia Group Limited held cash and cash equivalents, time deposits and restricted cash totaling US$70.2 million, an increase from US$41.3 million as of December 31, 2023.

Here's a quick view of these core assets:

The operational footprint also contributes to the resource base:

• Offices in ten countries/territories (pre-merger data)
• Currently operates in eleven locations across Asia and Europe (post-merger context)
• Trusted by over 300 Fortune 500 companies
• Serves more than 3,000 direct marketers and agency clients

Finance: draft 13-week cash view by Friday.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Value Propositions

You're looking at the core value that the business, now operating under the Amber International Holding Limited structure following the March 12, 2025, business combination, delivers to its customers. This isn't just about selling software; it's about providing access and efficiency in complex digital ecosystems.

Premium digital wealth management for the crypto economy

This proposition is now anchored by the Amber Premium brand, positioning the entity as a Web3 financial solutions and infrastructure provider. The value here is regulated, scalable financial ecosystem access for institutions and high-net-worth individuals looking to optimize digital asset portfolios. The broader FinTech market context for this focus was projected to be worth USD 394.88 billion in 2025 globally. This service leverages proprietary trading technology and AI-driven risk management across CeFi, DeFi, and OTC markets.

Full-stack consumer lifecycle solutions for global brands

Historically, iClick Interactive Asia Group Limited offered a full suite of data-driven solutions to drive growth throughout the consumer lifecycle. While the company divested its mainland China demand-side marketing solutions business for RMB1 million, the remaining platform still offers data-driven solutions to empower brands. The focus is now on higher-margin services post-divestiture, which is a clear strategic pivot.

Access to high-value Chinese outbound travel retail market

The core strength in connecting brands with Chinese consumers remains a key value proposition, even after the strategic realignment. This access is critical for brands targeting the massive consumer base that drives outbound retail. The value is the ability to reach this audience precisely, a necessity given the scale of China's digital economy.

Data-driven marketing with 98% China internet user reach

The proprietary technology platform historically provided access to a vast audience. The proposition leverages the established reach in the China market, which was previously stated to cover 98% of Internet users in China. As of June 2025, the total internet user base in China reached over 1.12 billion people, with a penetration rate of 79.7%. This historical reach metric underscores the scale of the data assets the platform utilizes for precision targeting.

Shift toward higher-margin FinTech services post-merger

The strategic move involved approving the disposal of the demand side marketing solutions business in mainland China, which was intended for improving profitability and operational efficiency with balanced risks. This divestiture is the centerpiece of the realignment. The company also committed to repaying about US$35 million in outstanding loans associated with the sold business within six months post-agreement execution, signaling a move to a leaner, potentially higher-margin structure focused on the new FinTech offerings.

Here's a quick look at the recent financial snapshot for context, though the focus is on the value proposition itself:

The value proposition is now clearly bifurcated, offering:

• Data-driven marketing solutions for consumer brands.
• Web3/FinTech infrastructure and investment solutions under Amber Premium.

The transition is marked by the RMB1 million sale price for the divested business, which was a strategic move to clear the deck for the FinTech focus, so you should definitely watch the margin profile in the next quarterly reports.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for the entity formerly known as iClick Interactive Asia Group Limited (ICLK) as of late 2025, which is now operating as Amber International Holding Limited following the March 2025 merger. The relationship strategy is clearly segmented, moving from broad digital reach to highly personalized financial advisory.

Automated, self-service SaaS tools for enterprise clients (low-touch)

For the marketing solutions side, the relationship relies heavily on platform usage. This is the low-touch end of the spectrum, where clients use proprietary technology for scale. Think of the tools like iAudience, which provides real-time insights, or the iNsights 2.0 marketing analytics platform. These tools are designed for self-service deployment by marketers looking to drive growth across the consumer lifecycle.

Dedicated account management for over 300 Fortune 500 clients (high-touch)

The high-touch service is reserved for the largest enterprise accounts. Historically, the entity trusted by over 300 Fortune 500 companies required dedicated support to navigate the complex Chinese digital ecosystem. This high-touch model continues to support the remaining marketing technology clients and likely supports the integration of new enterprise-level digital wealth management institutional clients.

• Trusted by over 300 Fortune 500 companies.
• Serves more than 3,000 Direct Marketers & Agency Clients.
• Maintains relationships across 7 worldwide locations.

Private banking-level advisory for premium DWM clientele

The integration of Amber DWM Holding Limited brought in a distinct, ultra-high-touch segment under the Amber Premium brand. This is private banking-level advisory. The relationship here is personal, secure, and tailored specifically for the dynamic crypto economy, targeting esteemed institutions and qualified individuals. This segment is supported by the infrastructure that valued Amber DWM at US$360 million pre-merger.

Continuous platform updates and technical support

Keeping the technology relevant requires constant investment and support, which is a core relationship maintenance activity. You need to ensure the platforms remain sticky, especially given the company's historical 98% Internet User Reach in China depended on reliable tech.

• Support for proprietary platforms like iSCRM for WeChat private traffic management.
• Technical support for data analytics SaaS tools.
• Ongoing development for social commerce and audience activation solutions.

Here's the quick math on the client base that informs the required relationship intensity:

Finance: draft the Q4 2025 client retention forecast by next Tuesday.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Channels

You're looking at how Amber International Holding Limited, the company formerly known as iClick Interactive Asia Group Limited (ICLK) after the March 13, 2025, ticker change, gets its services to the market. The channel strategy is clearly split between direct enterprise sales, proprietary tech distribution, and the newly integrated wealth management arm.

The direct sales effort targets the top tier of the market. This team focuses on securing and managing relationships with global brands and large institutions. Before the merger, iClick Interactive Asia Group Limited already had a strong foothold, trusted by over 300 Fortune 500 companies. That kind of enterprise relationship is definitely managed through a dedicated, high-touch direct sales force.

Distribution heavily relies on the company's own technology stack. These proprietary digital platforms are the core delivery mechanism for their marketing and now, integrated, wealth management solutions. You need to know the key assets here:

• Audience engagement and activation solution: iAccess
• Social commerce platform with automation: iParllay
• Market intelligence platform: iAudience
• Marketing analytics platform: iNsights 2.0
• WeChat private traffic management tool: iSCRM

The integration of Amber DWM Holding Limited brought in a significant new channel: the digital wealth management platform, WhaleFin Markets. This platform is now a key distribution point, especially following the DWM Asset Restructuring where Amber DWM acquired 100% of WhaleFin Markets Limited prior to the merger closing on March 12, 2025. This represents a pivot into financial services distribution alongside the core marketing services.

Finally, the company still relies on an established network of intermediaries. This includes marketing agencies and strategic partners across Asia and Europe, where iClick Interactive Asia Group Limited previously operated in ten locations. These partners help scale reach beyond the direct sales team's capacity, serving the more than 3,000 direct marketers and agency clients they supported.

Here's a quick look at the scale of the client base and the latest revenue figures we have, keeping in mind the company is now Amber International Holding Limited (AMBR) as of late 2025:

The revenue figures, like the TTM revenue of $130.44M as of June 30, 2024, reflect the business before the full integration of the wealth management segment, so you should factor in the potential revenue contribution from WhaleFin Markets going forward. Finance: draft 13-week cash view by Friday.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Customer Segments

You're looking at the customer base for what is now Amber International Holding Limited, following the March 2025 merger. The segments reflect a dual focus: the legacy marketing tech strength and the new digital wealth management (DWM) push. It's not just one type of client anymore; it's a blend of brand advertisers and financial service users.

Esteemed institutions and qualified high-net-worth individuals (DWM focus)

This segment is central to the post-merger strategy, stemming from the combination with Amber DWM Holding Limited. The transaction itself, which closed on March 12, 2025, valued the DWM business at US$360 million on a fully diluted basis. This signals a clear intent to serve institutions and high-net-worth individuals with private banking-level solutions tailored for the dynamic crypto economy, which is the core offering of the Amber Premium brand within the new structure. This group is distinct from the traditional marketing clients, representing a significant shift in the revenue mix going into late 2025.

Global brands and multinational corporations targeting China

This has historically been a bedrock for iClick Interactive Asia Group Limited. The company has earned the confidence of over 300 Fortune 500 companies. These multinational corporations use the platform's data-driven solutions to navigate and engage Chinese audiences, whether for cross-border e-commerce, smart retail, or travel retail initiatives. Their need is precise audience targeting at scale, which iClick's platform is designed to deliver.

Direct marketers and agency clients (over 3,000 total)

This group represents the sheer volume of the marketing technology user base. You're looking at more than 3,000 direct marketers and agency clients who rely on the platform. These clients utilize the marketing cloud for everything from audience intelligence via iAudience to social commerce through iParllay. While the company has seen strategic divestitures in mainland China offices, this large client base remains a key source of recurring business and a pool for upselling new technologies.

Enterprises seeking digital transformation via SaaS+X solutions

The push toward enterprise solutions solidified with the establishment of the 'SaaS+X' business model in 2022. This targets enterprises needing comprehensive digital transformation, not just campaign execution. The Enterprise Solutions segment showed growth, posting revenue of US$4.9 million in the first half of 2024, a 13% year-over-year increase. This segment includes data analytics SaaS tools, intelligent enterprise CRM tools like iSCRM for WeChat private traffic management, and smart retail services. The growth here, despite a revenue decline in the overall Marketing Solutions segment in H1 2024, shows where strategic investment is being directed.

Here's a quick view of the key customer metrics we've seen in recent reports:

The platform's reach is extensive, with reports indicating 98% internet user reach in China for certain services. This massive reach is what underpins the value proposition for all these segments. If onboarding takes 14+ days, churn risk rises, especially for the enterprise clients needing quick digital transformation.

You should track the revenue contribution of the Enterprise Solutions segment versus the legacy Marketing Solutions segment closely in the next filings; that's where the strategic pivot will be confirmed. Finance: draft 13-week cash view by Friday.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Cost Structure

You're looking at the cost base for iClick Interactive Asia Group Limited (ICLK) after significant strategic realignment, including the disposal of parts of its Marketing Solutions business in late 2024. This means the cost structure reflects a focus on continuing operations as of the latest reported figures, which are for the first half of 2024. Honestly, the biggest costs will be tied up in the people running the remaining tech and the cost of delivering those solutions.

The total operating expenses for continuing operations for the six months ended June 30, 2024, were $12.4 million, down from $14.1 million in the same period of 2023, showing a clear cost optimization execution. This reduction was partially due to a decrease in staff cost and savings on promotional expenses.

Here's a look at the key components based on the most recent available data, keeping in mind the business has been streamlined:

Technology and platform development expenses are embedded within the Research & Development line item, which was $6.58 million for the full year 2023. Since the company emphasizes its proprietary technologies, you'd expect this to remain a significant, non-trivial cost, even if the H1 2024 figure is lower due to the strategic contraction.

Personnel costs for FinTech and MarTech engineers fall under both R&D and Selling, General & Admin (SG&A). The total SG&A for the full year 2023 was $66.23 million. The management noted a reduction in staff cost as a driver for the H1 2024 operating expense decrease, so you can defintely assume personnel is a major variable cost here.

Marketing and sales expenses to acquire DWM and enterprise clients are captured within the SG&A. The company reported savings on promotional expenses in H1 2024, which directly lowered the operating expense base.

Cost of revenue for Marketing Solutions is historically high, reflecting the nature of media buying and service delivery. While the exact Cost of Revenue for just the Marketing Solutions segment isn't explicitly broken out for H1 2024, we can look at the gross margin impact. For H1 2024 continuing operations, the total Gross Profit was $8.096 million on total revenue of $14.220 million, yielding a gross margin of 56.9%. This is an improvement from H1 2023's 54.6%, driven by the strategic reduction of lower-margin, higher-risk Marketing Solutions revenue, which fell 26% to $9.324 million.

Regarding Regulatory and compliance costs for DWM operations, specific figures aren't detailed in the publicly available H1 2024 continuing operations report, likely because the DWM segment (via the merger with Amber DWM) is a newer focus or its costs are bundled. However, the strategic context is important:

• The company announced a merger with Amber DWM and a planned ticker change to 'AMBR'.
• The company completed the disposal of its demand side Marketing Solutions business in mainland China in September 2024.
• The focus is now on improving liquidity and profitability in remaining segments.

The cost structure is clearly shifting away from high-volume, lower-margin marketing services toward higher-margin enterprise solutions, which should inherently lower the overall Cost of Revenue as a percentage of the remaining revenue base. Finance: draft 13-week cash view by Friday.

iClick Interactive Asia Group Limited (ICLK) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for iClick Interactive Asia Group Limited after the integration following the merger, which clearly shifts the center of gravity for revenue generation. The latest figures from the third quarter of 2025 paint a picture of a business pivoting toward higher-margin financial services.

Digital Wealth Management service fees are now the new dominant stream, reflecting the strategic direction post-merger. For the third quarter of 2025, revenue from wealth management solutions reached $7.5 million. This is a significant jump from the prior year's comparable figure of $0.5 million for that segment, showing rapid scaling in this area. This stream is clearly the primary driver of the total Q3 2025 revenue of $16.3 million.

Enterprise Solutions/SaaS+X subscription and service fees, alongside the legacy Marketing Solutions, are now reported differently post-consolidation. For the third quarter of 2025, the combined revenue from marketing and enterprise solutions, after reclassifications from the disposal of certain units, was $4.4 million. To give you a baseline from before the full integration, the Enterprise Solutions segment alone generated $4.896 million in revenue for the first half of 2024, which represented a 13% year-over-year increase then.

Marketing Solutions revenue, which was the primary focus previously, has seen a strategic contraction to focus on profitability. For the first half of 2024, this segment brought in US$9.324 million, down from US$12.663 million in the first half of 2023. This aligns with the stated strategy of reducing lower margin and higher risk businesses.

The combined entity's new focus on higher-margin services is evident across several streams reported in Q3 2025:

• Digital Wealth Management: $7.5 million
• Execution Solutions: $3.2 million
• Payment Solutions: $1.2 million

The growth in these areas is substantial; for instance, Execution Solutions revenue grew 57.6% Quarter-over-Quarter (QoQ) to reach $3.17 million in the most recent reported quarter, and Payment Solutions grew 39.9% QoQ to $1.2 million.

Cross-border marketing and travel retail solutions fees are likely integrated within the remaining Marketing and Enterprise Solutions bucket or the new Execution Solutions stream, though a distinct, standalone revenue figure for this specific category for late 2025 isn't explicitly itemized in the latest reports. The company's overall gross margin improvement to 56.9% in H1 2024 from 54.6% in H1 2023 underscores the success of shifting toward these higher-margin offerings.

Here's a quick look at the Q3 2025 revenue composition for the continuing operations, showing the new emphasis:

The company finished September 30, 2025, with cash and cash equivalents, timed deposits, and restricted cash totaling $39.9 million, which supports investment in these higher-return initiatives.