AX Coin, a Subsidiary of Solowin Holdings (AXG), Signs MOU with Codex Financial Inc. to Explore Stablecoin-FX Product Collaboration

MANAMA, Bahrain / NEW YORK — September 29, 2026 — AX COIN BAHRAIN B.S.C. Closed ("AX Coin"), the regulated stablecoin issuer of Solowin Holdings (Nasdaq: AXG), today announced that it has entered into a Memorandum of Understanding (the "MOU") with Codex Financial Inc. ("Codex"), a stablecoin-native FX platform serving institutional and enterprise clients. The MOU establishes a framework for strategic cooperation as the parties explore commercial and product collaboration across their respective technology and service offerings.

As the first licensed stablecoin issuer regulated by the Central Bank of Bahrain (CBB) and the world's first Sharia-compliant stablecoin, AX Coin brings a regulated infrastructure platform designed to support the issuance, movement, and orchestration of trusted digital money for the largest institutional distribution channels to the partnership . Codex FX is the stablecoin-native FX platform for moving money across borders. The platform enables businesses to convert, receive, and pay with fiat and stablecoins at institutional rates, 24/7/365, making global payments faster and more efficient.

Under the MOU, AX COIN and Codex intend to evaluate opportunities to align complementary product lines developed by the two firms, including areas where AX COIN’s digital-asset, treasury, tokenization, and related platform capabilities may sit alongside Codex’s stablecoin-native FX product suite. The parties may discuss product interoperability, client-facing workflows, and other mutually agreed initiatives, subject to additional approvals, and further definitive documentation.

This strategic collaboration is intended to provide a structured basis for assessing how closer product alignment will support institutional clients operating at the intersection of traditional finance and digital assets. Subsequent arrangements will be separately agreed and announced.

Xavier George, Managing Director of AXG and CEO of AX Coin, said:

"This MOU with Codex reflects our commitment to building the connective tissue between regulated stablecoin infrastructure and the FX rails that institutions already rely on. By exploring how AX Coin's issuance, treasury, and tokenization capabilities can complement Codex's stablecoin-native FX platform, we aim to create a more seamless experience for institutional clients navigating the intersection of traditional finance and digital assets."

About SOLOWIN HOLDINGS

SOLOWIN HOLDINGS (Nasdaq: AXG) is a leading global regulated fintech company. Established in 2016, AXG combines blockchain and artificial intelligence technologies to operate a fully compliant dual-token digital economy super platform.

Guided by the mission “Mobilizing Tokens 24/7”, the Company operates two core business pillars: Digital Asset Tokens and AI Tokens. Its offerings span stablecoin issuance and payments, asset tokenization, securities trading and asset management, as well as AI-powered services including cloud infrastructure, Know-Your-Agent verification, and token router.

Through its integrated ecosystem, including AX COIN, AX ONE, FERION, SOLOMON, AGENTX, and KOVAR, AXG empowers global institutions and investors to capitalize on the rapid growth of the dual-token economy.

For more information, visit www.alloyx.com and follow us on LinkedIn at AXG (Solowin Holdings).

About AX Coin

AX Coin Bahrain BSC Closed (AX Coin), a key subsidiary of SOLOWIN HOLDINGS (Nasdaq: AXG), has secured a Stablecoin Issuer license from the Central Bank of Bahrain. As the world's first Sharia-compliant stablecoin, AX Coin aims to build a global digital currency infrastructure to serve the $6 trillion Islamic finance market.

About Codex FX

Codex FX is the stablecoin-native FX platform for moving money across borders. The platform enables businesses to convert, receive, and pay with fiat and stablecoins at institutional rates, 24/7/365, making global payments faster and more efficient. Founded in 2024, the company is backed by investors including Dragonfly, Coinbase Ventures, Circle Ventures, Wintermute, and Cumberland.