After the feedback session, feedback received are: clean up certain lines, simplify further, hidden image found in the facial features. 
In order to bring out the 2 people embracing each other, I have added extra curve lines to highlight their arms, but at the same time making sure it still look like a mouth.
Trying out the typeface
After receiving more comments, I have removed more redundant elements, reduced the number of colours, which bring out the energy, fun and the image of embracing.
Final 
CONCEPT
Choice of the color scheme is based on the mood board which derive from “warm hug”. The elements that are gathered in this mood board are sunshine / warm, caring, cheerful, fun / playful, energy, positivity and fresh.
Studies also show that the color yellow can increased mental activity, increased muscle energy. The color yellow helps activate the memory, encourage communication, enhance vision, build confidence, and stimulate the nervous system. [1]
Black and white
Colored version