Category: Finance

Spartan Capital: Society Pass (Nasdaq: SOPA) – Southeast Asia eCommerce Super-App With Billion Dollar Potential

Spartan Capital Securities LLC (Spartan Capital) issues Equity Research Report on Society Pass Inc. (Nasdaq: SOPA) (SoPa).

Click Here https://bit.ly/3Bmg3l4 (on Society Pass website) or Here https://bit.ly/3vfGzc2 (with Spartan Capital Securities account) to view the full Spartan Capital Equity Research Report.

Summary Points:

  • Society Pass aspires to be the next major Southeast Asia (“SEA”) super-app. Comparable success stories such as Lazada, GoTo and Grab have all been accorded multi-billion valuations.
  • Spartan Capital forecasts SoPa to generate $7.2 million in revenue in 2022, $29.3 million in 2024, up 308% and $59.8 million in 2024, up 104%. Spartan Capital forecasts EBITDA loss narrowing from $10 million in 2022 to just $5.6 million in 2024, then turning positive in 2025.
  • Spartan Capital likens SoPa to what Masayoshi Son has done with SoftBank, headquartered out of Japan, although with an exclusive focus on e-commerce and SEA.
  • SoPa operates in five SEA countries (Singapore, Vietnam, Indonesia, Philippines, and Thailand), all are vibrant open economies, recovering from Covid lockdowns and now seeing dynamic growth. SEA consumers are younger and more tech-savvy than counterparts in the US.
  • SoPa owns 8 portfolio companies in food/beverage (F&B), luxury goods, telecoms, digital media, travel and merchant software sectors and ties them together with its Society Points loyalty program. The eight business units are:
  • Leflair – a Vietnam luxury goods flash sale e-commerce company akin to Groupon.
  • NusaTrip – an Indonesia travel website company serving the region akin to Expedia.
  • Thoughtful Media Group – a Bangkok-based social commerce firm serving US and Asian brands.
  • Gorilla Networks – a Singapore blockchain-enabled MVNO serving the mobile/travel markets.
  • Mangan – Philippines largest local restaurant food delivery company akin to GrubHub/DoorDash.
  • Handycart – a Hanoi, Vietnam restaurant delivery company poised to enter Saigon.
  • Pushkart – a Philippines supermarket delivery company akin to Instacart.
  • #HOTTAB – a Vietnam restaurant and hotel terminal/back-end software management platform.

  • Society Points and SoPa’s 8 subsidiaries offer multiple ways for consumers to earn loyalty points and to redeem such loyalty points for things of value.
  • Operating under a matrix management structure, SoPa is led by entrepreneurial Founder, Chairman and CEO, Dennis Nguyen, and a strong team of C-suite executives, business unit CEOs and country managers.
  • Over half of SoPa’s executives are female.

About Society Pass
As a loyalty and data marketing ecosystem in Singapore, Vietnam, Philippines, and Thailand and with offices located in Singapore, Hanoi, Ho Chi Minh City, Manila, Angeles and Bangkok, SoPa is an acquisition-focused e-commerce holding company operating 7 interconnected verticals (loyalty, merchant software, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of consumers and thousands of merchants across multiple product and service categories throughout SEA.

SoPa’s business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and retention for merchants. Since its inception, SoPa has amassed over 2.1 million registered consumers and over 6,700 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in Southeast Asia. SoPa operates #HOTTAB Biz and #HOTTAB POS – a Vietnam-based POS, CRM and analytics technology solutions provider for small and medium-sized enterprises, Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and Mangan, a leading local restaurant food delivery company in Philippines. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

32nd HKTDC Hong Kong Book Fair attracts 850,000 visitors

Three major exhibitions are a big success, more events to come

The 32nd HKTDC Hong Kong Book Fair, 5th HKTDC Sports and Leisure Expo and 2nd HKTDC World of Snacks, all organised by the Hong Kong Trade Development Council (HKTDC), concluded successfully today. As the first large-scale event in 2022, the seven-day Book Fair and associated events brought together more than 700 exhibitors offering a diverse experience for shoppers that included books, sports and leisure products, and snacks. The three events drew 850,000 visitors, with average per capita spending of HK$879. The huge success of the concurrent fairs augurs well for the HKTDC’s upcoming exhibition series.

The Hong Kong Book Fair drew to a successful close today. The seven-day event attracted 850,000 visitors.
Exhibitors presented books related to theme of the year – “History and City Literature”.
Visitors show great interest in buying books written by the celebrated late novelist Ni Kuang.

Keen participation in diverse range of cultural activities and seminars
This year’s Book Fair is one of the events celebrating the 25th anniversary of the Hong Kong Special Administrative Region (HKSAR). Sophia Chong, Deputy Executive Director of the HKTDC, said: “We are very grateful to all our exhibitors and visitors for their support for the Book Fair, the Sports and Leisure Expo and World of Snacks. Some visitors even brought their whole family along! Under the theme of the year, ‘History and City Literature’, visitors showed great interest in related books, particularly cultural topics such as the history of the Forbidden City. Visitors also participated in various cultural events, seminars and recreational experiences. The HKTDC will continue to work with our Cultural Events Advisory Panel to bring even more diversity to the Book Fair in order to promote reading and cultural exchange more comprehensively. We look forward to our twin jewellery shows and Simply Shopping Fest, opening on 29 July, which will boost local consumption and introduce more business opportunities for exhibitors.”

Echoing the comments by Ms Chong, Book Fair exhibitors said that books related to this year’s theme were among the best-selling genres at the event, including books on topics such as the history of the Forbidden City that enabled readers to get a better understanding of China’s past. Meanwhile, books related to health and self-improvement and children’s books were also popular and drew good business.

Fiction, literature, comics, travel and children’s book revealed as most popular genres
More than 800 visitors to the Book Fair were interviewed by a research institute commissioned by the HKTDC to get an insight into their spending and reading habits. The survey showed that the average spending at this year’s fair was HK$879 – recording an increase from last year (spending in 2021 was HK$817) and accounting for 71% of respondents’ average annual expenditure on printed books (HK$1,238). This demonstrates that the Book Fair remains an important platform for local people to get access to quality reading materials. The majority of respondents (82%) attended the Book Fair to seek out new releases while 41% came for book discounts, 17% visited for the diverse cultural activities, and 15% intended to buy children’s books.

The survey also revealed the reading habits and preferences of attendees, with 95% of respondents saying they had read printed books in the past month with an average reading time of 19 hours. The most popular genres were fiction (57%), literature (25%), comics (21%), travel (18%) and children’s books (17%). Other popular genres were language books, supplementary exercises, self-improvement, history and biographies. The survey found that more than 65% of respondents had read e-books in the past month, also spending an average of 19 hours reading.

57% of respondents use electronic payment methods
Reflecting the influence of the pandemic, 57% of respondents settled payment using non-cash methods, including Octopus cards and credit cards, showing a rise from 49% last year. Visitors also rated the crowd control measures at the fairs positively, with 89% saying they were satisfied with the crowd control measures, and 90% expressing satisfaction with the new Octopus payment admission arrangements. To safeguard the health and safety of exhibitors and visitors, preventive measures were implemented, including temperature checkpoints and hand-sanitising facilities, which were acknowledged by 89% of the survey respondents. The measures implemented by the HKTDC made visitors feel more at ease when visiting the fairs.

Exhibitions, seminars and more to continue in Cultural July
This year, the HKTDC organised more than 600 seminars and cultural activities, including the theme of the year “Reading the World: Stories of Hong Kong” seminar series, “History and City Literature”, “Renowned Writers”, “English and International Reading”, “World of Knowledge”, “Children and Youth Reading”, “Lifestyle”, “Hong Kong Cultural and Historical”, and “Personal Development and Spiritual Growth”. Together with the “Cultural July – Summer of Reading” campaign held in various districts since late June, the estimated number of participants for the various activities exceeded 320,000. Some of the seminars in the “Renowned Writers” seminar series were broadcast online in collaboration with Sina Weibo, allowing book lovers outside Hong Kong to participate virtually.

Recordings of selected seminars are available online. Readers can revisit them through the Book Fair website or via the HKTDC’s online video channels. The Cultural July citywide campaign continues until the end of this month with a broad range of activities including art and cultural tours, exhibitions and seminars. For details, please visit the Cultural July website at http://www.hkbookfair.hktdc.com/CulturalJuly

Sports and Leisure Expo and World of Snacks were well received
Offering a broad selection of sports and leisure products and services along with more than 1,200 tasty treats and snack workshops, the Hong Kong Sports and Leisure Expo and World of Snacks also concluded today. The former featured various trials and interactive experiences while the latter offered visitors a chance to buy treats from around the world and make their own snacks. Both events saw keen participation and exhibitors reported excellent sales.

Following these three exhibitions, the HKTDC will organise a series of events in the summer, including Simply Shopping Fest (29 July to 1 Aug), the Hong Kong International Jewellery Show (29 July to 2 Aug), Hong Kong International Diamond, Gem and Pearl Show (29 July to 2 Aug), Food Expo (11 to 15 Aug), Beauty & Wellness Expo (11 to 15 Aug), Home Delights Expo (11 to 15 Aug), and the Hong Kong International Tea Fair (11 to 13 Aug). These events will cater to the varying needs of the public while helping businesses expand their local retail market and provide a boost to Hong Kong’s economy at the same time.

Photo download: https://bit.ly/3oqdKWs

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Hong Kong Book Fair
HKTDC’s Communications & Public Affairs Department:
Clementine Cheung, Tel: +852 2584 4514, Email: clementine.hm.cheung@hktdc.org
Sunny Ng, Tel: +852 2584 4357, Email: sunny.sl.ng@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org

Yuan Tung Financial Relations:
Agnes Yiu, Tel: +852 3428 5690, Email: ayiu@yuantung.com.hk
Fung Wong, Tel: +852 3428 3122, Email: hfwong@yuantung.com.hk

Hong Kong Sports and Leisure Expo, World of Snacks
HKTDC’s Communications & Public Affairs Department:
Frankie Leung, Tel: +852 2584 4298, Email: frankie.cy.leung@hktdc.org

Yuan Tung Financial Relations:
Tiffany Leung, Tel: +852 3428 2361, Email: tleung@yuantung.com.hk

ONERHT Foundation raises funds for disadvantaged groups in Gentle Bones Charity Concert

  • RHT Rajan Menon Foundation renamed as ONERHT Foundation
  • Ms Kaylee Kwok appointed as ONERHT Foundation’s new Chairman
  • Gentle Bones announces official retirement

Local singer-songwriter Gentle Bones returned to the stage for a good cause in collaboration with ONERHT Foundation Ltd (formerly known as RHT Rajan Menon Foundation Ltd) (Foundation), the corporate social responsibility vehicle of RHTLaw Asia LLP and the RHT Group of Companies (collectively, ONERHT).

L-R: Mr Tan Chong Huat and ONERHT Foundation Chairman Ms Kaylee Kwok during the handover

Joining him on stage for his last ever concert in Singapore were guest artistes Tay Kewei, Charlie Lim, Linying and Benjamin Kheng who thrilled spectators at the Sands Theatre, Marina Bay Sands. In a surprise appearance, JJ Lin who was among the spectators also joined in the performance.

Gentle Bones said, “It’s been a great journey since I started my ‘Gentle Bones’ YouTube channel for acoustic covers back in 2010, and I couldn’t have asked for more in my last ever concert in Singapore. By the end of the year, Gentle Bones will no longer be performing or participating in any activities locally, and I’ll be officially retiring Gentle Bones in Singapore.”

The concert was also attended by Guest of Honour Minister for Culture Community and Youth & Second Minister for Law Edwin Tong SC, who noted ONERHT Foundation’s efforts to play a part in supporting an inclusive Singapore.

He said, “The Foundation has done good work over the years, to establish, inspire and encourage a philanthropic culture of giving back to the community among the corporate and legal fraternity. I hope, as ONERHT, they will continue to serve with one heart and one mind, to help the beneficiaries in our community.”

Newly appointed Chairman of the Foundation, Ms Kaylee Kwok, said, “Music brings people together and we are pleased to have presented this charitable collaboration with local musicians for a good cause. In particular, we are very grateful to Gentle Bones for supporting this meaningful event.”

“The Foundation also marks a new chapter following its renaming to reflect its evolution as a common platform for corporate social responsibility and purposeful growth for ONERHT. With the strong support of the Foundation’s donors and sponsors, our Patron and Board of Directors, as well as management, lawyers and staff from across ONERHT, I will continue to advance the Foundation’s initiatives and programmes across its four core pillars of education, the environment and sustainability, disadvantaged groups, as well as the arts and sports,” she added.

“I would also like to take this opportunity to personally thank Mr Tan Chong Huat for his mentorship, guidance and encouragement during his tenure as Chairman of the Foundation,” said Ms Kwok.

During the handover ceremony (with Minister Edwin Tong as witness), Mr. Tan had handed over a symbolic Chinese scroll to Ms. Kwok, which read:

English translation: Chong Huat and Kaylee have led the Foundation well, and, Kaylee, who succeeds him shall build on it and bring it to another level of success and splendour.

Proceeds from the charity concert will help support the well-being of those hit hardest by the pandemic, such as underprivileged families, seniors, people with disabilities, and their caregivers.

Funds raised through the charity concert will be used to support the FUN! Fund for Seniors (an Agency for Integrated Care initiative), PCF Sparkle Care Centres, Lions Befrienders Service Association (Singapore), Dementia Singapore Ltd, Life Community Services Society, TOUCH Community Services Limited, CaringSG Limited and It All Starts Hear.sg.

ONERHT Foundation (formerly known as RHT Rajan Menon Foundation)

A Singapore registered charity and grant-making philanthropic organisation, ONERHT Foundation Ltd (“Foundation”) enables RHTLaw Asia LLP and the RHT Group of Companies (collectively, “ONERHT”) to do right and do good through various charitable endeavours.

Set up by ONERHT in 2015, the Foundation was registered as a Singapore charity by the Commissioner of Charities and a grant-making philanthropic organisation by the Inland Revenue Authority of Singapore on 16 September 2016 and 28 November 2016 respectively.

The Foundation seeks to establish, inspire and encourage the right philanthropic culture among the corporate and legal fraternity of giving back to the community in a focused, hands-on and meaningful manner. Since its inception, the Foundation has raised more than S$3 million to support more than 15 beneficiaries involved in education, the environment and sustainability, disadvantaged groups as well as the arts and sports. For more information, please visit www.onerht.foundation

For media enquiries, please contact:
Elliot Siow / elliot.siow@rhtgoc.com / +65 8375 0417

OctaFX announces visual rebranding, adopts space-inspired design system

11 years of providing brokerage services marks an important milestone for OctaFX. For the first time, the broker decided to hold a visual rebranding.

Over more than a decade, OctaFX has managed to accomplish numerous achievements. Today, clients from over 150 countries have opened more than 12 million trading accounts with the broker. To become even closer to its clients, OctaFX decided to adopt a fresh new look: with refined colours, space-inspired elements, and a new logo.

The concept
The main concept behind the rebranding reflects the broker’s mission: OctaFX exists to ensure everyone can achieve their investment goals.

“We picture goals as stars in the broad universe of finance. Each one represents a unique combination of needs and desires of a particular person. The journey towards the investment goal isn’t always easy – there are many obstacles on the way. To overcome them, traders need an optimal set of both analytical and financial instruments, as well as a reliable partner. We are here to provide them with everything necessary to make effective trading decisions and achieve their investment goals. All the elements of our new design system convey this message in a simple, yet illustrative way,” the OctaFX press office commented.

The logo
The two orbits forming OctaFX’s new logo reflect the all-encompassing support it provides for traders on the journey towards their goals. The orbits cross each other to create the word ‘fx’ that highlights an important part of the company name.

The elements
The elements constituting the new visual identity are all built around centre-oriented forces and objects, such as orbits and rays, reflecting the broker’s continued focus on the investment goals of its clients.

The colours
The colour palette of deep blues and intense oranges gives vibrancy to the new brand design, emphasising the confidence, dynamism, and readiness to change.

The transformation
The financial world is changing rapidly. New challenges emerge every day, and OctaFX is ready to evolve and transform in response, all to meet and exceed the expectations of its clients. The new branding was created to express that.

About OctaFX
OctaFX is a global broker providing online trading services worldwide since 2011. It offers everything one needs to reach their investment goals, providing top-notch conditions utilised already by clients from over 150 countries worldwide. The company is involved in a comprehensive network of charity and humanitarian initiatives, including improvement of educational infrastructure, short-notice relief projects, supporting local communities and small to medium enterprises. On a side note, OctaFX has also won more than 45 awards since its foundation, including the 2021 ‘Best Forex Broker Asia’ award from Global Banking & Finance Review and 2021 ‘Best ECN Broker’ award by World Finance. www.octafx.com

Adra and Cadency by Trintech are Certified by SAP for Integration with Cloud Solutions from SAP

By integrating with SAP S/4HANA(R) Cloud, Trintech’s mid-market and large enterprise solutions drive finance transformation and value

Trintech Inc., a leading global provider of cloud-based financial close solutions for the Office of Finance, today announced that its Adra Connector for S/4HANA(R) Cloud, its mid-market suite, and Cadency Connector for S/4HANA Cloud, its large enterprise platform, are certified by SAP for integration with cloud solutions from SAP to deliver finance transformation and value to customers.

“Trintech continues to deliver new integration capabilities to provide customers with even more value in their financial transformation journeys,” said Michael Ross, Chief Product Officer at Trintech. “These integrations bring enhanced control, automation, and data integrity to finance and accounting departments around the world, while also helping to ensure that data flowing to and from their SAP solutions is as seamless as possible.”

Data integration is fundamental in enabling the Office of Finance to modernize its operations. Bi-directional in nature, Cadency and Adra reduce the cost, time, and risk of data integration by automatically retrieving the data required for reconciliation and close processes.

Solutions that are SAP-certified can be efficiently integrated into SAP solution environments and can reduce overall IT investment costs and risks. In addition, Trintech(R) Smart Automation (also SAP-certified) combines process automation with risk-based capabilities to enable finance teams to focus on high-risk transactions or processes, add value to the finance deliverables, and provide insight to help drive continuous improvement. Most recently, Trintech is extending its Smart Automation capabilities with the release of an automation dashboard that provides real-time visibility and statuses of Smart operational processes.

Trintech currently has hundreds of customers running SAP solutions alongside its solutions such as Siemens, HP, GSK, and Serco Group PLC. Cadency and Adra are ERP-agnostic, offering the ability to support all instances of ERPs and GL systems for complete visibility across all business units, geographies, and sources.

SAP Integration and Certification Center (SAP ICC) has certified that Trintech’s Adra Connector for S/4HANA Cloud and Cadency Connector for S/4HANA Cloud solutions integrate with SAP S/4HANA Cloud using standard integration technologies, or that run as an add-on to a cloud solution from SAP.

About Trintech
Trintech Inc., a pioneer of financial corporate performance management software, combines technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency(R) Platform, Adra(R) Suite, and targeted tools, ReconNET(TM), T-Recs(R), and UPCS(R), help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.

Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordic countries, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. See http://www.sap.com/corporate-en/legal/copyright/index.epx for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

Media Contact:
Kelli Shoevlin
214-957-5009
kelli.shoevlin@trintech.com

SOURCE: Trintech, Inc.

Society Pass (SoPa) Marks First Foray into Thailand by Acquiring Bangkok-Headquartered Thoughtful Media Group, Southeast Asia’s Leading Digital Video Multi-Platform Network and Social Commerce Platform

  • SoPa acquires first company in Thailand and continues network expansion of its digital ecosystem throughout Southeast Asia (“SEA”)
  • Thoughtful Media’s social commerce-focused Multi-Platform Network (“MPN”) in Thailand, Vietnam, Philippines and the US amplifies SoPa’s loyalty offering
  • Thoughtful Media recorded revenues of US$5.8 million in 2021, forecasts significant revenue growth in 2022 and beyond
  • Thoughtful Media’s data-rich MPN has uploaded over 675,000 videos with over 80 billion video views since 2010, and the current network of 263 YouTube Channels has onboarded over 85 million subscribers
  • SoPa sees significant cross-marketing and revenue generation synergies between Thoughtful Media and rest of SoPa ecosystem

Society Pass Incorporated (SoPa or Society Pass) (Nasdaq: SOPA), Southeast Asia’s leading data-driven loyalty platform, today announces the acquisition of Thoughtful Media Group (Thoughtful Media), a social commerce-focused, premium digital video MPN headquartered in Thailand with an operating presence in the US, Vietnam, and Philippines. The acquisition of Thoughtful Media marks SoPa’s first foray into Thailand and adds to SoPa’s growing ecosystem of technology-enabled companies located in the SEA countries of Vietnam, Philippines, Singapore and Thailand.

Originally founded in 2010, Thoughtful Media today creates and distributes digital advertising campaigns across its MPN in both SEA and the US. With its intimate knowledge of local markets, digital marketing technology tools and social commerce business focus, advertisers leverage Thoughtful Media’s wide influencer network throughout SEA to market and sell advertising inventory exclusively with specific placement and effect. As a result, Thoughtful Media’s content creator partners earn a larger share of advertising revenues from international consumer brands. And according to Accenture, the social commerce market is poised to grow to US$1.2 trillion by 2025 at a CAGR of 26%.

Thoughtful Media recorded revenues of US$5.8 million in 2021. Since its founding, Thoughtful Media’s data-rich MPN has uploaded over 675,000 videos with over 80 billion video views. The current network of 263 YouTube channels has onboarded over 85 million subscribers with an average monthly viewership of over 600 million views.

Thoughtful Media’s social commerce platform amplifies the reach and engagement of SoPa’s e-commerce ecosystem and retail partners. The growing ubiquity of social media influencers on shaping purchase decisions has driven increasingly greater numbers of brands to shift advertising budgets to this dynamic outlet. SoPa aims to increase customer engagement whilst also focusing on the quality of relationships through a campaign-based approach enabled by this synergistic acquisition.

Thoughtful Media’s digital advertising tools and expertise bolsters Society Points, SoPa’s paradigm shifting loyalty platform. Through data-driven marketing campaigns, advertisers of all types utilise Society Points’ proprietary 1st party data to improve the targeting, efficacy, and efficiency of their digital marketing spend. SoPa’s product offering uniquely positions Thoughtful Media as a leading SEA retail marketing and advertising hub for international and regional consumer brands.

Dennis Nguyen, Society Pass Founder, Chairman, and Chief Executive Officer comments, “We are thrilled to have Thoughtful Media join the ever-expanding SoPa ecosystem. Thoughtful Media’s social commerce-focused business model perfectly complements our future growth strategy for Society Pass as we drive consumer eyeballs and generate revenues for riveting consumer brands throughout Southeast Asia. In addition, Society Pass is excited to complete our first Thailand acquisition and look forward to launching our SoPa loyalty platform to the 65 million consumers in Thailand”.

Dan Thorman, Thoughtful Media Chief Executive Officer explains, “Thoughtful Media is led by an experienced management team in SEA and the US. We provide media owners with content creation and technology services that build and monetise their brands’ audience on numerous social platforms. With years of on-the-ground experience and industry expertise in developing influencer talent, producing social media content, coordinating advertising campaigns, aggregating influencer data, and onboarding millions of viewers onto our data-rich MPN, we track hundreds of millions of authenticated global video views a month across key social media platforms. Partnering with Society Pass allows Thoughtful Media to unlock strategic opportunities with influencers and advertisers as well as design cross-marketing synergies for companies in the SoPa ecosystem. In doing so, we expect to drive tremendous revenue growth in 2022 and beyond”.

About Society Pass
As a loyalty and data marketing ecosystem in Singapore, Vietnam, Philippines, and Thailand and with offices located in Singapore, Hanoi, Ho Chi Minh City, Manila, and Bangkok, SoPa is an acquisition-focused e-commerce holding company operating 7 interconnected verticals (loyalty, merchant software, lifestyle, F&B, telecoms, digital media, and travel) seamlessly connecting millions of consumers and thousands of merchants across multiple product and service categories in SEA.

Society Pass business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass provides merchants with #HOTTAB Biz and #HOTTAB POS – a Vietnam-based POS, CRM and analytics technology solutions provider for small and medium-sized enterprises. In addition, SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, and Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Seng Fong Holdings Berhad Debuts on Main Market of Bursa Malaysia

Raising RM68.1 million from IPO, for business expansion and cost-saving ESG initiatives

Seng Fong Holdings Berhad, a rubber processor producing and trading Standard Malaysia Rubber and premium grade block rubber, made a successful debut on the Main Market of Bursa Securities Malaysia Berhad, opening at RM0.75 per share with an opening volume of 10.8 million shares, which is the same as the initial public offering (IPO) price of RM0.75 sen per share.

Seng Fong’s market capitalisation at listing is RM389.22 million, and the Company was listed under the stock name, SENFONG and stock code, 5308.

The Chairman of Seng Fong, Mr. Ng Ah Bah @ Kok Yee, thanked the Securities Commission Malaysia, Bursa Securities, Hong Leong Investment Bank Berhad (HLIB) and other professionals involved in the IPO, and highlighted that the listing provides the Company the opportunity to realise its immediate objectives as well as investing in environmental, social, and governance (ESG) initiatives.

“Going forward, we will be well-positioned to capture opportunities arising from the increasing demand from our existing customers as well as from new customers as we ramp up production through the hiring of more people for a second shift and implementing ESG initiatives to make our business more sustainable.”

“Building a sustainable business also requires the support of our shareholders. Thus, we intend to distribute at least 50% of our annual net profit as dividend to shareholders, subject to the approval of the Board of Directors and shareholders.”

Block rubber is driven by the automotive industry with approximately 70% of global natural rubber being used for tyre manufacturing. Going forward, the world vehicle sector is anticipated to grow at a 5-year (2021 to 2025) CAGR of 7.03% to 105.0 million units.

Seng Fong is raising RM68.1 million from the IPO. From the proceeds, RM19.7 million has been allocated for working capital requirements including purchase of raw materials and the hiring of additional workers; RM37.9 million for the repayment of bank borrowings that include the partial funding for the solar system units, RM6.3 million to fund the installation of the biomass system units and RM4.2 million for listing expenses.

The installation of the solar system is estimated to achieve cost-savings of approximately RM2.6 million per annum from electricity costs and a further RM3.5 million per annum from diesel costs through the installation of the biomass system.

For the financial year ended 30 June 2021, the Company’s export market share of block rubber stood at 11.8% based on its export output of 121,404 metric tonnes (“MTS”) against the country’s total export volume for block rubber of 1.03 million MTS in 2021. Seng Fong’s revenue is almost entirely derived from exports, with the primary markets being China, Hong Kong, Singapore, and Taiwan.

The block rubber produced by Seng Fong are sold directly to end-user customers, majority are tyre manufacturers, and are also sold to international rubber traders. Block rubbers which are sourced from international rubber traders and/or natural rubber processors, for trading purposes, are sold to tyre manufacturers.

HLIB is the Principal Adviser, Underwriter and Placement Agent for the IPO.

Seng Fong Holdings Bhd: http://sengfongholdings.com/

Pictured (from left):

  • Mr. Phang Siew Loong, Head of Equity Markets, Hong Leong Investment Bank Berhad
  • Mr. Shim Choon Lim, Co-head of Corporate Finance, Hong Leong Investment Bank Berhad
  • Ms. Lim See Tow, Independent Non-Executive Director, Seng Fong Holdings Berhad
  • Mr. Jimmy Er Tzer Nam, Non-Independent Executive Director
  • Mr. E Tak Bin, Non-Independent Executive Director, Seng Fong Holdings Berhad
  • GONG –
  • Mr. Er Hock Lai, Managing Director, Seng Fong Holdings Berhad
  • Mr. Ng Ah Bah @ Kok Yee, Independent Non-Executive Chairman, Seng Fong Holdings Berhad
  • Ms. Lee Jim Leng, Group Managing Director/Chief Executive Director, Hong Leong Investment Bank Berhad
  • Ms. Lim May Wan, Independent Non-Executive Director, Seng Fong Holdings Berhad
  • Mr. Chong Yeaw Kiong, Independent Non-Executive Director, Seng Fong Holdings Berhad
    ( https://www.acnnewswire.com/topimg/Low_SengFong2022707.jpg )

10 winning start-ups stand out at Start-up Express

  • Innovative solutions in art, finance, health, green tech and more

The fifth edition of Start-up Express, an entrepreneurship development programme organised by the Hong Kong Trade Development Council (HKTDC), came to a successful conclusion today. The Pitching Final, which was streamed live, saw 10 winning start-ups selected from a total of 20 shortlisted companies. The “My Favourite Start-up Award”, decided through live online polling, was awarded to Good Food Technologies, while the newly added ESG Award went to i2Cool in recognition of its sustainable and socially efficient business solution. The 10 winning teams will participate in a series of local and international events to develop their businesses by building connections, exploring markets, seeking partners and enhancing brand awareness.

The Start-up Express Pitching Final winners pictured together with the judging panel and special guests. Ben Cheng, Managing Partner, C Ventures; Jason Chiu, Chairman, Hong Kong Start-up Council; Stephen Liang, Assistant Executive Director, HKTDC; Raymond Yung, Vice Chairman, AMTD Group; and Arshad Chowdhury, Managing Partner, Betatron Venture Group [back row, L-R]
The distinguished judging panel witnessed the rise of the latest cohort of Start-up Express winners
Renowned stand-up comedian Vivek Mahbubani was the event’s host, taking the opportunity to chat with entrepreneurs from some of the participating start-ups

Stephen Liang, HKTDC Assistant Executive Director, said: “As the pandemic situation gradually begins to ease, innovative business models and ideas will become a new stimulus for the economy in post-pandemic times. The enrolment for Start-up Express 2022 reflected the great enthusiasm of Hong Kong’s entrepreneurs, with 20 shortlisted start-ups coming from a broader spectrum of fields than ever before, including arts tech, green tech, health tech, prop tech, fintech, smart city tech, edtech, food tech and others. Over the past four years, the programme has nurtured 40 start-ups and the HKTDC continues to pass on the spirit of entrepreneurship in Hong Kong, assisting local start-ups in growing their businesses to the next level. At the same time, we strive to create a sustainable and international entrepreneurial ecosystem.”

Diverse opportunities offered to winning start-ups
Pitching Final contestants presented their innovative business ideas and responded to questions raised by a distinguished panel of judges as well as the online audience. This year’s judging panel comprised Raymond Yung, Vice Chairman, AMTD Group; Jason Chiu, Chairman, Hong Kong Start-up Council; Andrew Young, Associate Director (Innovation), Sino Group; Ben Cheng, Managing Partner, C Ventures; and Arshad Chowdhury, Managing Partner, Betatron Venture Group. The 10 winning start-ups are: Allklear Health, Beth Bioinformatics, Calioo Technologies, Custonomy Company, EggLogics, Flow, Good Food Technologies, i2Cool, MixCare Health and PONS.ai (click here https://tinyurl.com/2p8kvfxs to download the list of winners and their company profiles). The HKTDC will arrange a series of exposure opportunities through which the winning teams can interact with buyers and investors.

Outstanding presentations at Pitching Final
AMTD Group was the exclusive Strategic Partner of Start-up Express for the fourth consecutive year. Calvin Choi, Chairman and Chief Executive Officer of AMTD Group and Founder of AMTD IDEA, shared his thoughts on the contest, saying that all the contestants presented extraordinary business ideas. “This is the fourth year that AMTD has supported HKTDC’s Start-up Express as an exclusive Strategic Partner. The wide range of start-ups participating in this year’s Pitching Final continue to innovate and develop in a more diverse and contemporary way. In particular, we saw more start-ups coming from art tech, food tech and other emerging areas this year, which shows that local start-ups are market-sensitive, quick to respond to the direction and dynamics of emerging industries, as well as reactive to rising trends and fads of the times,” Mr Choi said.

Noting that local businesses across different sectors had been affected by the pandemic, he added: “It is encouraging to see Hong Kong start-ups remaining active despite the difficulties and on the lookout for opportunities under the new normal. Government policies and the social environment have been very supportive of start-ups, too. I am confident that if local start-ups can continue their efforts, stay flexible and be determined to find unique opportunities in the new normal, they can definitely stand out from their competitors in an ever-changing business environment and find a sustainable way forward.”

The “SpiderNet Start-up Award”, established to recognise the top performer selected by AMTD in the Pitching Final, was awarded to EggLogics. The award aims to provide the winner with an exclusive opportunity to access the resources and network of the AMTD SpiderNet ecosystem. The winner will benefit greatly in terms of its future business development and at the same time create synergies with other entrepreneurs within the ecosystem.

Jason Chiu, Chairman of the Hong Kong Start-up Council and a member of this year’s judging panel, said: “It is my pleasure to be on the judging panel again this year. There is tremendous competition in this year’s contest. All the start-up teams used their innovative mindsets to deliver exceptional pitches and shone through, highlighting the fact that local tech talents are extremely capable. I am confident that Start-up Express will serve as a springboard for the winning teams to access more opportunities. They can leverage this platform to expand their business network, explore markets in Mainland China especially the Greater Bay Area and overseas, and take their business to the next level.”

Start-up Express boosts brand awareness and network expansion
Start-up Express provides start-ups with the chance to promote their business ideas and enhance their brand awareness while connecting with investors and industry leaders, as well as acquiring business know-how from industry experts. Calvin Cheng, founder and CEO of Wizpresso which was a winner in the 2021 Start-up Express, said: “With the assistance provided by the HKTDC, we gained a lot of exposure that helped greatly with our brand promotion. We also had the chance to participate in international trade fairs to connect with potential clients. These are the kind of valuable opportunities open to Start-up Express winners.”

Logistics platform Zeek, another winning team at last year’s Pitching Final, has successfully established a presence in Vietnam, Thailand, Singapore, Malaysia and other markets. KK Chiu, CEO of Zeek, said the company was able to grow its business connections by meeting with different businesses under the coordination of the HKTDC. Through HKTDC-organised local and overseas events, it also gained the opportunity to promote its brand to other local and international businesses.

Start-up Express International Edition launches in December
The HKTDC has always given its full support to Hong Kong’s entrepreneurial ecosystem, helping to maintain the city’s status as a competitive business centre and hub for innovation. In celebration of the fifth anniversary of Start-up Express, the first International Edition of the contest will be held this December as part of HKTDC Entrepreneur Day. Winning teams from Hong Kong will compete with outstanding start-ups from Mainland China, USA, the UK, Germany, Israel, Japan, Korea, Singapore and other countries and regions. Winners in the International Edition will be offered comprehensive assistance to enter the Hong Kong market and explore opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area via the Hong Kong platform.

Start-up Express website: https://portal.hktdc.com/startupexpress/en/
Photo download: https://bit.ly/3HnvEBW

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact HKTDC’s Communications & Public Affairs Department:
Clayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.org

HKTDC Export Index 2Q22: HK Export Index rebounds across all markets and sectors

Sentiment improves as impact of pandemic recedes

The HKTDC Export Index grew 6.2 points to 30.9 in the second quarter of 2022, the first rise in the past 12 months, indicating that local exporters have begun to regain confidence in the city’s export outlook as the impact of the COVID-19 pandemic gradually subsides and supply chain disruption and logistics bottlenecks show signs of easing.

HKTDC Director of Research Irina Fan (R) and Assistant Principal Economist (Greater China) Alice Tsang (L) announced the HKTDC Export Index for the second quarter of 2022 at a press conference today (14 June)

“The lockdown measures in Mainland China may have had an impact on local businesses with regard to production shutdowns and delayed shipments. Nevertheless, with the pandemic beginning to recede, cross-border cargo flows and many manufacturing activities getting back to normal, our latest survey findings show a significant improvement in the overall business sentiment, although exporters remain cautious,” said Irina Fan, Director of Research, Hong Kong Trade Development Council (HKTDC), speaking at a press conference today.

Reduced impact
In the latest survey of local exporters, fewer respondents said that their business had been negatively affected by the pandemic over the past few months (79.1%, down 14 percentage points from the last quarter), while only 35.8% cited it as their top concern for the coming months (down 17.7 percentage points).

In addition, fewer exporters experienced pandemic challenges such as difficulties in communicating with buyers/suppliers (21.6%, down 20 percentage points), shortages in raw materials/parts and components (34.6%, down 11.9 percentage points) and order cancellations (16.7%, down 9.7 percentage points). “Nonetheless, increased transportation costs (72.6%) remained as one of the key concerns,” Ms Fan said.

Forecast unchanged
Summing up the situation, Ms Fan said a strong recovery in Hong Kong’s trade performance is expected in the second half of 2022. “Our export forecast for this year remains unchanged at an 8% increase compared to 2021,” she said. However, Ms Fan stressed that the strong growth in total export value is mainly driven by cost-induced price rises, while export volumes are likely to remain stagnant, or even see a decline.

She also reminded local exporters to be aware of the risks from stagflation, geopolitical tensions and a pandemic resurgence, “all of which may hinder the revival of global demand”.

Hong Kong exports outlook by key markets
Hong Kong exports outlook by key sectors
* See https://mediaroom.hktdc.com/en/pressrelease/detail/20356/

Toy sector and Japan market top the list
The HKTDC conducts the Export Index survey every quarter, interviewing 500 local exporters from six major industries including machinery, electronics, jewellery, watches and clocks, toys and clothing, to gauge business confidence in near-term export prospects. The Index indicates an optimistic or pessimistic outlook, with 50 as the dividing line.

HKTDC Assistant Principal Economist (Greater China) Alice Tsang said the upturn of exporter confidence was seen across all major markets and in all industry sectors. “Among them, the Japan market (47.6) and the toy sector (38.7) provided the most promising outlook, while the EU (42.3, up 2.8 points) and timepieces (34.6, up 14.9 points) showed the greatest improvement.”

“Traders are facing rising cost pressure as export prices are set to surge in the next couple of months. The Trade Value Index remained in expansionary territory at 51.7, despite a 1.1-point fall quarter-on-quarter,” she added.

All other sub-indexes, including the Employment Index (45.3, up 4.9 points) Procurement Index (25, up 4.7 points) and Offshore Trade Index (23.1, up 8 points) , also saw an upward trend, indicating that recruitment activities have stabilised alongside improvements in offshore trade and procurement.

Diversifying products and markets
Ms Tsang said issues such as the US interest rate hike, Russia-Ukraine conflict, and a weakening renminbi have yet to affect the business of Hong Kong exporters, with most respondents reporting no negative impacts (70.7%, 69.1% and 56.9% respectively) to date in these three areas.

Some respondents said they had experienced increased operating costs (21.9%), reduced buyer orders (13.8%) and increased financing costs (9.4%) due to the US interest rate hike, while the main impacts resulted from the Russia-Ukraine conflict are increased transportation costs (20.1%), shortages in raw materials/parts and components (13.2%) and disruption to logistics/distribution arrangements (12.8%).

She said diversification is Hong Kong exporters’ favoured business strategy to help them spread risks and at the same time capitalise on new market opportunities. Many of them are planning to develop other product lines (41.2%), diversify sales into additional overseas markets (35.6%) and establish a presence in the mainland’s domestic market (22.1%).

References
– HKTDC Research website: http://research.hktdc.com/
– HKTDC Export Index 2Q22: First Rally in Exporter Confidence for 12 months https://bit.ly/3zLmv4v
– 2022 Mid-Year Export Review: Expect a Strong Rebound in the Second Half https://bit.ly/3zLmRIn
– Photo download: https://bit.ly/3xKAiXt

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

Media enquiries
Please contact the HKTDC’s Communication and Public Affairs Department:
Beatrice Lam, Tel: +852 2584 4049, Email: beatrice.hy.lam@hktdc.org

Society Pass (SoPa) Acquires Singapore-based Gorilla Networks, a Next-Gen Blockchain/Web3 Mobile Virtual Network Operator to Drive SEA’s Growing Demand for a New Meta-Economy Experience

  • Society Pass (SoPa) makes its first Singapore acquisition, Gorilla Networks, a leading next generation Blockchain/Web3 mobile virtual network operator (“MVNO”).
  • Gorilla Networks is the first blockchain/Web3-enabled MVNO to offer contract-free, on-demand mobile service as non-fungible tokens (“NFTs”). Users convert unused mobile data into digital assets- Gorilla GO tokens
  • With mobile data network coverage in over 160 countries, Gorilla Networks expects to dramatically increase its user base and expand throughout Southeast Asia with the rebound of the travel market in 2Q/3Q 2022
  • SoPa will incorporate Gorilla Networks’ proprietary blockchain/Web3 technology onto the rest of SoPa ecosystem to drive SEA’s growing demand for a new meta-economy experience

Society Pass Incorporated (SoPa) (Nasdaq: SOPA), Southeast Asia’s leading data driven loyalty and ecommerce ecosystem, announced today that it acquired Singapore-based Gorilla Networks Pte Ltd (Gorilla), a leading next generation Web3-enabled MVNO.

Established in Singapore in 2019, Gorilla utilises Web3 technology to operate a MVNO for its users in Southeast Asia. With network coverage to over 160 countries, Gorilla offers a full suite of mobile communication services such as local calls, international roaming, data, and SMS texting. More importantly, Gorilla enables its customers to convert unused mobile data into digital assets or Gorilla GO Tokens through its innovative proprietary blockchain-based SwitchBack feature. Gorilla GO Tokens in turn can be redeemed for eVouchers, to offset future bills, or be redeemed for other value-added services.

With the rebound of the travel market throughout Southeast Asia in 2Q/3Q 2022, Gorilla expects to dramatically increase its customer base by marketing to the region’s business and leisure travellers with its user-friendly technology platform. It plans to expand its MVNO services offering to Vietnam, Thailand, and Malaysia over the next 12 months.

Dennis Nguyen, Society Pass Founder, Chairman and Chief Executive Officer, explained, “We are excited to make our first acquisition in Singapore, and welcome Gorilla into our SoPa family. Gorilla’s technology platform aligns well with our acquisition strategy as we incorporate Gorilla’s blockchain and Web3 capabilities onto the SoPa ecosystem and enable the new meta-economy for all our portfolio companies. From our Leflair lifestyle e-commerce platform to our Pushkart/Handycart F&B delivery services, as we roll out the Society Pass loyalty platform in the coming months, we leverage Gorilla’s technology to drive customer retention for merchants and create innovative revenue models for our ecosystem.”

“When we started Gorilla Networks three years ago, our vision was to build a democratised mobile communications service platform where users regardless of nationality, home location or mobile subscription plans can access essential telecoms services such as roaming and mobile data anywhere and everywhere throughout the world. Gorilla is currently transitioning existing web 2 telco services onto the web3 economy by tokenising mobile data as digital assets. In 2021, we digitised eSIMS, data plans, and mobile numbers as NFTs, which dramatically transformed how our users purchase, interact and experience mobile services. By joining forces with SoPa’s extensive ecosystem and large user base in Southeast Asia, we are thrilled about the combined marketing capabilities we will now bring collectively to our partners and customers,” exclaimed Xanne Leo, Founder and Chief Executive Officer of Gorilla Networks.Society Pass leverages cutting edge technology to tailor an unprecedented experience for the next generation customers in the purchase journey and to transform the entire retail value chain in Southeast Asia. Through the acquisitions of market-leading companies and partnerships with visionary entrepreneurs in six distinct B2C e-commerce verticals: lifestyle, food & beverage delivery, travel, digital marketing, telecoms and food and beverage ordering, the Company meets SEA’s growing demand for a new meta-economy experience.

About Society Pass
As a loyalty and data marketing ecosystem, Society Pass operates multiple e-commerce platforms across its key markets in SEA. Its business model focuses on analysing user data through the expected launch of its Society Pass loyalty platform and circulation of its universal loyalty points, which seamlessly connects consumers and merchants across multiple product and service categories to foster organic loyalty. Since its inception, SoPa has amassed over 1.6 million registered consumers and over 5,500 registered merchants/brands on its platform. It has invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass provides merchants with #HOTTAB Biz and #HOTTAB POS – a specialized POS technology solution, a comprehensive system for payment, loyal customer management, user profile analytics, and convenient financial support packages for small and medium-sized enterprises.

In addition, SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, and Handycart.vn, a leading online restaurant delivery service based in Hanoi, Vietnam. For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com