Tag: Society Pass

Greenridge Global Initiates Equity Research on Society Pass Inc (Nasdaq: SOPA): Loyalty Wallet-Based eCommerce Ecosystem & Influencer Advertising Agency Poised For Outsized Growth In Fast Growing Southeast Asia

Greenridge Global LLC (Greenridge Global) initiates equity research coverage on Society Pass Inc. (Nasdaq: SOPA) (SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Society Pass website) to view the full Greenridge Global Equity Research Report.

Summary Points:

• Valuation: Greenridge Global initiates coverage with a target price based on an EV/Revenue multiple of roughly 3 times 2025 Revenue estimate of $33.3 million, discounted back one year at 20%. The mix of social/influencer advertising and a loyalty-driven eCommerce ecosystem present a unique opportunity to capture this growth, and collect an abundance of data that can be monetized down the road. Greenridge Global believes the market is not fairly valuing SoPa’s assets at this time and believe listing some of its subsidiaries provides greater transparency to SoPa’s overall business model.

• SEA is Ideal Market for SoPa:  SoPa is uniquely positioned to capitalize on the young and rapidly growing digitally-connected population in SEA, which is poised to see among the highest GDP growth rates over the next handful of years, while having arguably less geopolitical risk than other countries.

• Loyalty Wallet to Drive Revenues Growth:  The Company launched its Society Points Loyalty Wallet in June 2023 and should have all of its subsidiaries linked by the end of 2023, which should boost sales across businesses, increase retention and offer unique advertising opportunities to the 3.3 million users of its companies.

• Thoughtful Media Expected to See Substantial Revenue Generation:  Thoughtful Media is in the early stages of rapid expansion, through strategic bolt-on acquisitions and opening new regional offices, all of which should result in substantial Revenue growth in the next few years.

• SEA Unbanked Population Offers Growth Potential for SoPa:  Roughly 70% of Southeast Asia’s population is unbanked or underbanked, making the payment options of the Loyalty Wallet a starting point for the Company to deliver different financial service options to its users.

• Acquisitions to Drive NusaTrip Growth:  The recent VLeisure acquisition and early rollup stages of traditional travel agencies, coupled with the mobile access Gorilla’s eSIM brings should turn NusaTrip into a holistic travel booking destination for the SEA region, which has seen rapid increases in travel post-Covid.

• Expected Capital Markets Activities in 2024 to Unlock Value:  SoPa is in the midst of listing two of its key assets, Thoughtful Media and NusaTrip, which should enhance the valuation of these assets, as well as provide for more diverse funding and M&A options.

About Greenridge Global LLC
Greenridge Global was founded in June 2012 with the aim of providing a range of institutional services to small cap and Asian-based companies who have been abandoned by traditional broker-dealers.  Greenridge’s growing team has a rich history of working in buyside, sell-side and investment banking capacities in the US and Asia, enabling it to have a broad network of investors and industry partners.  We look forward to providing a high level of value added service to our corporate and investor clients around the world. For more information on Greenridge Global, please visit: Website at https://www.greenridgeglobal.com/home.html.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.7 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;  Leflair.com, Vietnam’s leading lifestyle e-commerce platform;Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass  or
Facebook at https://www.facebook.com/thesocietypass  or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Society Pass Inc (Nasdaq: SOPA) Awarded the 2023 APEA Fast Enterprise Award for E-Commerce Category

Society Pass Incorporated (SoPa) (Nasdaq: SOPA), Southeast Asia’s (SEA) next-generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that it received the Enterprise Asia’s 2023 Fast Enterprise Award for E-Commerce award. The Asia Pacific Enterprise Awards (APEA) ceremony was held on 05 October 2023 at the Log Hotel in Ho Chi Minh City, Vietnam.

SoPa CFO, Tan Yee Siong, accepting Fast Enterprise Award for E-Commerce

Through the prestigious APEA programme, Enterprise Asia recognizes entrepreneurial excellence throughout the Asia Pacific region. APEA aims to band leading entrepreneurs and organizations across Asia to spur greater innovation, fair practices and growth in entrepreneurship, creating a successful entrepreneurial ecosystem which will then shape Asia to sustainable economic and social growth. APEA honors business leaders and organizations who have shown outstanding performance and tenacity in developing successful businesses, whilst not neglecting the social responsibilities that come with leadership.

Tan Yee Siong, Chief Financial Officer of SoPa, comments, “We are very proud to receive this Fast Enterprise Award for the e-commerce category from Enterprise Asia. It is a reflection and recognition of the effort and hard work that our teams across the ecosystem deliver daily. We significantly invest into recruitment, training and implementing best practices across our operations. The benefits are already reflected in the growth of our company, but it is especially rewarding to be recognized for those efforts by APEA. We continue to deliver and hope to be nominated again across other categories in the years to come.”

Kevin Vong, Executive Director of Enterprise Asia, said, “APEA’s goal is to recognize enterprises and business leaders who have shown outstanding track records, perseverance and growth. It is our great pleasure to congratulate Society Pass Incorporated for being selected as the winner under the e-Commerce Industry of the prestigious Asia Pacific Enterprise Awards (APEA) 2023.”

About Enterprise Asia
Enterprise Asia is a leading non-governmental organization in pursuit of creating an Asia that is rich in entrepreneurship as an engine towards sustainable and progressive economic and social development within a world of economic equality. Its two pillars of existence are investment in people and responsible entrepreneurship. Enterprise Asia works with governments, NGOs and other organizations to promote competitiveness and entrepreneurial development, in uplifting the economic status of people across Asia and in ensuring a legacy of hope, innovation and courage for the future generation. For more information on Enterprise Asia, please visit: https://www.enterpriseasia.org/.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;  Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass  or
Facebook at https://www.facebook.com/thesocietypass  or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Society Pass Inc (Nasdaq: SOPA) Announces Equity Line of up to $40 Million to Invest into Operating Subsidiaries Projected to Go Public in 2024

 Society Pass Inc. (Nasdaq: SOPA) (SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announced that it entered into a structured financing agreement for an equity line of credit with Strattners FZCO (Strattners) to efficiently access capital.

SoPa shall have the right, but not the obligation, to sell to Strattners up to $40,000,000 of SoPa’s common stock at SoPa’s request over the next 36 months, subject to certain limitations. For instance, the amount that may be sold under the agreement will be subject to Instruction I.B.6 to Form S-3, which is referred to as the “baby shelf rules”. When the Company’s public float is less than $75,000,000, it may not sell more than the equivalent of one-third of its public float during any twelve consecutive months pursuant to the baby shelf rules. The shares of the Company’s common stock will be issued at a 6% discount to the lowest volume-weighted average price during the three trading days following the date of the Company’s request.

Raynauld Liang, CEO of SoPa, explained, “By raising this capital from Strattners, without paying large commissions and fees, we will generate shareholder value by efficiently deploying such capital into our operating subsidiaries, such as our spinout candidates, Thoughtful Media Group Inc and NusaTrip Inc.” Mr. Liang continued, “This financing strategy also allows us to opportunistically invest in acquisitions as well as bolster our working capital and shall be used judiciously when market conditions for our common stock are favorable.”

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;  Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass  or
Facebook at https://www.facebook.com/thesocietypass  or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

About Thoughtful Media Group Inc.
Founded in 2010, Thoughtful Media Group is the leading digital advertising platform in SEA. Through our network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired Thoughtful Media Group Inc. Since then, TMG has fully evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

For more information on TMG, please visit:
Website at www.thoughtfulmedia.com or
LinkedIn at https://www.linkedin.com/company/thoughtful-media-group-inc or
Instagram at https://www.instagram.com/thoughtfulmedia/ or
Facebook at https://www.facebook.com/thoughtfulmediaasia or
Twitter at https://twitter.com/ThoughtfulMedia.

About NusaTrip
Founded in 2013, NusaTrip is a Jakarta, Indonesia-based, IATA-licensed online travel agency that serves both local and global customers and partners by optimizing cutting-edge technology and providing 24/7 customer-centric support team-as-a-service. With its first mover advantage, NusaTrip has onboarded +1.2 million registered users, +500 airlines and +650,000 hotels around the world as well as connected with over 80 million unique visitors.

NusaTrip is now an integral member of Society Pass (Nasdaq: SoPa) ecosystem.

For more information on NusaTrip, please visit:
Website at https://www.nusatrip.com.
LinkedIn at https://www.linkedin.com/company/nusatrip/ or
Instagram at https://www.instagram.com/nusatrip/ or
Facebook at https://www.facebook.com/nusatrip.travel or
Twitter at https://twitter.com/nusatrip.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Society Pass Inc (Nasdaq: SOPA) Announces Plans to Spinout Two Profitable Business Units Into New Publicly-Traded Companies via Nasdaq IPOs in 2024

 Society Pass Inc. (Nasdaq: SOPA) (SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that its Board of Directors, together with its financial and legal advisors, have evaluated a comprehensive range of strategic restructuring options to unlock shareholder value. As a result of these discussions, SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc (TMG), and for its online travel platform, NusaTrip Inc (NusaTrip).

Thailand-based TMG, the premier digital advertising network in SEA, operates in Thailand, Vietnam, Indonesia, and Philippines and connects advertisers/brands/merchants with over 10,000 influencers to targeted audiences in SEA via its social media-focused advertising ecosystem. TMG delivers significant returns on investment on advertising spend for its clients by more efficiently and effectively generating additional revenues across thousands of creator channels in industries such as fashion & beauty, lifestyle, video games, cooking, automotive, travel, luxury, and sports.

Nusatrip, a leading Indonesia-based online travel agency, offers a comprehensive range of airlines and hotels on its travel platform for corporate and retail customers across SEA. With its first mover advantage, NusaTrip has onboarded over 1.2 million registered users, over 500 airlines and over 650,000 hotels around the world as well as connected with over 80 million unique visitors. Initially only focused on the Indonesian market, NusaTrip has expanded to other SEA countries to become a first-choice travel provider throughout SEA.

SoPa believes that its separately-traded TMG and NusaTrip subsidiaries will increase SoPa shareholder value as investors can more clearly evaluate the performance and future potential of these profitable businesses on a standalone basis, whilst allowing each business to pursue its own distinct strategy and capital allocation policy. Both TMG and NusaTrip are managed by separate executive teams.

“We believe that separating and listing our principal businesses in 2024 will improve our ability to unlock hidden value for all our stakeholders,” says Raynauld Liang, the Chief Executive Officer of SoPa. “Both TMG and NusaTrip are profitable and have large and growing market opportunities. This new proposed group structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers.”

Mr. Liang further notes, “SoPa’s actions follow the leads of both Johnson & Johnson (JNJ) and Kellogg’s (K) spinning out operating subsidiaries and we plan on having the same success.”

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands. For the past 2+ years, it has invested in building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass  or
Facebook at https://www.facebook.com/thesocietypass  or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

About Thoughtful Media Group Inc.
Founded in 2010, Thoughtful Media Group is the leading digital advertising platform in SEA. Through our network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired Thoughtful Media Group Inc. Since then, TMG has evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

For more information on TMG, please visit:
Website at www.thoughtfulmedia.com or
LinkedIn at https://www.linkedin.com/company/thoughtful-media-group-inc or
Instagram at https://www.instagram.com/thoughtfulmedia/ or
Facebook at https://www.facebook.com/thoughtfulmediaasia or
Twitter at https://twitter.com/ThoughtfulMedia.

About NusaTrip
Founded in 2013, NusaTrip is a Jakarta, Indonesia-based, IATA-licensed online travel agency that serves both local and global customers and partners by optimizing cutting-edge technology and providing 24/7 customer-centric support team-as-a-service. With its first mover advantage, NusaTrip has onboarded +1.2 million registered users, +500 airlines and +650,000 hotels around the world as well as connected with over 80 million unique visitors. NusaTrip is now a member of Society Pass (Nasdaq: SoPa) ecosystem.

For more information on NusaTrip, please visit:
Website at https://www.nusatrip.com.
LinkedIn at https://www.linkedin.com/company/nusatrip/ or
Instagram at https://www.instagram.com/nusatrip/ or
Facebook at https://www.facebook.com/nusatrip.travel or
Twitter at https://twitter.com/nusatrip.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of applicable securities laws. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of the Company to complete the proposed spinout successfully. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is detailed in the Company’s filings with the Securities and Exchange Commission (the “SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law. The Company does not give any assurance that it will achieve its expectations.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Ascendiant Capital Markets: Society Pass Inc (Nasdaq: SOPA) 2Q 2023 Saw Strong Revenue Growth of 338% Year on Year; Major Acquisition and Expected Cash Probability in 2H 2023 to Drive Share Price Higher

Ascendiant Capital Markets LLC (Ascendiant) initiates equity research coverage on Society Pass Inc.(Nasdaq: SOPA)(SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Society Pass website) or Here (on Ascendiant Capital Markets website) to view the full Ascendiant
Capital Markets Equity Research Report.

Summary Points:

  • Strong 2Q 2023 Revenue Growth:SoPa reported its quarterly financial results on 10 August with 2Q 2023 revenues totaling $2.2 million, representing a 338% y-o-y.
  • Major M&A:Announced in July 2023, the Company entered into an agreement to acquire 95% of PT Inetindo Info (“Inetindo”), a wholly subsidiary of Story-I Limited (“Story-I”). Inetindo is a leading Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies. The purchase price is ~$1.9 million and the deal is expected to close by September 2023. Ascendiant notes that Inetindo’s annual revenue of ~$30 million will be a significant contributor to Society Pass results going forward.
  • Significant 2023 Revenue Growth and Expected Cash Profitability in 2H 2023: SoPa stated that 2023 revenue run rate can be $60 – 100 million and it expects to reach cash profitability sometime in 2H 2023.
  • Focused on Loyalty Platform: SoPa’s ecosystem of technology-enabled companies synergistically work together to transform how consumers and merchants interact with one another. Its key focus is on generating customer loyalty, ease of transaction for consumers, and revenues for merchants. As more merchants and consumers in SEA register on its Society Pass platform, more transaction data is generated, and thus presenting more opportunities for creating loyalty from consumers to merchants.
  • Lifestyle Platform: The Company has developed an online lifestyle, “Leflair” branded platform in Vietnam to enable consumers to purchase high-end brands in many categories. Using the company’s smart search engine, consumers search or review their favorite brands among hundreds of choices in various categories, including Apparel, Bags & Shoes, Accessories, Health & Beauty, Home & Lifestyle, International, Women, Men and Kids & Babies categories.
  • Market Opportunities: Ascendiant believes that continued strong economic expansion, robust population growth, rising level of urbanization, the emergence of the middle class, and the increasing rate of adoption of mobile technology provide fast growing market opportunities for SoPa in SEA.
  • Positive High Risks versus High Rewards: Overall, concerns outweighed by growth prospects and valuation. Society Pass’s main products still has long commercialization challenges ahead, but we believe the ~billion dollars market potential presents high rewards for the risks.
  • Current valuation attractive: We are maintaining our BUY rating, but raising our 12-month price target to $3.75 from $3.50, based on a NPV analysis, representing significant upside from the current share price. We believe this valuation appropriately balances out the company’s high risks with its high growth prospects and large upside opportunities.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform;Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Society Pass Inc (Nasdaq: SOPA)/Thoughtful Media Group Inc Enters Philippines Market and Launches Creator Economy Focused Advertising Platform

  • SoPa officially launches Thoughtful Media Group (TMG), the leading digital advertising platform in Southeast Asia, in the Philippines market.
  • TMG will present its Philippines executive team and disruptive influencer advertising business model at a media presentation in Manila on Thursday, 17 August 2023.
  • TMG has expanded its ecosystem of multi-platform advertising services through a network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, assisting brands maximise marketing budgets and achieve significant revenue generation.

 Society Pass Incorporated (Nasdaq: SOPA) (SoPa), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces the official launch of its digital advertising platform, Thoughtful Media Group Inc (TMG), in the Philippines market. With the theme of “The Power of Influence”, TMG will introduce its new Manila-based executive team and its disruptive influencer advertising business model at a media presentation at 4 pm on Thursday, 17 August 2023 at Mansion Sports Bar & Lounge, OPL Building, 100 Don Carlos Palanca, Legazpi Village, Makati, 1229 Metro Manila, Philippines.

Established in 2010 and acquired by SoPa in 2022, TMG’s growth trajectory has been impressive. In just 12 months, TMG has grown from operating exclusively in its headquarters of Bangkok, Thailand, to expanding to Vietnam in 4Q 2022, to Indonesia in 1Q 2023 and now to Philippines in 3Q 2023. In addition, TMG’s employee count has increased from just 15 professionals in July 2022 to over 75 staff today. With an influencer network of more than 10,000 talented creators, an integrated roster of digital advertising products and services including influencer marketing and brand campaigns, social commerce, and sports marketing, and 13 years of experience serving more than 100 brands, TMG’s market entry into the Philippines market offers a significant value proposition to advertisers, merchants, and influencers in SEA’s fourth largest economy. Well positioned to benefit from Philippine’ forecast soaring digital advertising revenues over the next decade as increasingly more consumers make direct purchases on social media platforms, TMG collaborates with social media platforms, advertisers and influencers to develop the entire creator economy in Philippines.

Mr. Dennis Nguyen, SoPa Founder/Chairman/CEO and TMG Chairman, states, “We are very pleased to bring the Philippines market into the TMG ecosystem. TMG’s disruptive advertising platform, combining over 10,000 talented creators, market-leading design/branding capabilities, influencer advertising-focused social commerce services, will generate massive storytelling capabilities and revenue generation opportunities for local, regional and international advertisers seeking to market in Philippines. By leveraging our local knowledge of market trends from other offices in Thailand, Vietnam, and Indonesia, TMG provides international quality advertising products and services for our brand partners as well as a significant revenue generating opportunities for Philippines creators”.

Mr Nguyen continues, “I am very excited to hire Billy Soo to head our TMG Philippines operations. Billy brings a wealth of experience in gaming and advertising from his time at Gushcloud International, Nixgen Entertainment and Powerplay Inc. I look forward to seeing Billy and his team create the most unique and powerful advertising platform here in Philippines”.

Although currently at a nascent stage, the Philippines creator economy is experiencing a dynamic surge, driven by a tech-savvy population and widespread internet access. According to Datareportal, Philippines’s internet penetration rate stood at 73.1 percent of the total population at the start of 2023 with the number of internet users increasing by 10 million between 2022 and 2023. Furthermore, Filipinos spend a combined 3 hours and 43 minutes a day on social media. INSG forecasts the value of SEA’s influencer marketing industry to reach US$2.59 billion in 2024, up from US$638 million in 2019 alone.

Responsible for driving sales and onboarding Philippines clients onto TMG’s regional digital advertising platform, Mr. Billy Soo, Country Head of Thoughtful Media Group Philippines, comments, “Bonding through the power of influence, we want to create a genuine connection for brands and content creators, tapping onto TMG’s broad advertising network and extensive ecosystem to open new doors towards more business opportunities, capitalising on digital-first and fully integrated advertising networks. Mr. Nguyen hired me to turbocharge TMG’s expansion here in the land of the Kabayan. In just five weeks’ time, we have already built a staff of 10+ Manila-based advertising professionals. TMG Philippines will offer premium branded campaigns, MCN, sports marketing and e-sports verticals and we look forward to serving the creator and advertiser communities”.

About Thoughtful Media Group Inc.
Founded in 2010, Thoughtful Media Group is the leading digital advertising platform in SEA. Through our network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired Thoughtful Media Group Inc. Since then, TMG has fully evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

For more information on TMG, please visit:
Website at www.thoughtfulmedia.com or
LinkedIn at https://www.linkedin.com/company/thoughtful-media-group-inc or
Instagram at https://www.instagram.com/thoughtfulmedia/ or
Facebook at https://www.facebook.com/thoughtfulmediaasia or
Twitter at https://twitter.com/ThoughtfulMedia.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform;Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Maxim: Society Pass (Nasdaq: SOPA) – Compelling Valuation; Positive on Organic Growth & M&A; Raises Revenue Targets for 2023 and 2024

Maxim Group LLC (“Maxim”) issues research report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Maxim research website) or Here (on Society Pass website) to view the full Maxim research report.

Summary Points:

• Diversification – SOPA started 2022 with just F&B (food & beverage) and Leflair (lifestyle) and now has 6 verticals. The company has also expanded to 5 countries; Singapore, Vietnam, Philippines, Indonesia, and Thailand. Maxim believes there are significant cross selling opportunities. Specifically, Maxim believes Thoughtful Media can market the company’s other brands and the lifestyle business can be expanded geographically. Maxim has a positive view on the SEA market due to increasing mobile and ecommerce penetration, younger populations, travel coming back, and the opportunity to consolidate smaller companies. The acquisition of Inetindo creates additional expansion opportunities in other geographies and other branded products to be sold, and can increase the subscriber base that can be deployed to the potentially highest profit margin business of Society Points (loyal progam).

• Acquisitions – Acquisitions have diversified revenue streams to include Apple distribution stores, online advertising, travel/hotel ticketing, and telecom while expanding geographies in SEA. The Apple distribution stores acquisition was the largest acquisition to date in terms of revenue, with the potential to expand geographically and add users for its Loyalty program.

• Cashflow Positive – Management is forecasting to be cash flow positive at some point in 2H23.

• Healthy balance sheet – SOPA ended 2Q23 with unrestricted cash of $10.8M (close to the entire market cap of SOPA), slightly down from $13.8M at the end of 1Q23, and no material amount of debt. 2Q23 cash flow from operations was an outflow of ($2.9M). With expense reduction plans and newer businesses, along with the launch of the Loyalty program, Maxim expects the cash burn to decline and that current levels of cash should be sufficient to fund organic growth through 2024.

• Raise Revenue Targets – Maxim projects revenue to increase from $5.6M in 2022, to $16.5M ($15.0M prior) in 2023, up 194% y/y, with an adjusted EBITDA loss of ($11.0M) ($7.7M prior). For 2024, Maxim projects revenue of $44.3M ($25.1M prior), up 168% y/y.

• Compelling valuation/Reiterate Buy – Maxim targets share price to increase to $1.50. SOPA trades at an EV/revenue multiple of 0.1x Maxim’s 2024 revenue estimate vs. the peer average of 2.4x. Maxim’s $1.50 price target is based on its 10-year DCF analysis, which utilizes a 22% discount rate, 13x terminal multiple, and 3% terminal growth rate, equating to 0.7 x 2024 revenue estimate. Maxim’s positive outlook is supported by the attractive SEA markets and opportunities to consolidate smaller companies.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com

Society Pass Inc’s (Nasdaq: SOPA) 2Q/1H 2023 Financial Results Illustrate Continuing Breakneck Revenue Growth and Exceptional Profit Margin Expansion; Confidently Forecasts Achieving Cash Profitability in 2H 2023

Recognises 348% Year on Year Revenue Growth for 1H 2023;
Gross Margin Increases to 29.9% in 2Q 2023 from -1.6% in 2Q 2022

 Society Pass Incorporated (Nasdaq: SOPA) (SoPa), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces unaudited financial results for second quarter ended 30 June 2023 and a filing of its 2Q 2023 Form 10-Q with the Securities and Exchange Commission (SEC).

Click Here (on SEC website) to view 2Q 2023 Form 10-Q filing.

Summary Points:

  • With cash on hand of $10.8 million (approximately $0.38 per share) and book value of $12.7 million (approximately $0.45 per share) on 31 March 2023,SoPa is well capitalised for continuing acquisitions of SEA companies in itsdigital advertising, travel, lifestyle, telecommunications, and loyalty/fintech verticals for the rest of 2023.
  • 1H2023 revenues grew 348.0% year on year (from $944,152in 1H 2022 to $4,229,812 in 1H 2023).
  • 2Q2023 revenues grew 338.3% year on year (from $499,062in 2Q 2022 to $2,187,232 in 2Q 2023).
  • 2Q2023 revenues grew 7.1% quarter on quarter (from $2,042,580in 1Q 2023 to $2,187,232 in 2Q 2023).
  • 1H2023 gross profit grew to $1,263,396 from a 1H 2022 gross loss of$14,931.
  • 1H2023 gross margin improved to 29.9%from 1H 2022 gross margin of -1.6%.
  • 2Q2023 gross profit grew to $577,159 from a2Q 2022 gross loss of $138.
  • 2Q2023 gross margin improved to 26.4%from 2Q 2022 gross margin of 0.0%.
  • While 1H 2023 revenues grew 348.0% year on year, 1H2023 cash operating expenses declined 28.0% year on year (from $7,864,068 in 1H 2022 to $5,663,264 in 1H 2023).
  • While 2Q 2023 revenues grew 338.3% year on year, 2Q2023 cash operating expenses declined 51.9% year on year (from $4,891,352 in 2Q 2022 to $2,350,345 in 2Q 2023).
  • While 2Q 2023 revenues grew 7.1% quarter on quarter, 2Q2023 cash operating expenses declined 29.1% quarter on quarter (from $3,312,918 in 1Q 2023 to $2,350,345 in 2Q 2023).
  • 1Q2023 digital advertising revenues represent 62.9% of total revenues and grew 17.7% quarter on quarter from ($1,283,774 in 1Q 2023 to $1,510,960 in 2Q 2023).
  • 1Q2023 travel platform revenues represent 23.8% of total revenues and grew 14.2% quarter on quarter from ($486,707 in 1Q 2023 to $556,042 in 2Q 2023).
  • SoPa completed the following acquisitions in 2Q 2023:VLeisure, Vietnam’s leading provider of hotel management and payment solutions; andNewave, an Indonesia-based KOL management agency. In addition, SoPa announced the acquisition of PT Inetindo Infocom, a subsidiary of Story-I Limited, a leading Indonesia-based retailer of Apple products, for a total consideration of approximately $1.85 million. Management expects the PT Inetindo Infocom acquisition to close in September 2023.
  • Since inception, SoPahas onboarded approximately 3.3 million registered consumers, approximately 650,000 registered merchants/brands and approximately 10,000 influencers onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.
  • SoPa operates six verticals in SEA:digital advertising, travel, lifestyle, loyalty, food & beverage delivery and telecommunications,
  • SoPa operates infive SEA countries: Singapore, Vietnam, Indonesia, Philippines and Thailand.
  • SoPa employs approximately 225 people throughoutSEA.

Raynauld Liang, Society Pass Inc Chief Financial Officer, explains, “Our continuing breakneck revenue growth and exceptional profit margin expansion, as evidenced in the Company’s second quarter 2023 financial performance, substantiate our acquisitions-focused business plan to build the next generation digital ecosystem and loyalty platform here in SEA. Despite 1H 2023 revenues growing 348% year-on-year in the five largest economies of SEA, our 1H 2023 cash operating expenses DECLINED by 28%. Just as importantly, our profit margins are dramatically improving on a year-to-year basis. We realized 29.9% gross margins in 1H 2023, up from a negative 1.6% grow margins in 1H 2022.

Mr Liang elaborates, “I note that our two main subsidiaries, Thoughtful Media and NusaTrip, were only acquired in 2H 2022. Yet, in just under 12 months, both subsidiaries now contribute more than 90% of SoPa’s revenues. I expect both subsidiaries to materially contribute to the Group’s revenues and profits in 2H 2023. Our third biggest subsidiary, NextGen Retail, announced the acquisition of a large retailer of Apple products in Indonesia. I expect NextGen Retail to grow much quicker in 2H 2023. Finally, with the Singapore launch of our SoPa Loyalty App Launch in June 2023, we have put the final piece of the puzzle in building out our business plan. The synergies generated between our loyalty platform and our subsidiaries will translate into significant revenue generation going forward. With the continuing performance in our three big verticals, we confidently project attaining cash profitability sometime in 2H 2023.”

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform;Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP, this document also contains certain non-GAAP financial measures based on management’s view of performance including cash operating expenses. Management uses such measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. When preparing these supplemental non-GAAP financial measures, we typically exclude certain GAAP items that management does not consider to be normal, recurring non-cash operating expenses.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com

Society Pass Inc (Nasdaq: SOPA) Announces Payments Partnership with 2C2P to Enhance the Online Shopping Experience in Southeast Asia

Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next-generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announced a strategic payments partnership with 2C2P, a global full-suite payments platform headquartered in Singapore, to drive e-commerce shopping in SEA. Through this partnership, Society Pass’s loyalty application would be able to offer 2C2P’s wide array of alternative payment options to customers based in the Philippines and Indonesia.

2C2P operates payment services in eight markets across Asia and supports over 250 payment options, from cards to cash to e-wallets. Over the years, 2C2P has established and nurtured an extensive network of partners globally, adhering to local and international regulatory compliance standards. The current network includes all major local and international credit cards, over 17 major digital wallets and QR payment platforms, and various alternative payment methods. 2C2P’s customers can use their preferred payment method via cards, digital wallets, or over-the-counter at over 400,000 locations in Asia. The extensive payment solutions meet the needs of businesses from diverse sectors, including airlines, insurance, marketplaces, retail, F&B, and hospitality.

Amidst the pandemic and its recovery, the adoption of digital payments in the region has accelerated while cash usage has continued to decline. Propelled by a surge in digital commerce and government incentives/initiatives, providers of domestic payments, mobile wallets, and buy-now-pay-later (BNPL) operators, are all witnessing increased adoption by businesses. Forecasts suggest SEA’s digital economy is experiencing impressive growth rates from 2021 to 2026E and will outpace China, Europe, and the US. According to an IDC InfoBrief commissioned by 2C2P, SEA’s digital economy spending will rise by 121% by 2026, and digital payments will reach 92% of total digital economy payments by 2026, up from 80% in 2020.

Rokas Sidlauskas, Chief Marketing Officer of SoPa, commented, “We are excited to announce this strategic payments partnership with 2C2P as it enables Society Pass to offer more flexible and convenient methods to pay for goods and services within our ecosystem to our customers. By integrating leading Southeast Asia digital e-wallets such as AliPay (regional), Touch n’ Go (Malaysia), Momo (Vietnam) or GCash (Philippines) just to name a few into our ecosystem, Society Pass enables millions of customers to access our platforms, ranging from travel (NusaTrip), to e-commerce (Leflair.com), to telecoms (Gorilla Networks), and to digital advertising (Thoughtful Media Group). This is especially important considering that we operate in Southeast Asian markets, where unfortunately, over 75% of people are unbanked and do not possess debit or credit cards”.

Mr. Sidlauskas added, “In partnering with 2C2P, we automatically increase the potential customer-base within Southeast Asia by millions of potential users. We are excited by the prospect of adding value by offering our services to them”.

Rachelle Alexis Lim, Executive Director of 2C2P, said, “As we embark on this strategic partnership with Society Pass, we look forward to enhancing the payments experience of SOPA’s consumers across SEA. This collaboration with SoPa aligns perfectly with our mission to drive e-commerce growth in the region and globally, revolutionising how people transact and unlocking the potential of the digital economy for all”.

About 2C2P

2C2P is a full-suite payments platform helping the world’s leading enterprises securely accept and make payments through one point of integration. Its far-reaching network extends across online, mobile and offline channels including over 400,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere. 2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need.

The company is headquartered in Singapore and operates globally. It is the preferred payments platform of tech giants, online marketplaces, retailers and other global enterprises.

For more information on 2C2P, please visit: https://2c2p.com/

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and Pushkart.ph, a popular grocery delivery company in Philippines.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com

Society Pass Inc’s (Nasdaq: SOPA) Travel Subsidiary, NusaTrip Inc, Acquires IATA-licensed Vietnam International Travel and Service JSC; Acquisition Adds Approximately US$2 million in GMV to NusaTrip Revenue Base

  • NusaTrip Inc acquires first IATA-licensed travel agency out of Indonesia;creates beginnings of regional online travel platform in SEA
  • The acquisition of Vietnam International Travel and Service JSC onboards approximately US$2 million of in GMV to NusaTrip Revenue Base

NusaTrip Inc (NusaTrip), the online retail arm of Society Pass Incorporated (SoPa) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that it has acquired Vietnam International Travel and Service JSC (VIT), a IATA-licensed, full-service travel agency focused on marketing to the Vietnam inbound and outbound segments.

NusaTrip previously acquired VLeisure, Vietnam’s leading provider of hotel management and payment solutions, in April 2023. Patrick Soetanto, NusaTrip CEO, comments on the acquisition, “VIT is the first IATA-licensed travel acquisition we have made outside of Indonesia. Our business plan calls for acquisitions of other IATA-licensed travel agencies throughout Asia Pacific in 2023, including Philippines, Thailand, Singapore, Malaysia, Hong Kong, China, India and UAE, as we position NusaTrip to be the premier travel hub in SEA. According to Phocuswright, gross bookings in SEA by 2025 will reach 94% of the record 2019 level and digital transformation will accelerate rapidly across SEA, with online bookings more than doubling between 2022 and 2025. Effectively, the region has reverted back to pre-pandemic levels. We are growing NusaTrip at the opportune time.”

Founded in Vietnam since 2016, VIT operates inbound and outbound ticketing businesses targeted at corporate and travel tour segments. Nguyen Ngoc Minh, Founder and Managing Director of VIT, explains his rationale for selling to NusaTrip, “SoPa and NusaTrip are known leaders in the SEA and Vietnamese e-commerce and travel sectors. I am proud to sell VIT to NusaTrip as I know NusaTrip will greatly expand VIT’s business here in Vietnam. I wish both SoPa and NusaTrip the best luck going forward.”

Le Phan, NusaTrip Managing Director and VLeisure Founder, adds, “I am especially excited about this acquisition as it will only add to the breadth and depth of NusaTrip and VLeisure’s product offering in Vietnam. Statista projects the Vietnam travel market to reach US$3.0 billion in 2023. Total market size is expected to reach US$4.2 billion by 2027, reflecting an annual growth rate of 8.8%. We intend to leverage VIT’s strong presence in the corporate and tour markets here in Vietnam to drive strong revenue growth for NusaTrip in 2023.”

The Vietnam economy is the 5th largest in SEA and 34th largest in the world with a 2023 nominal gross domestic product of US$449 billion. The World Bank forecasts Vietnam’s economy to grow by 6.3 percent and 6.4% in 2023 and 2024, respectively, after a robust 8 percent in 2022.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture 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 SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; andPushkart.ph, a popular grocery delivery company in Philippines.

For more information on Society Pass, please visit:

Website at https://www.thesocietypass.com or

LinkedIn at https://www.linkedin.com/company/societypass or

Facebook at https://www.facebook.com/thesocietypass or

Twitter at https://twitter.com/society_pass or

Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com