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Society Pass Inc. (Nasdaq: SOPA) is a data-driven e-commerce ecosystem headquartered in Southeast Asia, established in 2018. The company operates across Vietnam, Indonesia, Philippines, Singapore, and Thailand, aiming to revolutionize the digital commerce space. Society Pass focuses on creating a seamless interaction between consumers and merchants through advanced AI cognitive analytics technology. This innovative approach helps in brokering transactions via a diverse range of value-enhancing and time-saving products and services, while also monetizing data for its platform partners.
The company comprises six main operating segments: Online Grocery and Food Deliveries, Digital Marketing, Online Ticketing and Reservation, Telecommunications Reseller, e-commerce, and Merchant Point of Sale (POS). Among these, the Digital Marketing segment is a significant contributor to the company’s revenue.
Society Pass has recently secured an equity line of up to $40 million to support potential public offerings of its subsidiaries. The first advance notice involved issuing 1,000,000 shares priced at $0.18 per share to Strattners FZCO, a family office arm of Strattners Bank SA. This capital infusion is pivotal for strategic growth initiatives, including potential spinouts of Thoughtful Media Group Inc. and NusaTrip Inc.
The company has also announced a 1-for-15 reverse split of its common stock effective from May 1, 2024, to maintain its listing on the Nasdaq Capital Market. This move will consolidate every fifteen issued and outstanding shares into one, thereby refining their capital structure without changing shareholders' percentage ownership.
Society Pass is committed to driving innovation across interconnected verticals such as loyalty programs, digital media, travel, telecommunications, and lifestyle services. It aims to meet the growing demand for advanced services in these sectors by partnering with visionary entrepreneurs and acquiring strategic companies.
The company has garnered positive investor sentiment, as indicated by Ascendiant Capital’s report. The report highlights strong economic expansion, urbanization, and mobile technology adoption as key growth drivers. It maintains a 'BUY' rating for Society Pass, albeit with a revised 12-month price target of $21, recognizing the company's high growth potential and strategic initiatives.
Society Pass (Nasdaq: SOPA) has integrated Stripe's payments platform to enhance transaction settlement for its merchants and consumers. This collaboration aims to simplify payment flows and improve the shopping experience by supporting multi-currency transactions and utilizing Stripe's anti-fraud technology. Chief Marketing Officer Rokas Sidlauskas highlighted that this partnership will provide diverse payment options and faster financial management for merchants, ultimately redefining e-commerce in Southeast Asia. Society Pass continues to expand its ecosystem with plans for strategic acquisitions to enhance its B2C services.
On November 22, 2022, Society Pass Incorporated (Nasdaq: SOPA) announced a partnership between its subsidiary NusaTrip and Periksa.id, a health-tech company. This collaboration will introduce flight search services across 200 hospitals and clinics in Indonesia, covering a network of over 200,000 medical professionals and 1.5 million daily patients. The partnership aims to enhance the efficiency of medical travel and support Indonesia's wellness and medical tourism sector, which is projected to reach US$ 75 billion by 2032.
NusaTrip, an Indonesian online travel agency under Society Pass (NASDAQ: SOPA), has formed a partnership with Periksa.id, a health-tech company, to introduce flight search services across over 200 hospitals in Indonesia. This collaboration is aimed at enhancing medical tourism and supporting emergency travel needs. The global medical tourism market is expected to reach $75 billion by 2032. NusaTrip focuses on improving emergency travel efficiency and expanding its digital ecosystem to offer comprehensive travel services, contributing to the recovery of the travel industry in Southeast Asia.
Maxim Group's Equity Research Report highlights Society Pass Incorporated (SOPA) as a rising player in Southeast Asia's e-commerce sector. The report notes significant 3Q 2022 revenue growth to $2.1M from $84K year-over-year, driven by digital marketing. Maxim anticipates revenues will soar to $40.1M in 2023, despite expected widened EBITDA losses due to acquisitions. The company boasts a healthy balance sheet with $23M in cash. While facing macroeconomic challenges, Maxim remains optimistic about SOPA's expansion potential and consolidated business model in a fast-growing regional market.
Society Pass Incorporated (SOPA) reports impressive financial growth with revenues soaring 2,870% year-on-year for the first nine months of 2022, reaching $2,994,416. In the third quarter alone, revenues increased 2,354% year-on-year and 311% from the previous quarter, totaling $2,050,264. As of September 30, 2022, the company has $23 million in cash, supporting its expansion plans and acquisitions across Southeast Asia. The company has onboarded 3.3 million consumers and 205,000 merchants, completing three acquisitions in Q3 2022.
Society Pass Incorporated (Nasdaq: SOPA) has announced that its Founder, Chairman, and CEO, Dennis Nguyen, will be a panelist at the Sigma Europe Gaming Festival from November 14-18, 2022 in Malta.
He will discuss the rapidly growing fintech sector at the event on November 17. Society Pass operates a data-driven loyalty and e-commerce platform in Southeast Asia, connecting millions of consumers and merchants. The company focuses on acquisition and integration of fast-growing e-commerce businesses.
Society Pass (SOPA) has appointed Johanes (Joe) Chang as the new CEO of Nusatrip, a strategic move aimed at expanding its presence in Southeast Asia's travel sector. The firm aims to leverage Nusatrip's robust technology and operational capabilities to enhance its e-commerce ecosystem. With an emphasis on integrating loyalty programs and tapping into the recovering travel industry, Society Pass is set to strengthen its digital offerings across the region. The company, founded in 2018, operates a data-driven platform connecting millions of consumers and merchants throughout Southeast Asia.
Society Pass Inc (Nasdaq: SOPA) has partnered with CoinSmart Financial Inc to integrate crypto payment processing through CoinSmart's SmartPay service. This collaboration aims to enhance SoPa's fintech ecosystem and is expected to significantly increase user engagement and revenue in Southeast Asia’s expanding digital landscape. The cryptocurrency market is projected to grow from US$1.03 billion in 2022 to US$4.94 billion by 2030, indicating a robust demand for crypto payments. With over 23.5 million crypto owners in Southeast Asia, the partnership is seen as strategically beneficial for both companies.
Thoughtful Media Group Inc has launched the TMG Media Network, a new omnichannel advertising solution in Southeast Asia, in partnership with Magnite, Inc. This network allows brand advertisers to effectively reach online consumers and merchants in Southeast Asia, including over 3.3 million registered users in Society Pass's ecosystem. The TMG Media Network combines various advertising formats to deliver personalized media experiences targeting a population of over 650 million. Both companies aim to leverage data-driven strategies to maximize engagement and conversion for advertisers.
Society Pass Inc (SOPA) announces a strategic partnership with Onlive.Site to enhance its loyalty platform by integrating live commerce technology. This collaboration allows Thoughtful Media Group (TMG) to host interactive live shopping shows across various platforms, targeting Southeast Asian markets. The partnership aims to capitalize on the expected growth of the social commerce market, projected to reach US$1.2 trillion by 2025. TMG's influencer network will further expand, bolstering customer engagement and offering innovative revenue streams.
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