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

Rhea-AI Summary

Society Pass (SOPA) has acquired Gorilla Networks, a Web3-enabled mobile virtual network operator based in Singapore. Gorilla offers contract-free mobile services, allowing users to convert unused data into digital assets called Gorilla GO tokens. With coverage in over 160 countries, Gorilla plans to expand across Southeast Asia as travel recovers in 2022. This acquisition will integrate Gorilla's blockchain technology into SoPa's ecosystem, enhancing customer retention and creating new revenue models, while meeting the increasing demand for a meta-economy experience in the region.

Positive

• Acquisition of Gorilla Networks expands SoPa's service offerings in Southeast Asia.
• Integration of blockchain technology enhances customer engagement and retention.
• Gorilla's innovative approach may attract a new user base due to contract-free services.

Negative

• Potential challenges in integrating differing business models between SoPa and Gorilla.
• Gorilla's reliance on travel market recovery which may be uncertain.

• 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

SINGAPORE, June 03, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – 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 into 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

FAQ

What is the significance of SOPA's acquisition of Gorilla Networks?

The acquisition enhances SOPA's mobile services and integrates innovative Web3 technology into its ecosystem.

How will Gorilla Networks impact Society Pass's business operations?

Gorilla will provide contract-free mobile service and tokenized data offerings, expanding SoPa's market engagement.

What are the expected benefits of the acquisition for SOPA investors?

Investors may see growth in user retention and revenue models due to Gorilla's unique services and technology.

In which markets does Gorilla Networks plan to expand after the acquisition?

Gorilla aims to expand its services into Vietnam, Thailand, and Malaysia over the next 12 months.

When did Society Pass announce the acquisition of Gorilla Networks?

The acquisition was announced on June 3, 2022.