Manila, Philippines, 09 December, 2021 – Following its blockbuster public offering, Singapore-based Society Pass (“SoPa”) (NASDAQ:SOPA) has announced its intention to expand its footprint in SEA and acquire Philippines-based e-commerce businesses for its ecosystem. Following its US$28 million landmark IPO (including the exercise of the over-allotment option) on NASDAQ last month and briefly crossing the historic US$1 billion market capitalization post-IPO, Southeast Asia’s leading data-driven loyalty platform is poised to accelerate high-growth e-commerce businesses in the country.
The announcement comes in line with the release of the Philippines E-Commerce Roadmap 2022 by the Philippine Department of Trade and Industry (DTI) earlier this year. E-commerce currently contributes to 3.4 percent of the country’s GDP with the government aiming to grow the sector to 5.5 percent of GDP or US$24 billion (PHP2.1 trillion) by 2022. According to the Trade Secretary’s 2021 Digital Report, the Philippines remains the world’s top internet and social media user, with over 80 percent of the population participating in some form of e-commerce in the last year.
The company sees ample acquisition opportunities to build, scale and expand its service offerings to its existing 1.5 million registered user base
• SoPa operates a dual-facing business model serving both consumers and merchants through seven interconnected and synergy-driven platforms
• SoPa invested 2+ years into building proprietary IT architecture with cutting edge components to effectively scale and support the Platform’s consumers, merchants, and acquisitions
Founder, Chairman and Chief Executive Officer of Society Pass, Dennis Nguyen, said, “The Philippines is a key component of SoPa’s VIP (Vietnam, Indonesia, Philippines) regional expansion strategy. Philippines is a society built for e-commerce and Filipinos have taken to it in a huge way – the landscape has exploded with over 88,000 new e-commerce businesses being registered in the last year alone. This makes it an extremely fertile landscape that completely aligns with our acquisition focused growth strategy. The runaway success of Leflair in Vietnam and the response to our IPO has demonstrated the markets confidence in our business model and investment case, and we look to replicate our success in the Philippines. We are already in talks with several prominent players and look forward to making announcements soon.”
Headquartered in Singapore, SoPa is the first Vietnam-based company to complete a traditional IPO on the stock market outside of Vietnam. SoPa is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It seamlessly connects consumers and merchants across multiple product and service categories fostering organic loyalty. From its launch in 2019, SoPa has amassed over 1.5 million registered users and over 3,500 registered merchants and brands.
SoPa operates a dual-facing business model serving both consumers and merchants through seven interconnected and synergy-driven platforms. It earlier invested 2+ years building proprietary IT architecture with cutting edge components to effectively scale and support its Platform’s consumers, merchants, and acquisitions. The company capitalizes on the rapidly developing earlier stages of the internet economy in the region, spanning verticals such as F&B, beauty, travel, lifestyle and merchant software.