Argus Research: Society Pass (Nasdaq: SOPA) Building a Loyalty-Driven E-Commerce Platform in Southeast Asia

SINGAPORE, Dec 1, 2022 – (ACN Newswire) – Argus Research Co ("Argus") issues Equity Research Report on Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), SEA's leading data-driven loyalty, fintech and e-commerce ecosystem.

Click here to view the full Argus Research Co Equity Research Report. https://tinyurl.com/ycxymnxz

Summary Points:

– Compelling fair value valuation. Applying a 4 times revenue multiple to its 2023E revenue run-rate forecast of $60 mn, adjusting for $23 million in net cash and estimating share count of 34 mn at 2023E, Argus arrives at a fair value estimate for SOPA of $7.50 per share.

– Breakout year on year revenue growth in 3Q 2022. 3Q 2022 revenues were $2.1 mn, up from $83,000 in 3Q 2021, reflecting a rapidly accelerating platform rollout.

– Accelerating 2022 and 2023 revenue projections. Argus forecasts 2022 revenues of $7 mn and 2023 revenue of $40 mn, driven by on-line travel booking and digital marketing. Argus forecasts Society Points to accelerate revenue growth with a revenue run rate of $60 mn by 2023E.

– Healthy balance sheet. SoPa had cash of $23.0 mn and shareholders' equity of $27.6 mn.

– Significant onboarding of consumers and merchants. SoPa has amassed more than 3.3 million registered consumers and over 200,000 registered merchants/brands. Argus sees SoPa building critical mass in its user base to support it loyalty program.

– Material revenue generating acquisitions. In 3Q 2022, Society Pass closed 4 acquisitions of consumer-focused businesses, highlighted by Singapore-based Gorilla Networks, a blockchain and web3 technology-enabled mobile telecommunications operator; Thoughtful Media, a Bangkok-based, social media platform; Philippines-based Mangan Group, which offers restaurant delivery services; and Nusa Trip, an Indonesia-based online travel-booking site.

– Society Points loyalty platform rollout. SoPa integrates these diverse businesses by attracting and retaining customers through an open-loop loyalty program, Society Points, which is expected to launch in 1Q 2023. SoPa announced a partnership with CoinSmart to add crypto payments capabilities and integration with Stripe's financial payment infrastructure, which simplifies payment flow, accepts payments in multiple currencies, and features anti-fraud technology.

– Travel Vertical. In August 2022, SoPa acquired NusaTrip, the 1st IATA-accredited Indonesian online travel agency. Leveraging its first-mover advantage among Indonesian corporate and retail customers, NusaTrip has engaged with +80 million unique visitors, and onboarded more than 1.2 million registered users, 500 airlines, and 200,000 hotels globally.

– Digital Marketing Vertical. In July 2022, SoPa acquired Thailand-based Thoughtful Media, a social commerce-focused Multi-Platform Network, which recorded revenues of $5.8 million in 2021 and uploaded over 675,000 videos with over 80 billion video views since 2010. The network of 263 YouTube channels has onboarded over 85 million subscribers. Argus sees digital advertising enhancing Society Points and SoPa ecosystem via data-driven marketing campaigns.

– Food and Beverage Vertical. In July 2022, SoPa acquired Mangan, a Philippines local restaurant delivery service. Mangan has generated +100,000 app downloads and onboarded +500,000 registered consumers, +80,000 social media followers, and +1,200 registered restaurants.

– Telecommunications Vertical. In June 2022, SoPa acquired Singapore-based Gorilla Networks and will incorporate Gorilla's blockchain/web3 technology onto its ecosystem. Consumers can convert unused mobile data into digital assets that can be redeemed for eVouchers or other VAS.

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, Hanoi, 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 shares were added to the Russell 2000 index in December 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 205,000 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; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please check out:
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:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

IBO Technology Announces 2022 Interim Results

HONG KONG, Nov 30, 2022 – (ACN Newswire) – IBO Technology Company Limited ("IBO Technology", or the "Company", together with its subsidiaries, the "Group"; Stock Code: 2708.HK) is pleased to announce its unaudited interim results for the six months ended 30 September 2022 (the "Period"). To promote the business development of Information Technology Application Innovation Information ("ITAI") and seize the industry golden opportunities, the Group cooperated with the People's Government of Fucheng District, Mianyang City, Sichuan Province ("Fucheng District People's Government") during the Period to develop an intelligent manufacturing industrial park project.

During the Period, the demand for ITAI IT (terminal products and industry solutions), 5G (communication equipment and private network solutions) and Internet of Things ("IoT") (products and industry solutions), the Group's three major business segments, increased steadily and showed a positive development trend. The Group's revenue for the Period increased by approximately 37.5% to approximately RMB366.15 million (six months ended 30 September 2021: approximately RMB266.28 million), which was mainly benefited from the significant growth in the revenue of intelligent terminal products sales business of the Group for the Period as driven by the economic recovery, while the Group's gross profit also increased by approximately 14.2% to approximately RMB76.33 million (six months ended 30 September 2021: approximately RMB66.85 million). Gross profit margin was 20.8% (six months ended 30 September 2021: 25.1%), mainly due to the increase in the revenue from the intelligent terminal products sales business, which has a relatively low gross profit margin, from 77.5% of the Group's total revenue for the corresponding period of 2021 to 85.7% for the Period. The Group's profit attributable to owners of the Company increased by approximately 69.1% to approximately RMB7.39 million for the Period (six months ended 30 September 2021: approximately RMB4.37 million), which was mainly due to the significant growth of revenue and gross profit during the Period as driven by the substantial increase in the revenue from the intelligent terminal products sales business during the Period, as compared with 2021, and also the decrease in the Group's administrative expenses, finance costs, research and development expenses and income tax expenses during the Period as compared with the corresponding period of 2021.

Huge Room for Domestic Substitution and Strong Demand for ITAI Industry

The central government has incorporated the ITAI industry into the national development strategy, and has continuously introduced relevant policies to support the development of the industry, indicating that the PRC's ITAI industry has entered into an accelerated stage of domestic substitution. At present, the ITAI industry presents a huge market space and unprecedented market opportunities. Benefiting from the central and local governments' efforts to promote ITAI procurement, the scale of ITAI industry in the PRC has been growing rapidly, and the Group has penetrated into various key industries such as finance, telecommunications and energy. The market demand for purely domestically-produced software and hardware has accelerated, driving the development of the entire industry chain into a new "rillion-dollar industry".

Actively Seizing the Opportunity of Domestic Substitution, the Demand for Major Business Segments Increased Steadily

During the Period, intelligent terminal products sales business remained as the main source of the Group's income, accounting for approximately 85.7% of total revenue. During the Period, the Group focused on the development, production and sales of customised IoT smart terminals to customers. Benefiting from the recovery of economic activities, revenue from the intelligent terminal products sales business increased by approximately 52.2% to approximately RMB313.87 million (six months ended 30 September 2021: approximately RMB206.26 million).

With regards to software development, the Group plans and designs the software system frameworks and function lists for customers, and provides customised software application development services based on their business and management needs. Leveraging on its strong software development capabilities, the Group has been providing quality software application development services to serve customers in different industries for many years. Affected by the decrease in demand for seasonal services, the segment recorded a revenue of approximately RMB46.16 million for the Period (six months ended 30 September 2021: approximately RMB54.92 million), accounting for 12.6% of the Group's total revenue.

With regards to system integration and system maintenance services, the Group's segmental revenue were approximately RMB0.26 million (six months ended 30 September 2021: approximately RMB20,000) and approximately RMB5.86 million (six months ended 30 September 2021: approximately RMB5.08 million) respectively.

Boosted ITAI Business Development to Grasp the Market Gap of the ITAI Industry

In addition, the Group entered into a memorandum of understanding, an investment agreement and a supplemental agreement on the "IBO Technology Intelligent Manufacturing Industrial Park Project*", and also formed a joint venture with Fucheng District People's Government during the Period. The "IBO Technology Intelligent Manufacturing Industrial Park Project" is the first time that the Group has cooperated with the national government to launch an intelligent manufacturing industrial park project, proving that the Government is optimistic about the prospect of ITAI industry. It also marks a significant milestone for the Group since its entry into the ITAI industry in 2020, as a sign that the Group's development in ITAI industry has been widely recognised by the government.

The "IBO Technology Intelligent Manufacturing Industrial Park Project" is to be invested in three phases. The investments in Phase I, Phase II and Phase III are projected to be RMB1.5 billion, RMB2 billion and RMB7 billion respectively. The project will accelerate the launch of domestically-produced products. For Phase I of the project, approximately 200,000 square-meter factories and ancillary facilities will be built. Approximately 2.5 million units of notebook computers, all-in-one computers, highly integrated desktop computers, cloud terminals and other ITAI terminal products can be produced annually when full production capacity of Phase I is reached. A high-end ITAI industrial park will be built in Phase II, and 5G equipment, energy storage equipment industrial park project, etc. will be built in Phase III. Moreover, Fucheng District People's Government will invest RMB400 million through Sichuan Fuchuang Development Group Limited, a state-owned company, to form a joint venture with a subsidiary of IBO Technology to collobrate in the "IBO Technology Intelligent Manufacturing Industrial Park Project".

The Board believes that the "IBO Technology Intelligent Manufacturing Industrial Park Project" will build a "closed-loop" ecosystem of the ITAI industry, so as to strengthen the supply chain synergy, production and manufacturing synergy and technology synergy of upstream and downstream enterprises. The base will be a key project to promote the Group's future development. It is expected to improve the Group's production capacity, build strong product delivery capabilities and optimise cost management, which will help the Group continue to boost the development of domestically-produced ITAI industry and product research and development, accelerate the launch of products, in order to meet the strong demand for ITAI products from the market and the government. Thus, it will help the Group actively grasp the market gap and unprecedented market opportunities.

Entered the Quantum Computing Industry, Expanding Revenue Stream

Furthermore, the Group announced that it will enter into a cooperation agreement with Shenzhen SpinQ Technology Co., Ltd. in respect of quantum computing cloud platform development project. Centering on practical applications of quantum computing products and technologies by enterprises engaged in such areas as e-government, scientific research institutes, education, finance, and biopharmaceuticals in cloud computing, big data, and other areas, the parties will pursue cooperation on the development of domestically-produced quantum computing cloud platform project.

Both parties have determined to form strategic partnership. They will both demonstrate complementary technological and marketing prowess, and will continue to integrate their respective advantageous resources, increase customer values, and achieve mutually beneficial cooperation. Leveraging on the technical advantages over quantum computing systems and application ecosystems of Shenzhen SpinQ Technology Co., Ltd., the Group is expected to enter the quantum computing industry through this cooperation, further expanding its revenue stream.

Synergistic Advantages of Three Major Businesses to Build a Moat

Looking ahead, leveraging on the close connection and synergy among the three major business segments, namely 5G, ITAI and IoT in the aspects of underlying technology, application technology, supply chain, project and business model, the Group will strive to seize the opportunities in the golden market, further strengthen and expand its own business, promote the healthy development of its business through multiple channels, actively identify suitable merger and acquisition targets that can create strong synergies with its existing principal business to support the Group's operation and rapid development. IBO Technology will continue to pursue breakthroughs, research and develop and launch more new high-quality products and services, so as to deliver better results and make positive contribution to the development of ITAI and 5G industries in China.

* For identification purpose only

About IBO Technology Company Limited
IBO Technology Company Limited (Stock code: 2708.HK), a leading digital solutions provider, is principally engaged in providing 5G communication equipment and private network solutions, ITAI terminal products and industry solutions, IoT products and solutions, as well as industrial digital solutions in the PRC. The Group's businesses mainly cover four areas, namely (i) intelligent terminal products sales; (ii) system integration; (iii) software development; and (iv) system maintenance services. With nearly 20 years penetration in the IoT industry, the Group serves customers from both the public and private sectors in the PRC, including government authorities, large-scale state-owned enterprises and private enterprises. In 2022, the Group cooperated with the People's Government of Fucheng District, Mianyang City, Sichuan Province to develop an intelligent manufacturing industrial park project, striving to promote the development of ITAI products in future.

For more details, please visit: http://www.ibotech.hk/


Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Professional stealers: opportunistic scammers targeting users of Steam, Roblox, and Amazon in 111 countries

– Over 50 million passwords stolen in 7 months of 2022
– Underground market value of stolen logs and compromised card details around US$5.8 million
– India saw the highest number of infected devices in the Asia Pacific, followed closely by Indonesia, Philippines and Vietnam

Singapore, Nov 29, 2022 – (ACN Newswire) – Group-IB, one of the global leaders in cybersecurity, has identified 34 Russian-speaking groups that are distributing info-stealing malware under the stealer-as-a-service model. The cybercriminals use mainly Racoon and Redlinestealers to obtain passwords for gaming accounts on Steam and Roblox, credentials for Amazon and PayPal, as well as users’ payment records and crypto wallet credentials. In the first seven months of 2022, the gangs collectively infected over 890,000 user devices and stole over 50 mln passwords. All the identified groups orchestrate their attacks through Russian-language Telegram groups, although they mainly target users in the United States, Brazil, India, Germany, and Indonesia. In 2022, info-stealing malware has grown into one of the most serious digitalthreats.

Classiscam graduates

By tracking the evolution of the popular scam scheme Classiscam, Group-IB Digital Risk Protection analysts revealed how some “workers” (low-rank online scammers) started shifting to a more dangerous criminal scheme that involves distributing info stealers. Moreover, the illicit business of stealers, which is coordinated via Telegram groups, uses exactly the same operational model as Classiscam

An info stealer is a type of malware that collects credentials stored in browsers (including gaming accounts, email services, and social media), bank card details, and crypto wallet information from infected computers, and then sends all this data to the malware operator. After a successful attack, the scammers either obtain money themselves using the stolen data, or they sell the stolen information in the cybercriminal underground. According to Group-IB, stealers are one of the top threats to watch in the coming year. The threat actor responsible for the most recent attack on Uberpurchased the credentials compromised with the Racoon stealer.

According to the Group-IB Digital Risk Protection team, (part of the Unified Risk Platform), the mass Telegram groups and bots designed to distribute info stealers first appeared in early 2021. By investigating a number of accounts, Group-IB analysts were able to confirm that members of several scam groups that previously participated in the Classiscam scheme began using stealers. In 2021 and 2022, Group-IB experts identified 34 active groups on Telegram. On average, such info stealer distribution groups have around 200 active members.

The most popular stealer among the groups examined by Group-IB is RedLine, which is used by 23 out of 34 gangs. Racoon ranks second: 8 groups employ this tool. Custom stealers are used in 3 communities. Administrators usually give workers both RedLine and Racoon in exchange for a share of the stolen data or money. However, the malware in question is offered for rent on the dark web for $150-200 per month. Some groups use 3 stealers at the same time, while others have only one stealer in their arsenal.

Having switched from scamming users of classified websites to stealers, some threat actors reproduced not only the hierarchy and model of Classiscam, but also its technical capabilities. In particular, Telegram bots that generate malicious content, communication between members, and all their shady accounting. The tasks of workers, the scammers of the lower-ranks, have also changed — they must now drive traffic to bait scam websites impersonating well-known companies and convince victims to download malicious files. Cybercriminals embed links for downloading stealers into video reviews of popular games on YouTube, into mining software or NFT files on specialized forums and direct communication with NFT artists, and into lucky draws and lotteries on social media.

Telegram Stealers world tour

Group-IB estimates that between March 1 (when Group-IB started researching the scheme) and December 31, 2021 stealers operated via Telegram groups were able to compromise 538,000 devices. In the first 7 months of 2022, Telegram stealers were found to be almost twice more active infecting more than 890,000 devices in 111 countries.

The top 5 most often attacked countries in 2022 were the United States, Brazil, India, Germany, and Indonesia with 91,565, 86,043, 53,988, 40,750, and 35,345 infected devices respectively.

List of countries in Asia Pacific by the number of infected devices include India, Indonesia, Philippines, Vietnam and Singapore. In India for example, from March – December 2021, the operators of the stealers in question infected 19,249 devices. In the first seven months of 2022, the number grew to 53,988. Scammers were able to retrieve 4,547,020 passwords, 4,657 sets of payment records, and 4,428 sets of crypto wallet information such as credentials, seed phrases, etc.

Indonesia closely follows with a total of 35,345 infected devices and where scammers were able to retrieve 2,372,893 passwords. The Philippines recorded a total of 31, 745 infected devices and Vietnam with a total of 22,739 devices infected and scammers retrieving 2,032,278 passwords. Australia had 5,794 devices infected and 549,640 passwords retrieved by scammers. Singapore saw 2,179 devices infected, with 185,689 passwords retrieved.

According to the analysis of Telegram groups, for the last 10 months of 2021 cybercriminals collected 27,875,879 sets of passwords, 1,215,532,572 cookie files, 56,779 sets of payment records, and data from 35,791 crypto wallets. In the first 7 months of 2022, threat actors stole 50,352,518 passwords, 2,117,626,523 cookie files, details of 103,150 bank cards, and data from 113,204 crypto wallets. The underground market value of just the stolen logs and compromised card details is around $5.8 million, Group-IB experts estimate.

According to Group-IB, in 2021, threat actors worldwide most frequently collected PayPal account credentials (more than 25%) and Amazon credentials (more than 18%). In 2022, the most targeted services are the same, namely PayPal (more than 16%) and Amazon (more than 13%). However, over the course of the year, cases of stealing passwords for gaming services (Steam, EpicGames, Roblox) in the logs have increased almost five-fold.

“The influx of a huge number of workers into the popular scam Classiscam — which Group-IB’s Unified Risk Platformidentified, at its peak, comprised over a thousand criminal groups and hundreds of thousands of fake websites — has led to criminals competing for resources and looking for new ways to make profits,” says Ilia Rozhnov, head of Group-IB’s Digital Risk Protection in the Asia Pacific. “The popularity of schemes involving stealers can be explained by the low entry barrier. Beginners do not need to have advanced technical knowledge as the process is fully automated and the worker’s only task is to create a file with a stealer in the Telegram bot and drive traffic to it. For victims whose computers become infected with a stealer, however, the consequences can be disastrous.”

To minimize potential risks, Group-IB Digital Risk Protection experts recommend that users refrain from downloading software from suspicious sources, use isolated virtual machines or alternative operating systems for installation, avoid saving passwords in browsers, and regularly clear browser cookies. To prevent digital risks and unwanted consequences, companies should take a proactive approach to their brand’s digital security and use modern technologies for monitoring and response, such as Group-IB’s Digital Risk Protection.

About Group-IB

Group-IB, with its headquarters in Singapore, is one of the leading solutions providers dedicated to detecting and preventing cyberattacks, identifying online fraud, investigating high-tech crimes, and protecting intellectual property. The company’s Threat Intelligence and Research Centers are located in the Middle East (Dubai), Asia-Pacific (Singapore), and Europe (Amsterdam).

Group-IB’s Unified Risk Platform is an ecosystem of solutions that understands each organization’s threat profile and tailors defenses against them in real time from a single interface. The Unified Risk Platform provides complete coverage of the cyber response chain. Group-IB’s products and services consolidated in Group-IB’s Unified Risk Platform include Group-IB’s Threat Intelligence, Managed XDR, Digital Risk Protection, Fraud Protection, Attack, Surface Management, Business Email Protection, Audit & Consulting, Education & Training, Digital Forensics & Incident Response, Managed Detection & Response, and Cyber Investigations. Group-IB’s Threat Intelligence system has been named one of the best in its class by Gartner, Forrester, and IDC. Group-IB’s Managed XDR, intended for proactively searching for and protecting against complex and previously unknown cyber threats, has been recognized as one of the market leaders in the Network Detection and Response category by KuppingerCole Analysts AG, the leading European analyst agency, while Group-IB itself has been recognized as a Product Leader and an Innovation Leader. Gartner has named Group-IB a Representative Vendor in Online Fraud Detection for its Fraud Protection. In addition, Group-IB was granted Frost & Sullivan’s Innovation Excellence award for Digital Risk Protection (DRP), an Al-driven platform for identifying and mitigating digital risks and counteracting brand impersonation attacks, with the company’s patented technologies at its core. Group-IB’s technological leadership and R&D capabilities are built on the company’s 19 years of hands-on experience in cybercrime investigations worldwide and over 70,000 hours of cybersecurity incident response accumulated in our leading DFIR Laboratory, High-Tech Crime Investigations Department, and round-the-clock CERT-GIB.

Group-IB is an active partner in global investigations led by international law enforcement organizations such as Europol and INTERPOL. Group-IB is also a member of the Europol European Cybercrime Centre’s (EC3) Advisory Group on Internet Security, which was created to foster closer cooperation between Europol and its leading non-law enforcement partners.

Group-IB’s experience in threat hunting and cyber intelligence has been fused into an ecosystem of highly sophisticated software and hardware solutions designed to monitor, identify, and prevent cyberattacks. Group-IB’s mission is to protect its clients in cyberspace every day by creating and leveraging innovative solutions and services.

For more information, please contact:
pr@group-ib.com
+65 3159-3798
https://www.group-ib.com
https://www.group-ib.com/blog
Twitter | LinkedIn |Facebook |Instagram |Telegram



Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Yalla Group Q3 Earnings: Quarterly revenue passes US$ 80 million as steady growth continues

HONG KONG, Nov 28, 2022 – (ACN Newswire) – On November 15, 2022, Yalla (NYSE: YALA) announced its Q3 2022 financial results. The results highlighted that Yalla had surpassed revenue expectations during the quarter and maintained its steady growth. While other companies in the social media and entertainment field may be struggling, Yalla's continued growth is a very positive sign.




Revenue hits a quarterly high

Yalla's revenues were US$ 80.1 million in Q3 2022, representing a YoY increase of 12.3% and a QoQ increase of 5.2%. The figure surpasses the revenue guidance for the quarter (US$ 75 million) and represents a new record for the social media outfit.

In terms of business segments, revenues generated from chatting services reached US$ 56.2 million, representing a YoY increase of 4.3% and a QoQ increase of 6.7%. Revenues generated from gaming services were US$ 23.9 million, representing a YoY increase of 36.9% and a QoQ increase of 2.3%. After the high-speed growth during the pandemic, Yalla's growth rate has stabilized. Thanks to strong operational management and product innovation, both business segments have achieved steady growth.

In terms of profitability, due to spending on R&D, the promotion of new products, and a renewed focus on customer acquisition, Yalla's profit margin dropped slightly but generally remained broadly stable. In Q3 2022, the non-GAAP net income was US$ 29.4 million, representing a YoY decrease of 11.5% and a QoQ increase of 2.7%. The non-GAAP net margin was 36.7%, representing a slight decrease of 0.9% compared with Q2.

For Q4 2022, Yalla's management expects the revenues to come in between US$ 70 million and US$ 76 million. This would represent a considerable YoY growth of between 3%-12%, as revenues in Q4 2021 came in at US$ 67.6 million.

Hardcore games entered the testing stage

In the second half of 2021, Yalla announced the establishment of its subsidiary, Yalla Game. The business segment develops and runs a range of mid-core and hardcore games in the Middle East and North Africa (MENA). Yalla Game has recently created and launched its first hardcore SLG game – Merge Kingdom – and after nearly a year, the application has reached another major milestone.

Merge Kingdom has now been released in its beta version in many MENA countries, Yalla management highlighted in the Q3 report. At present, Yalla Game is actively collecting user feedback and adjusting the product to meet client needs, the firm stated.

Meanwhile, Yalla's management revealed that the company planned to release its second hardcore game in the MENA region and that more details would be announced by the end of this year.

Positive signs for gaming monetization

In 2021, Yalla launched its casual game portfolio, including Yalla Parchis, 101 Okey Yalla, and Yalla Baloot, in dozens of countries such as Colombia, Turkey, and Mexico. These products are showing considerable promise for monetization though they only generated limited revenues for now.

In Q3 2022, Yalla Parchis ranked in the top five board games in 10 countries including Colombia, Mexico, Chile, and Spain. According to Yalla's management, the firm undertook activities in Q3 to enhance user acquisition. Taking the Spanish market as an example, Yalla launched an activity "Tomato Battle" with reference to "La Tomatina" – a traditional Spanish festival featuring the red fruit. This game attracted more than 50% of daily active users and increased the consumption of diamonds (top-up virtual currency) on the platform by over 20%.

As for 101 Okey Yalla, Yalla added an independent chat room to the app during the quarter to meet the chatting needs of local users. According to Yalla's management, the number of paying users and the payment ratio of 101 Okey Yalla improved considerably, while its total revenue increased by over 100% compared with the previous quarter.

It is also worth mentioning that Yalla has made many improvements to its flagship product, Yalla Ludo, to enhance the profitability of its game portfolio. In Q3, Yalla launched distribution gift cards for Yalla Ludo on its marketing channels, which improved the monetization of products. Meanwhile, Yalla added the applet Yalla Ludo to the IM product YallaChat, which gives users full access to the game assets and data in the application.

A platform for future growth

In Q3 2022, the number of monthly active users (MAUs) was 30.9 million, representing a YoY increase of 19.1% and a QoQ increase of 3.3%. Growth in MAUs has been seen for 10 consecutive quarters. This is the first time that the MAUs of Yalla topped 30 million.

With regards to paying users, Yalla has focused on improving the paying user conversion rate since 2022. The ratio of paying to non-paying users has increased from 30% at the end of 2021 to 37.4% in Q3 2022 – this is expected to increase further in the future.

The development of mid-core and hardcore games and the further development of casual games also contributed to Yalla's rising costs. Yalla's research and development expenses in Q3 increased by 42.2% compared with the same period last year. In the field of casual games, Yalla increased its sales and marketing expenditure, which contributed to growing operating costs. In Q3, sales expenditure increased by 9% compared with the same period last year. Meanwhile, the cost of revenues increased by 26.3% compared with the same period last year.

It is worth mentioning that Yalla Group has developed a very healthy cash position which will aid future expansion. Despite increasing expenditure, Yalla's cash and cash equivalents were US$ 391.2 million at the end of Q3 2022 – representing growth against the previous quarter. Yalla's positive cash flow is one of the reasons why I have been paying close attention to the company as rising interest rates increase the cost of growth for companies in need of borrowing. Yalla can even earn interest on its capital deposits.

Closing Remarks

Looking beyond future growth expectations, the stock looks attractive on value alone. The voice-centric social networking and entertainment platform doesn't look expensive by several metrics. It has a forward price-to-earnings ratio of 6.01, versus a sector average of 12.8, while its price-to-sales ratio is 2.14, above the industry average of 1.24. And given the size of its net cash position, it has an enterprise value-to-sales ratio of 0.72 versus a sector median of 1.95. Collectively, these metrics look positive.

Considering the above, I'm expecting to see the share price push upward in the coming months towards $6 a share. This would bring the EV / share ratio closer in line with the sector average.

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Society Pass Inc Integrates with Stripe Inc’s Payments Platform

SINGAPORE, Nov 28, 2022 – (ACN Newswire) – Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), Southeast Asia's leading data-driven loyalty, fintech and e-commerce ecosystem, today announces the integration of Stripe's financial infrastructure solutions onto the SoPa platform to power transaction settlement services for merchants and customers on SoPa's ecosystem.

Leveraging Stripe's cutting-edge technology solutions, Society Pass expands the product and geographical reach of its ecosystem, simplifies payment flows, and accepts payments at scale in multiple currencies. In addition, SoPa leverages Stripe's anti-fraud technology, Stripe Radar, to detect and block fraud using machine learning. Merchants on SoPa's ecosystem utilise Stripe's payment infrastructure to accept credit and debit cards payments from customers, enable their customers to checkout in a simple way, and at the same time provide a superior shopping experience to consumers.

Rokas Sidlauskas, Chief Marketing Officer of Society Pass, comments, "We are thrilled to announce this integration with Stripe which provides diverse payment options to our consumers whilst streamlining the process for merchants to manage their finances and get paid faster. Since our incorporation, Society Pass has redefined the e-commerce experience for millions of registered consumers and hundreds of thousands of registered merchants in SEA. By offering convenience, flexibility, and control on both sides of the retail transaction, SoPa paves a win-win path for our merchants and consumers alike. Partnering with Stripe is an organic path to accelerate this goal".

As a global financial infrastructure platform, Stripe makes it easy for companies to launch, run and scale their business from day one. Stripe offers a broad set of software tools, including services like built-in-machine-learning powered fraud protection, advanced analytics and infrastructure that makes it easy for businesses of all sizes to scale locally and internationally, while reducing the time and resources spent on payments so they can focus on their core business.

Society Pass' first-in-class ecosystem transforms the entire retail value chain towards a more digital future in SEA. Looking ahead, SoPa will continue to simplify the use and access to online shopping, leveraging cutting edge technologies and capabilities to tailor more intelligent, individualized, and contextual experiences for the next generation consumers. In addition, SoPa is committed to make continuous efforts in reinforcing and diversifying its ecosystem by means of strategic acquisitions of market-leading companies and partnerships with visionary entrepreneurs in six distinct B2C e-commerce verticals: loyalty, lifestyle, food & beverage delivery, telecoms, digital marketing, and travel.

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, Hanoi, 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 shares were added to the Russell 2000 index in December 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 205,000 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; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please check out:
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:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Society Pass (Nasdaq: SOPA)/ NusaTrip Collaborates with Periksa.id to Promote Indonesia’s Wellness, Health, and Medical Tourism Recovery Strategy

SINGAPORE, Nov 22, 2022 – (ACN Newswire) – Nusatrip, the Indonesia-based Online travel agent (OTA) and travel platform of Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), Southeast Asia's (SEA) leading data-driven loyalty, fintech and e-commerce ecosystem, today announces an official partnership with Periksa.id, a Jakarta-based leading health-tech solutions company, to enable and introduce flight search engine services in over 200 hospitals and clinics across 13 provinces in Indonesia. Periksa's network covers over 200,000 doctors, medical workers, and over 1.5 million daily patients. The partnership strengthens NusaTrip's commitment to developing more vibrant travel services for all consumers, business partners, and stakeholders in Indonesia and throughout SEA.



Wellness, Health, and Medical Tourism have been one of the Ministry of Tourism and Creative Economy's strategies for industry revival since the pandemic of COVID-19 hits. According to Future Market Insights Global and Consulting Pvt. Ltd., the global Medical Tourism market is expected to be valued at US$ 5.2 Billion in 2022 and is projected to grow at a CAGR of 30.5% between 2022 and 2032, totaling around US$ 75 Billion by 2032.

"We believe that our technology and services can serve a broader range of travel demands and purposes than just leisure. Our collaborations pave the way and build a roadmap in contributing to Indonesia's wellness, health, and medical tourism industry," says Johanes (Joe) Chang, NusaTrip's CEO.

Joe further highlights NusaTrip's mission to become a world-class OTA and the most reliable partner that offers a wide range of travel and tourism-related products, services, and experiences to our customers and business partners globally. As the travel industry recovers, NusaTrip continues working within the larger digital ecosystem of Society Pass[1] to offer richer travel products and services for our consumers and partners across Indonesia and Southeast Asia.

NusaTrip aims to improve the efficiency of the emergency travel or medical evacuation for patients in need and to support the home care or onsite health care services offered by many doctors, hospitals, and clinics. As NusaTrip's partner of choice, the Indonesian health technology company, Periksa.id has been providing an extensive solution to digitize and improve the quality of healthcare facility services in Indonesia.

The Founder and CEO of Periksa.id, Sutan Imam Abu Hanifah explains, "Our new collaborative feature will help doctors and medical staff to easily check the airline's schedule and seat availability for various arrangements, from purchasing tickets for patients in care who are in need of emergency travel or medical evacuation, assisting doctors on business trips such as regular meetings and attending conferences, to helping medical staffs in finding good deals for their short break or recharge."

He adds that through the collaboration, Periksa.id users can now use and exchange their loyalty points for travel-related products and services on NusaTrip, and the company has received positive feedback since its launch.

The collaboration of NusaTrip and Periksa.id is one of many partnerships to come in gearing up towards the recovery of the travel industry in Indonesia and SEA by 2023/ 2024, following the OTA's acquisition in July 2022 by Society Pass, a global digital commerce ecosystem and loyalty platform company operating in 5 major markets in SEA. With strong support and the new digital ecosystem from Society Pass, NusaTrip enhances its capability to embark on regional expansion and unlimited avenues to grow more channels and revenue streams.

[1] NusaTrip is the travel vertical and part of Society Pass Inc. next-gen digital ecosystem and loyalty platform.

About Periksa.id

Periksa.id is an Indonesian health technology company that provides an end-to-end cloud-based web and mobile application-as-a-solution that digitize workflow, resources, services, payment, and medical record database management in small-to-large local general-to-specialist, private to state-owned hospitals and clinics in the 1st to 3rd tier cities across the country since its establishment in 20017. For more information, please check out: https://www.periksa.id.

About NusaTrip

Founded in 2013, NusaTrip is an IATA-licensed online travel agency that serves both local and global customers and partners by optimizing cutting-edge technology and providing quality customer-centric support team-as-a-service. NusaXchange platform is the travel technology built to consolidate worldwide flight content through streamlined integration with low-cost and full-service airlines from multiple points of sale and enables its global distribution at ease.

NusaTrip is a member of Society Pass Incorporated (Nasdaq: SOPA) ecosystem, with headquarters in Jakarta and representative offices in Singapore, Thailand, Vietnam, and the Philippines. For more information, please check out: https://www.nusatrip.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, Hanoi, 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 shares were added to the Russell 2000 index in December 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 205,000 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; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in the Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please check out:
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:
Rosa Milyarna – NusaTrip
rosa@NusaTrip.com

PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

The GrowHub Innovations Company and Tangobar Announce Partnership for Sustainable Regional Community Development and ASEAN market penetration

SINGAPORE, Nov 21, 2022 – (ACN Newswire) – The GrowHub Innovations Company ("The GrowHub"), Asia Pacific's only Web 3-enabled plug-and-play ecosystem builder for food traceability and carbon credits, announced its strategic partnership with Kyoto's leading craft canning producer and food experience provider Tangobar LLC. ("tangobar"). Tangobar is committed to the development of canned foods using local agricultural and marine products as well as food promotion events. The GrowHub will be providing its proprietary Web-3 technology to Tangobar to support the sustainable development of the local community in Kyoto Prefecture (Kyoto by the Sea) and the penetration of its products in the ASEAN market.


Tangobar Food Education Program – Oyster

Kumihama Bay


With a goal of maximizing local food resources, knowledge, and techniques to promote the diversity of Kyoto's rich landscape, Tangobar seeks to create a harmonious relationship between food producers and consumers to develop a sustainable food culture that is beneficial for all. The GrowHub's mission of fostering sustainable and conscious trade and providing authentic food that consumers can trust via Web-3 technology aligns with Tangobar's efforts to contribute to the local environment and communities.

The GrowHub's unique blockchain solution, which enables direct two-way communication with consumers, will enable Tangobar to tell the rich story of its products and the local community in northern Kyoto while providing them the insights needed to expand and create demand for their product offerings among ASEAN consumers. By creating demand for food experience programs and local food processing, Tangobar hopes to contribute to new employment opportunities and sustainable economic growth in the region.

Dr. Daiki Nakaoka, the Country Head of The GrowHub Japan shared, "We are very pleased to partner with Tangobar, which contributes to the sustainable development of local communities. While many rural areas in Japan have wonderful food resources, they are faced with the challenges of increasing employment opportunities for locals and re-innovating food experience programs with environmental considerations. This partnership significantly enhances the opportunities for local communities to thrive in ASEAN in a sustainable manner."

According to the ASEAN Food and Nutrition Security Report 2021, the shift in food retailing is resulting in increased consumption of unhealthy foods and diminishing the often critical role of informal traders in meeting the food and nutrition needs of communities. It is crucial for food producers to showcase transparency and provide extensive background on ingredients/products to end food consumers. By scaling-up sustainable agricultural practices in ASEAN, The GrowHub supports the livelihoods of small-scale food producers, while helping curb carbon gas emissions to push back impending catastrophe.

Mr. Naoya Seki, Founder, and CEO of Tangobar mentioned, "The GrowHub is a key player in distributing products that contribute to the development of a sustainable environment and society in ASEAN. It is beyond challenging to scale local food resources to potential consumers beyond Japan. As such, The GrowHub comes in as a bridge to enable us to communicate directly with ASEAN consumers. Through this, we are better able to tailor our products according to the needs and demands of new audiences. We are looking forward to our strong partnership with The GrowHub and future roadmaps for consumers to visit our production facilities in Kyoto."

With the mission of "bringing consumers and producers closer together", Tangobar commits to utilise local food resources, food knowledge, and techniques to improve the holistic well-being of people and nature. Moving forward, The Growhub will continue to strengthen Tangobar's food offerings in the landscape and contribute to the sustainable development of local food communities in ASEAN.

About The GrowHub Innovations Company

The GrowHub Innovations Company (www.thegrowhub.co) is Asia Pacific's only Web 3-enabled technology plug-and-play ecosystem builder focusing on food traceability and carbon credits. The GrowHub has strong and exclusive relations with the government bodies in Western Australia and Singapore – Food Innovation Precinct Western Australia (FIPWA) and PEEL Development, Shire of Murray. Currently, in eight markets across Australia and Asia Pacific, The GrowHub offers access to trusted premium products at affordable rates through the development of new agri-food and blockchain technologies emerging from our innovation centre at FIPWA. With the capital, network, and expertise, we use technology to improve the experience of "farm-to-fork". From crunching data to enable producers to improve yields, to leveraging statistics to enable better transportation of produce, to the information on the quality of food you pay for at the table, our blockchain technology allows for full food traceability across the supply chain – so that you can trust in the food you eat. To find out more about GrowHub please visit: https://thegrowhub.co/

About Tangobar

Tangobar is a company engaged in the development of canned and other processed foods, and food experience programs, mainly in the Kyoto by the Sea area. With the MISSION of "bringing consumers and producers closer together", tangobar is engaged in the business of delivering the attractiveness of local foods by utilizing local food resources, food knowledge, and techniques. In rural areas such as the Kyoto by the Sea area, there is nature such as oceans and mountains that nurtures rich foods that are not found in urban areas. Many food producers in these areas benefit from that nature. What we want to convey is the story that nature and people mutually create by the time the food reaches our mouths. By communicating these stories, we aim to create a relationship between the people who produce the food and the people who eat it. We believe that this relationship will lead to a sustainable food environment that is healthy for both people and nature, where the people who eat the food, the people who produce the food, and nature all care for each other. To find out more about Tangobar please visit: https://www.tangobar.co.jp/

For Media Enquires, Please Contact:
PRecious Communications for GrowHub
growhub@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

eDriving Integrates Greater Than’s EcoScore Into Their Digital Driver Safety Application, Mentor, To Help Fleets Achieve Sustainability Targets

CAPE MAY, NJ and STOCKHOLM, SWEDEN, Nov 17, 2022 – (ACN Newswire) – eDriving(SM), a Solera company and leading global provider of digital driver risk management solutions, today announced a partnership with Greater Than (GREAT:ST), the global provider of technology that converts GPS data into powerful insights and driver scores. Through the collaboration, eDriving will integrate Greater Than's EcoScore into a new feature in its award-winning digital driver safety app Mentor(SM). The new feature, to be named EcoDrive powered by Greater Than, enables eDriving to further support its global clients in achieving their sustainability goals.




Revolutionising driver risk management for over 25 years, eDriving is the trusted partner of choice for many of the world's largest sales, service, and delivery fleets, supporting over 1.2 million drivers in 125 countries with award-winning digital driver risk management and safety solutions. eDriving's smartphone-based Mentor programme identifies and remediates drivers' risky habits behind the wheel with training, coaching, and gamification, achieving up to an 89% reduction in risky driver behaviour over 18 months.

The integration of Greater Than's EcoScore is a strategic step for eDriving to elevate the sustainability benefits of Mentor for their customers on a global scale by contributing to carbon footprint reductions of up to 20%. In addition, the EcoScore facilitates more accurate Environmental, Social and Governance (ESG) reporting with harmonised data on an organisation's CO2 emissions and savings.

"Our customers are keen to take ownership of their climate impact and help their drivers minimise their CO2 emissions as well as safely return home to their loved ones at the end of each workday. This exciting new partnership between eDriving and Greater Than will help to accelerate that goal," said Ed Dubens, CEO/Founder of eDriving. "Greater Than's EcoScore is yet another example of how eDriving's Mentor ecosystem brings together the best of the best into one world-class solution focused on driver risk management, safety and sustainability. FICO's Safe Driving Score, Sfara's Collision Detection, Bosch's Emergency Response Services, and now Greater Than's EcoScore continue to evolve and sustain Mentor's unique value proposition supporting the world's largest enterprise organisations."

Mentor's EcoDrive powered by Greater Than will incorporate Greater Than's unique pattern-AI technology which conducts real-time driving analysis to calculate CO2 emissions per individual driver. With a uniform measure of environmental impact, EcoDrive powered by Greater Than enables fair, transparent, unbiased evaluation of individual drivers' eco performance, regardless of vehicle type or global location. Drivers will be able to see carbon emissions reported in grams and percentages following each trip on their Mentor dashboard, making it the perfect sustainability analysis and reporting tool for organisations with mixed vehicle types.

"We are very excited that eDriving is introducing its new EcoDrive feature based on our EcoScore to its Mentor customers. Our partnership is another proof of the scope of use for our DriverDNA AI analysis. With EcoScore integrated into the Mentor app, eDriving customers will have greater control over their environmental impact and the necessary insights to reduce them, as well as valuable data of absolute CO2 emissions to facilitate comprehensive sustainability reporting, which looks set to be mandatory for many companies in coming years," said Liselott Johansson, CEO, Greater Than.

EcoDrive powered by Greater Than will be available in eDriving's flagship Mentor business solutions, as well as Mentor Defender, eDriving's newest app for individuals and family members, distributed through insurers, auto safety membership organisations and driving schools.

Press contact, eDriving:
Sheila Leverone, Chief Marketing Officer
press@edriving.com

Press contact, Greater Than:
Eva Voors, Chief Communications Officer
eva.voors@greaterthan.eu
+46 708 884 880

About Solera

Solera is the global leader in vehicle lifecycle management software-as-a-service, data, and services. Through four lines of business – vehicle claims, vehicle repairs, vehicle solutions and fleet solutions – Solera is home to many leading brands in the vehicle lifecycle ecosystem, including Identifix, Audatex, DealerSocket, Omnitracs, LoJack, Spireon, eDriving/Mentor, Explore, cap hpi, Autodata, and others. Solera empowers its customers to succeed in the digital age by providing them with a "one-stop shop" solution that streamlines operations, offers data-driven analytics, and enhances customer engagement, which Solera believes helps customers drive sales, promote customer retention, and improve profit margins. Solera serves over 300,000 global customers and partners in 100+ countries. For more information, visit www.solera.com.

About eDriving

eDriving, a Solera company, helps organisations around the world improve safety, reduce injuries, licence violations, carbon emissions, and total cost of fleet ownership through its patented digital driver risk management programmes. These include the Mentor by eDriving(SM) smartphone app with FICO(R) Safe Driving Score; the patented, five-stage Crash-Free Culture(R) risk reduction programme; and the Virtual Risk Manager(R) platform, all designed to work together within a privacy-first, data-secure environment that supports drivers and their managers every step of the way. eDriving is the digital driver risk management partner of choice for many of the world's largest organisations, supporting over 1,200,000 drivers in 125 countries. Over the past 25 years, eDriving's research-validated programmes have been recognised with over 120 awards around the world. For more information, visit www.edriving.com.

About Greater Than

Greater Than is an AI data analytics company that predicts crash probability and CO2 impact per driver in real-time, revolutionising auto insurance pricing and new business solutions for the automotive, new mobility and fleet industries.

Our AI has experienced the equivalent of 855,000 man-years of real driving and has to date discovered over 7 billion unique driver DNAs: learning that makes it the most experienced AI driver in the world.

Greater Than is appointed as an InsurTech100 company and AIFinTech100 company and has been named Provider of AI Automotive Product of the year, 2021. Greater Than (GREAT) is listed on Nasdaq First North Growth Market. FNCA Sweden AB is the Company's Certified Adviser. Learn more at www.greaterthan.eu.

EcoDrive Product Sheet https://www.edriving.com/wp-content/uploads/2022/11/EcoDrive-product-sheet.pdf

SOURCE: eDriving

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Maxim Group: Society Pass (Nasdaq: SOPA) – Despite Challenging Global Macro Environment, Reiterates Positive Outlook on SOPA Based on Strong Revenue Generation and Compelling Valuation

SINGAPORE, Nov 17, 2022 – (ACN Newswire) – Maxim Group LLC ("Maxim") issues Equity Research Report on Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), SEA's leading data-driven loyalty, fintech and e-commerce ecosystem.

Click here to view the full Maxim Group LLC Equity Research Report. https://maxim.bluematrix.com/sellside/EmailDocViewer?encrypt=eb2534e9-6164-47b7-a389-c2efe2f9983d&mime=pdf

Summary Points:

– Positive view of early stages of building SEA ecommerce company. Luxury store, Leflair provides luxury goods online. Additional businesses include online delivery companies Handycart and Pushkart (bought during 1Q22), as well as Gorilla Networks, a telecom MVNO (early June 2022). During 3Q22 the company acquired Thoughtful Media, a digital influencer, Mangan.ph, restaurant delivery, and NusaTrip, an online travel agency. SoPa will launch a loyalty points offering. Maxim believes Thoughtful Media can market SoPa's other brands and the food delivery and luxury brand businesses can be expanded geographically. Maxim has a positive view on the SE Asian market due to increasing mobile and ecommerce penetration, younger populations, travel coming back, and the opportunity to consolidate smaller companies.

– Significant year on year revenue growth in 3Q 2022. 3Q22 revenue of $2.1M increased significantly from $84K in the prior year quarter. Digital marketing accounted for over half of the quarter's revenue. Results were also held back as most of its businesses were very early stage. The company is in the process of restructuring several of its businesses to improve revenue and profitability.

– Healthy balance sheet and cash levels. The company ended September 2022 with $23M in unrestricted cash and no debt. Maxim projects current cash levels as sufficient to fund organic growth over the next two years.

– Challenging macro environment, yet positive on micro company business plan. Maxim factors in a more challenging macro environment impacting Society Pass' end markets and notes that Sea Ltd (SE – NR), SE Asia's largest internet company, has laid off 10% of staff in past 6 months and during its 3Q22 conference call projected lower than expected bookings for 2022. Maxim still expects SE Asia to be one of the fastest relative growth markets and anticipates SOPA to grow from spending on marketing, expansions, the launch of loyalty points in 4Q22, and contributions from all announced acquisitions. Maxim believes many of the businesses can be expanded geographically and benefit from greater capital.

– Strong revenue generation in 2023. Maxim projects revenue to increase from $0.5M in 2021, to $7.0M in 2022, and $40.1M in 2023. The increase is due to the significant expected contribution from acquisitions and organic growth. Maxim projects 2022 adjusted EBITDA loss to widen to ($20.7M), from a loss of ($4.9M) in 2021. The wider loss is due to one time costs related to acquisitions and higher public company expenses. For 2023, Maxim projects EBITDA loss estimate to ($11.0M).

– Compelling valuation. – SOPA trades at an EV/revenue multiple of 0.5x Maxim 2023 revenue estimate with over half of its market cap in cash. Maxim $5 price target is supported by our 10-year DCF analysis, which utilizes a 22% discount rate, 15x terminal multiple, and 3% terminal growth rate and equates to an EV/revenue multiple of 2.5x. The 2.5x multiple target is roughly inline with the peer group average of 2.4x. Our positive outlook is supported by the attractive SE Asian markets and opportunities to consolidate smaller companies. Maxim reiterates Buy rating.

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, Hanoi, 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 shares were added to the Russell 2000 index in December 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 205,000 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; Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam's leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; Handycart.vn, a leading online restaurant delivery service based in Vietnam; and Mangan.ph, a leading local restaurant delivery service in Philippines.

For more information on Society Pass, please check out:
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:
PRecious Communications
sopa@preciouscomms.com

Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Tech Stalwarts Set to Promote a Data-driven Kingdom in Saudi Arabia at the World Cloud & Data Center Show

Officially supported by the Saudi Cloud Computing Association, Trescon’s World Cloud & Data Center Show is hosting global front-runners of the cloud and data center industries. An event to commemorate the bigwigs of cloud, the World Cloud & Data Center Show will be held on the 28 – 29 November at InterContinental Riyadh in Saudi Arabia.

Riyadh, KSA, Nov 16, 2022 – (ACN Newswire) – The Saudi Arabian market is anticipated to grow due to rising demands for quicker and simpler cloud service implementation. The 20th edition of the World Cloud Show will highlight what the Kingdom has in store for investors, IT professionals, and tech enthusiasts in upholding this development.

The event is set to underline the fundamental data strategies and digital blueprint that will propel the upcoming era of cloud adoption in the Kingdom of Saudi Arabia. The initiative will bring together exceptional industry leading speakers and a multitude of C-level tech decision makers, along with CMOs, CDOs, CXOs, and industry practitioners.

The Kingdom of Saudi Arabia is marching fast to evolve into a data-driven economy, and I am really looking forward to exchanging insights with all my industry peers,” said Saqib Mahmood, Executive Director – Digital Transformation & Innovation, National Water Company, KSA.

“This year, the show will shed light on the development of governments in Cloud & Data Centers as it’s a key enabler to building a vibrant Digital Kingdom. Also, it’s a mega contribution to the digital economy which will be the leading financial fund generator for governments around the world by 2040. Mega contribution to for economy of scale data center are the use of hyperscale data center which is also going to have a significant impact on world digital economy,” Essam Saeed Al Ghamdi, Royal Commission of Riyadh City was found quoting.

Prof. Muhammad Khurram Khan, Global Foundation for Cyber Studies and Research said, “Trescon’s upcoming event in Riyadh is vital to highlight and discuss core data strategies and initiatives of digital transformation that will drive the next phase of cloud adoption.”

Special segment of the World Cloud & Data Center Show; Women in Technology


World Cloud & Data Center Show will gather women tech ambassadors who are uniting a thousand other women and becoming role models for global diversity in tech, spearheading the change in the Kingdom. The event will also havepower-packed line-up of influential women in the tech world that takes forward the ambitious vision of HRH Prince Mohammed Bin Salman and Saudi Vision 2030.

This segment will recognize and honor the tech-savvy women who have carved a niche in their respective fields; AI, Cyber Security, Cloud Computing, Quantum computing and other Emerging Technologies. An exclusive rendezvous to celebrate the progress & achievements, share knowledge, experiences on building the Digital Future of the Kingdom of Saudi Arabia. The World Cloud & Data Center Show will acknowledge and felicitate the technologists, scientists, researchers, innovators, and women holding prominent positions in the tech domain.

Esteemed selection of Women leaders in Technology:

  • Alia Bhanshal – Director of the National Center for Data Analytics and Artificial Intelligence, (KACST)
  • Amjad Alamri – Senior Specialist, Autonomous Construction Equipment & Robotics, Design and Construction (NEOM)
  • Maha E. M. Alqahtani – Director of Microdata, General Authority of Statistics (GASTAT)
  • Basma Albuhairan – Managing Director, The Centre for the Fourth Industrial Revolution Saudi Arabia (C4IR KSA)
  • Maryam Telmesani – Chair Board CSO, Sustainability Consultant, UNGC Local Network Saudi Arabia, MBL, Moc
  • Mariam Nouh – VP Future Economies Sector, Cyber Security Researcher & Consultant (KACST)
  • Danah Alsobayel – Cloud Computing Partnership Director, CITC
  • Duaa Abaood – Digital Environment Director, MoMRAH
  • Amal Bin Eissa – Artificial Intelligence Engineer, Senior Data Scientist Member of the Advisory Committee in the College of Computer and Information sciences, Princess Noura University
  • Emon Shaker- Founder & CEO of Blossom Accelerator, Venture Partner at Oryx Fund
  • Fatimah Aljulaih – Head of Cybersecurity, Oxagon
  • Mishaal Ashemimry – Aerospace Engineer and Founder of MISHAAL Aerospace
  • Tanzila Saba – Associate Chair, Information Systems Dept., Research Professor, AIDA Lab Leader, Prince Sultan University/CCIS College

While discussing the importance of cloud computing in today’s digital age, Maryam Telmesani, UNGC Local Network Saudi Arabia, MBL, MoC says, “As technology evolves, businesses explore innovative prospects to leverage cloud computing to advance their digital transformation journey. With an expected compound annual growth rate of 4.8%, the cloud application software market will reach $168.6 billion U.S. dollars by 2025. However, it’s important to adopt a sustainable framework “Green cloud” to address potential impact areas of cloud services across the three spheres of sustainability (Social, Environmental, Economic) to form the future of a sustainable global IT landscape. It is time to prove that “Green Cloud” is more than a buzzword linking IT to the environment instead it’s a framework with defined elements around energy efficiency, reduction of CO2 emissions, use of renewables, Eco-friendly data center buildings, greener infrastructure and sustainable policies and standards.”

Sharing her thoughts on the impact of the World Cloud Show, Dr. Basma AlBuhairan, WEF Centre for Fourth Industrial Revolution KSA states, “A global and powerful quintessential cloud event that brings together global experts, investors, and cloud entrepreneurs.”

The Saudi Arabia edition of Trescon’s global cloud series of events will highlight the tremendous technological advances KSA will undergo in order to achieve their five-year growth plan. Mohammed AlAqil, College of Engineering, King Faisal University talks about this rampant digital revolution and the role of World Cloud & Data Center Show, he says, “A new era of energy transition and industrial revolution reinforces the search for smarter, economic, and multidisciplinary integrated solutions. The World Cloud Show serves as a catalyst that energizes the techno-world to achieve a more comprehensive sustainable and green digital transformations all across by employing novel Cloud related technologies.”

The 20th edition of The World Cloud Show will feature renowned speakers such as:

  • Fahad A. Alhamad, Chairman of the board, Saudi Cloud Computing Association
  • Simon-Timmis, Director of City Technology, The Red Sea Development Company
  • Hani Al Thubaiti, CIO, King Abdulaziz City for Science and Technology (KACST)
  • Fabio Fontana, CEO ZeroPoint DC, Tonomous, Chief Growth Officer & Executive Director- Compute, Neom
  • Fahad Bedaiwi, Executive Vice President, Head Facilities Management & Engineering Saudi National Bank
  • Mashari Almusad, Chief Infromation Officer, Saudi Olympic & Paralympic Committee
  • Ali Alghamdi, Data Management Specialist, Saudi Aramco
  • Abdullah Biary, CISO, United Cooperative Insurance
  • Mohammed Nasser Alshahrani, Statistician and Data Science Expert, Prince Sattam University

Ibrahim Bin Asaker, Cloud Security Alliance says, “Securing your data/services is a journey that never ends, World Cloud Show will bring the subject experts to shed light on Cloud Adoption in KSA.”

“The Kingdom of Saudi Arabia is experiencing a cloud revolution, and data centers and the cloud will be essential to the country’s effort to diversify its economy. We hope to give a glimpse into the next phase of Saudi Arabia’s digital revolution with the World Cloud Show and give tech innovators a platform to further their cause,” Mithun Shetty, CEO, Trescon

The 20th edition of the World Cloud & Data Center Show is supported and sponsored by:

For more information visit: World Cloud Show, Saudi Arabia

About World Cloud & Data Center Show

World Cloud and Data Center Show is a thought-leadership-driven, business-focused, global series of events that takes place in strategic locations across the world.

The Saudi edition is gathering pre-qualified CIOs, CEOs, CTOs, Heads of Research, Industry Practitioners, IT Decision Makers and Experts in Cloud Computing among others from cross-industry verticals.

The show features exciting keynotes, government and enterprise use-case presentations, product showcase, panel discussions and tech talks to discuss latest challenges and explore latest applications of cloud-based solutions.

About Trescon

Trescon is a global business events and consulting firm that provides a wide range of business services to a diversified client base.
With a deep understanding of the realities and requirements of the growth markets we operate in – we strive to deliver innovative and high-quality business platforms for our clients.

For further details about the announcement, please contact:

Nupur Aswani
Head – Media, PR and Corporate Communications, Trescon
+91 9555915156 | media@tresconglobal.com



Copyright 2022 ACN Newswire. All rights reserved. http://www.acnnewswire.com