Tag: Media & Marketing

Spikes Asia announces its return to a physical event for 2024

SINGAPORE, Sep 5, 2023 – (ACN Newswire) – Spikes Asia, APAC's most prestigious and sought-after award for creativity and marketing effectiveness, has confirmed its return to a physical event in Singapore for 2024. Returning in-person for its 37th edition, the event will include two days of content and networking, on 13-14 March 2024, at the Conrad Centennial, Singapore. Once again, the Juries will convene in Singapore to judge the work and set the definitive benchmark for creativity in the region.

Jaime Ng, Festival Director, Spikes Asia, said: "2024 will be a landmark year for Spikes Asia, as it returns physically for its 37th edition. We are putting the foundations in place to build a purposeful event that allows the APAC community to come together in a meaningful way. Through inspiring curated content, networking opportunities and agenda setting initiatives, Spikes Asia will provide a forum to address the most pressing issues creatives across APAC are facing today."

Plans for Spikes Asia will involve a bespoke content and networking programme on day one and exclusive "Inside the Jury room" sessions, which will provide delegates with the insights and trends from the work, in addition to peer to peer roundtable discussions designed for brand engagement. The CMO Growth Council will also return to Spikes Asia and sit at the heart of the event. Day two will be a curated programme of inspiring thought-leadership on the main stage, from brand marketers across the spectrum of Asian creativity. The event will conclude with the Spikes Asia Awards Ceremony, which for the first time will include a sit down dinner, as the 2024 winners are announced and celebrated.

As Spikes Asia is being held during Ramadan, there will be on-site facilities provided to delegates observing the religious period including a prayer room and halal certified dishes will be catered during the Awards dinner.

2024 will also see the return of the Young Spikes Competitions and the Spikes Academy, both of which will run in person. The Spikes Academy is designed as a home for the next generation of professionals to grow their potential and learn from industry leaders.

Atifa Silk, Managing Director, Haymarket Media Ltd, commented: "For over 35 years, Spikes Asia has served as the region's oldest and most prestigious awards for creativity in marketing communications. We are delighted to be returning Spikes Asia, its initiatives and Awards in person. This year provides us with an opportunity to innovate the event for the future and it is set to be a truly special moment for Spikes Asia."

Simon Cook, CEO, LIONS, said: "We can't wait to reunite the industry and bring the APAC community together once again to celebrate and learn from the region's greatest minds. Spikes Asia sets the bar for creative excellence in APAC, and through the body of winning work that our Juries choose, we'll get a unique insight into the creative spirit of the region and the direction the industry is heading in."

Entries for Spikes Asia and event registration will open on 26 October 2023. Further information on Spikes Asia 2024 can be found at www.spikes.asia.

About Spikes Asia

Spikes Asia, the home of Asian creativity, is the region's oldest and most prestigious awards for creative advertising. Building on over 35 years of the illustrious Spikes Awards and Tangrams Strategy & Effectiveness Awards, Spikes Asia is the result of a collaboration between Ascential, the organiser of Cannes Lions and Haymarket, publisher of Campaign Asia Pacific.

Spikes Asia celebrates creative excellence in the Asia-Pacific region alongside learning and networking opportunities. The Awards serve as the definitive benchmark for creative excellence, marketing strategy and effectiveness in Asia-Pacific.

For more information, visit www.spikes.asia.

About Ascential

Ascential delivers specialist information, analytics, events and eCommerce optimisation to the world's leading consumer brands and their ecosystems. Our world-class businesses improve performance and solve customer problems by delivering immediately actionable information and visionary longer-term thinking across Digital Commerce, Product Design, Marketing and Retail & Financial Services.

With more than 3,800 employees across five continents, we combine local expertise with a global footprint for clients in over 120 countries. Ascential is listed on the London Stock Exchange.

For more information, visit www.ascential.com.

About Haymarket

Haymarket Media Group creates award-winning specialist content and information for international audiences. The company has more than 70 market-leading brands created by world-class experts in locations in the UK, the US, Hong Kong, Singapore, India and Germany. Haymarket's consumer and professional brands connect people and communities across digital, mobile, print and live/virtual media platforms. Although Haymarket's portfolio is diverse, its mission is the same across borders and markets: to deliver brand experiences which truly meet the needs of its audiences and clients. Haymarket's brands include Campaign, PRWeek, What Car?, Autocar, AsianInvestor and Finance Asia.

For more information, visit www.haymarket.com.

Contacts:

Jaime Ng
Festival Director
Spikes Asia
Jaimen@spikes.asia

Camilla Lambert
Head of Press & PR
Spikes Asia
Camillal@canneslions.com

Tash Naidoo
PR Manager
Spikes Asia
Tashn@canneslions.com

Press Portal:
press.canneslions.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

AWS Approves And Lists Verofax Martech Solution For Brands & Retail On Global Marketplace

DUBAI, Aug 25, 2023 – (ACN Newswire) – Verofax, an award-winning Brand & Retail Martech service provider, achieved Full Technical Review (FTR) approval on Amazon Web Services (AWS) marketplace. Verofax services are now available for direct acquisition by retail and for global brands, leveraging the unparalleled capabilities of AWS.



Verofax specializes in brand-customer direct engagement by transforming products into powerful marketing tools. With patented technologies such as computer vision, Artificial Intelligence (AI), and product digitization, Verofax enables brands to seamlessly connect directly to customers and access real-time first-party customer data to offer personalized brand experiences. The result? brands are able to reduce their cost of customer acquisition, and increase promotional marketing ROI (conversion rate) and brand loyalty (NPS).

With the AWS FTR approval, Verofax's advanced solutions have received the seal of validation and endorsement from AWS Solutions Architects. This recognition showcases Verofax's commitment to delivering exceptional performance, security, and scalability for brands worldwide.

Verofax's solutions go beyond traditional marketing. By assigning a unique web link to each product, Verofax's technology becomes a powerful tool for product traceability and counterfeit management. This added advantage brings significant value to brands, safeguarding their reputation and enhancing customer loyalty in their offerings.

Brands that choose to work with Verofax benefit from a range of advantages. By leveraging Verofax's solution, brands can circumvent traditional marketing channels and elevate customer acquisition rates by up to 60% while reducing costs of customer acquisition by an impressive 20-fold, when compared to online Ads. Verofax has successfully partnered with renowned Fortune 100 brands, including industry giants like Budweiser & Corona, to power global marketing campaigns and create frictionless direct-to-consumer experiences.

Rodrigo Cabaleiro, Global Director of Premium Brands, AB InBev said, "Verofax solution for interactive packaging improved acquisition and engagement during our FIFA World Cup promotion. By turning our products into a direct-to-consumer communication channel we observed higher ROI on promotional marketing and better data-driven decisions."

Moreover, Verofax empowers brands with real-time consumer insights, enabling data-driven decision-making and personalized marketing strategies in real-time. By leveraging this invaluable data, brands can deliver exceptional customer experiences, build unwavering loyalty, and achieve unparalleled commercial success.

Verofax's achievement of AWS Full Technical Review approval demonstrates its dedication to excellence and its ability to deliver top-tier software services. By partnering with Verofax, brands can unleash the full potential of their marketing efforts, accessing real-time consumer insights, driving customer engagement, and transforming their products into powerful marketing tools.

One of the key benefits of Verofax's AWS FTR approval is the assurance it provides to brands seeking exceptional software services. The rigorous FTR process involved a comprehensive assessment of Verofax's AWS infrastructure, architecture, and adherence to best practices. By achieving this status, Verofax demonstrates its ability to deliver superior solutions, ensuring optimal performance and security for its clients.

"We are incredibly proud to have achieved AWS Full Technical Review (FTR) status, which further solidifies Verofax's position as a leading provider of martech solutions. Collaborating with AWS has been instrumental in our journey, and this approval underscores the exceptional capabilities and performance of our software services. Together with AWS, we look forward to delivering unparalleled benefits to our enterprise clients by increasing Marketing ROI, enhancing customer satisfaction, and turning operations data-driven in real-time. — Wassim Merheby, CEO of Verofax.

Experience the transformative power of Verofax's solutions and join the ranks of global brands revolutionizing customer engagement. Discover why Verofax is the partner of choice for unlocking unparalleled marketing potential, achieving remarkable cost savings, and delivering exceptional customer experiences.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

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

New York, Aug 21, 2023 – (ACN Newswire) – Ascendiant Capital Markets LLC (“Ascendiant“) initiates equity research coverage on Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company“), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

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

Summary Points:

• Strong 2Q 2023 Revenue Growth: SoPa reported its quarterly financial results on 10 August with 2Q 2023 revenues totaling $2.2 million, representing a 338% y-o-y.

• Major M&A: Announced in July 2023, the Company entered into an agreement to acquire 95% of PT Inetindo Info (“Inetindo”), a wholly subsidiary of Story-I Limited (“Story-I”). Inetindo is a leading Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies. The purchase price is ~$1.9 million and the deal is expected to close by September 2023. Ascendiant notes that Inetindo’s annual revenue of ~$30 million will be a significant contributor to Society Pass results going forward.

• Significant 2023 Revenue Growth and Expected Cash Profitability in 2H 2023: SoPa stated that 2023 revenue run rate can be $60 – 100 million and it expects to reach cash profitability sometime in 2H 2023.

• Focused on Loyalty Platform: SoPa’s ecosystem of technology-enabled companies synergistically work together to transform how consumers and merchants interact with one another. Its key focus is on generating customer loyalty, ease of transaction for consumers, and revenues for merchants. As more merchants and consumers in SEA register on its Society Pass platform, more transaction data is generated, and thus presenting more opportunities for creating loyalty from consumers to merchants.

• Lifestyle Platform: The Company has developed an online lifestyle, “Leflair” branded platform in Vietnam to enable consumers to purchase high-end brands in many categories. Using the company’s smart search engine, consumers search or review their favorite brands among hundreds of choices in various categories, including Apparel, Bags & Shoes, Accessories, Health & Beauty, Home & Lifestyle, International, Women, Men and Kids & Babies categories.

• Market Opportunities: Ascendiant believes that continued strong economic expansion, robust population growth, rising level of urbanization, the emergence of the middle class, and the increasing rate of adoption of mobile technology provide fast growing market opportunities for SoPa in SEA.

• Positive High Risks versus High Rewards: Overall, concerns outweighed by growth prospects and valuation. Society Pass’s main products still has long commercialization challenges ahead, but we believe the ~billion dollars market potential presents high rewards for the risks.

• Current valuation attractive: We are maintaining our BUY rating, but raising our 12-month price target to $3.75 from $3.50, based on a NPV analysis, representing significant upside from the current share price. We believe this valuation appropriately balances out the company’s high risks with its high growth prospects and large upside opportunities.

About Society Pass Inc.

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

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

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

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

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

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

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

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

Cautionary Note Concerning Forward-Looking Statements

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

Media Contact:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Society Pass Inc (Nasdaq: SOPA) / Thoughtful Media Enter Philippines Market and Launch Creator Economy Focused Advertising Platform

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


Manila, Aug 16, 2023 – (ACN Newswire) – Society Pass Incorporated (Nasdaq: SOPA) (“SoPa”), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces the official launch of its digital advertising platform, Thoughtful Media Group Inc (TMG), in the Philippines market. With the theme of “The Power of Influence”, TMG will introduce its new Manila-based executive team and its disruptive influencer advertising business model at a media presentation at 4 pm on Thursday, 17 August 2023 at Mansion Sports Bar & Lounge, OPL Building, 100 Don Carlos Palanca, Legazpi Village, Makati, 1229 Metro Manila, Philippines.

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

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

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

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

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


About Thoughtful Media Group Inc.

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

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

For more information on TMG, please visit:

Website at www.thoughtfulmedia.com or

LinkedIn at https://www.linkedin.com/company/thoughtful-media-group-inc or

Instagram at https://www.instagram.com/thoughtfulmedia/ or

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

Twitter at https://twitter.com/ThoughtfulMedia.


About Society Pass Inc.

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

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

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

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

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

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

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

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


Media Contact:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Ganjar Pranowo driving Indonesian SMEs in Going Global

Semarang, Indonesia, Aug 15, 2023 – (ACN Newswire) – Ganjar Pranowo, the Governor of Central Java, Indonesia, is committed to driving the development of SMEs (Small and Medium Enterprises) in the region, to reach an international level. As of Q1 2023, SME export volume from Central Java had reached US$2.5 billion, resulting in a surplus of US$708 million for the province.
Central Java Governor Ganjar Pranowo is committed to the development of SMEs in the region, providing a learning platform 'Hetero Space' and funding 'Kredit Usaha Rakyat (KUR-People Business Loan) Super Mikro.' [Image: ANTARA]


During his two terms in office from 2013 to 2023, Ganjar facilitated the growth of SMEs through robust initiatives. One notable innovation was "Hetero Space," a creative hub addressing the educational needs of SMEs, offering knowledge on aspects such as bookkeeping, packaging, branding, and even photography skills required for product promotion.

Currently, Central Java has 3 Hetero Spaces for the development of SMEs and as a platform for young people to showcase their creativity, located in Semarang, Solo, and Banyumas. Hetero Spaces in Central Java have involved thousands of members: 3,000 members who have joined, 13,000 Hetero Space visitors, 500 local communities, 300 programs, 1,000 events, 15,000 SMEs, 2,500 startups, 100 companies, and 250,000 people have all benefited.

"When they start learning about bookkeeping, packaging, branding, and even when they want to promote their products, they need to learn photography. That's why we need a creative hub," he mentioned during 'Flexing Lokal', held by Google Indonesia and YouTube.

After providing a learning platform for SMEs, Ganjar moved to the next level by offering access to funding – a common challenge faced by SMEs when planning to expand. He launched the "Kredit Usaha Rakyat (KUR-People Business Loan) Super Mikro," providing access to capital with an interest rate of only 3% per year. Teaming up with Bank Jateng, this funding initiative assists SMEs in growing their businesses.

"Our task is to provide support. If the interest rate is at this level, it's not feasible. So, we try to assist them by implementing some policies, such as reducing the interest rate," Ganjar explained.

The decision to set the interest rate at 3% is the result of a lengthy process. Previously, the KUR interest rate was 12%, then 9%, and eventually, Central Java lowered it to 6%, surpassing the national KUR rate. Finally, Ganjar established the interest rate at only 3%.

These efforts led Central Java to become the largest distributor of KUR loans in Indonesia in 2022, with a loan distribution value of IDR 55.27 trillion (US$3.8 billion) in the previous year. "Thus, the role of the government is mainly to facilitate their growth," Ganjar stated.

Thanks to Ganjar's initiatives, SMEs in Central Java have now reached an international level. The best SME products, facilitated by Ganjar, have opportunities for export to Singapore, Japan, and even Europe. "For now, we're running this, curating it, and those who qualify, who have a strong market both nationally and internationally, we assist," Ganjar concluded.

Copyright (c) ANTARA 2023.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

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

New York, Aug 14, 2023 – (ACN Newswire) – Maxim Group LLC (“Maxim”) issues research report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

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

Summary Points:

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

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

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

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

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

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

About Society Pass Inc.

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

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

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

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

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

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

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

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

Cautionary Note Concerning Forward-Looking Statements

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

Media Contact:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

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

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

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

Summary Points:

• With cash on hand of $10.8 million (approximately $0.38 per share) and book value of $12.7 million (approximately $0.45 per share) on 31 March 2023, SoPa is well capitalised for continuing acquisitions of SEA companies in its digital advertising, travel, lifestyle, telecommunications, and loyalty/fintech verticals for the rest of 2023.

• 1H 2023 revenues grew 348.0% year on year (from $944,152 in 1H 2022 to $4,229,812 in 1H 2023).

• 2Q 2023 revenues grew 338.3% year on year (from $499,062 in 2Q 2022 to $2,187,232 in 2Q 2023).

• 2Q 2023 revenues grew 7.1% quarter on quarter (from $2,042,580 in 1Q 2023 to $2,187,232 in 2Q 2023).

• 1H 2023 gross profit grew to $1,263,396 from a 1H 2022 gross loss of $14,931.

• 1H 2023 gross margin improved to 29.9% from 1H 2022 gross margin of -1.6%.

• 2Q 2023 gross profit grew to $577,159 from a 2Q 2022 gross loss of $138.

• 2Q 2023 gross margin improved to 26.4% from 2Q 2022 gross margin of 0.0%.

• While 1H 2023 revenues grew 348.0% year on year, 1H 2023 cash operating expenses declined 28.0% year on year (from $7,864,068 in 1H 2022 to $5,663,264 in 1H 2023).

• While 2Q 2023 revenues grew 338.3% year on year, 2Q 2023 cash operating expenses declined 51.9% year on year (from $4,891,352 in 2Q 2022 to $2,350,345 in 2Q 2023).

• While 2Q 2023 revenues grew 7.1% quarter on quarter, 2Q 2023 cash operating expenses declined 29.1% quarter on quarter (from $3,312,918 in 1Q 2023 to $2,350,345 in 2Q 2023).

• 1Q 2023 digital advertising revenues represent 62.9% of total revenues and grew 17.7% quarter on quarter from ($1,283,774 in 1Q 2023 to $1,510,960 in 2Q 2023).

• 1Q 2023 travel platform revenues represent 23.8% of total revenues and grew 14.2% quarter on quarter from ($486,707 in 1Q 2023 to $556,042 in 2Q 2023).

• SoPa completed the following acquisitions in 2Q 2023: VLeisure, Vietnam’s leading provider of hotel management and payment solutions; and Newave, an Indonesia-based KOL management agency. In addition, SoPa announced the acquisition of PT Inetindo Infocom, a subsidiary of Story-I Limited, a leading Indonesia-based retailer of Apple products, for a total consideration of approximately $1.85 million. Management expects the PT Inetindo Infocom acquisition to close in September 2023.

• Since inception, SoPa has onboarded approximately 3.3 million registered consumers, approximately 650,000 registered merchants/brands and approximately 10,000 influencers onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.

• SoPa operates six verticals in SEA: digital advertising, travel, lifestyle, loyalty, food & beverage delivery and telecommunications,

• SoPa operates in five SEA countries: Singapore, Vietnam, Indonesia, Philippines and Thailand.

• SoPa employs approximately 225 people throughout SEA.

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

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

About Society Pass Inc.

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

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

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; Pushkart.ph, a popular grocery delivery company in Philippines; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:

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

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

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

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

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

Use of Non-GAAP Financial Measures

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

Cautionary Note Concerning Forward-Looking Statements

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

Media Contacts:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

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

Singapore, Aug 4, 2023 – (ACN Newswire) – Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next-generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announced a strategic payments partnership with 2C2P, a global full-suite payments platform headquartered in Singapore, to drive e-commerce shopping in SEA. Through this partnership, Society Pass’s loyalty application would be able to offer 2C2P’s wide array of alternative payment options to customers based in the Philippines and Indonesia.

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

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

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

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

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

About 2C2P

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

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

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

About Society Pass Inc.

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

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

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and Pushkart.ph, a popular grocery delivery company in Philippines.

For more information on Society Pass, please visit:

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

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

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

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

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

Cautionary Note Concerning Forward-Looking Statements

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

Media Contacts:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

CleverTap Partners with SpiceJet to Deliver a Seamless Customer Experience

MOUNTAIN VIEW, Calif. and MUMBAI, India, Jul 25, 2023 – (ACN Newswire) – CleverTap, the all-in-one engagement platform, announced its partnership with SpiceJet, one of India's premier airlines. This strategic collaboration will empower SpiceJet to enhance its customer experience by leveraging CleverTap's advanced technology to deliver personalized and contextual communication across its web and mobile channels.

As a prominent player in the airline industry, SpiceJet is dedicated to providing exceptional services and experiences to its customers. With CleverTap onboard, SpiceJet aims to take its customer engagement to new heights, ensuring every interaction is meaningful and tailored to individual preferences.

CleverTap's robust platform offers an array of cutting-edge features designed to optimize customer engagement. By harnessing CleverTap's capabilities, SpiceJet will be able to analyze customer data, create comprehensive user profiles, and deliver engaging experiences thus maximizing the lifetime value of their customers. This personalized approach will not only enhance customer satisfaction but also foster long-term loyalty.

"At SpiceJet, our foremost commitment is to provide our customers with the finest personalized experience," said Debojo Maharshi, Chief Business Officer at SpiceJet. "Our collaboration with CleverTap will further enhance this objective. By joining forces, we take a remarkable stride forward in enhancing customer engagement and retention. With CleverTap's assistance, we can now deliver timely and precisely targeted communication to our passengers, ensuring that their journey with us remains seamless and unforgettable."

CleverTap's advanced customer analytics, personalization and orchestration capabilities will enable SpiceJet to send passengers personalized notifications, updates, and offers, keeping them informed and engaged at every stage. Whether it's flight information, exclusive promotions, or personalized recommendations, customers can expect a truly meaningful experience that caters to their unique preferences and needs.

"We are thrilled to be partnering with SpiceJet, a leading airline that shares our commitment to delivering exceptional customer experiences," said Sidharth Malik, CEO at CleverTap. "Our platform will help SpiceJet deliver personalized and contextual communication, ultimately maximizing the brand's customer lifetime value. Our AI-driven hyper-personalized insights will help SpiceJet gain a deeper understanding of their user base, further solidifying their brand-to-customer relationship."

The partnership between CleverTap and SpiceJet signifies a significant step forward in revolutionizing customer engagement within the airline industry. By leveraging CleverTap's state-of-the-art technology, SpiceJet will deliver seamless, personalized, and contextual communication, setting new standards for customer experiences in the aviation sector.

About CleverTap

CleverTap is the all-in-one customer engagement platform that helps brands personalize and optimize all consumer touch points to improve user engagement, retention, and lifetime value. It's the only solution built to address the needs of retention and growth teams, with audience analytics, deep-segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The platform is powered by TesseractDB(TM) – the world's first purpose-built database for customer engagement, offering both speed and economies of scale.

CleverTap is trusted by 2000 customers, including Electronic Arts, TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English Premier League, TD Bank, Carousell, AirAsia, Papa John's, and Tesco.

Backed by leading investors such as Peak XV Partners, Tiger Global, Accel, and CDPQ the company is headquartered in Mountain View, California, with presence in San Francisco, New York, Sao Paulo, Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Singapore, and Jakarta.

For more information, visit clevertap.com or follow on LinkedIn and Twitter.

Forward-Looking Statements

Some of the statements in this press release may represent CleverTap's belief in connection with future events and may be forward-looking statements, or statements of future expectations based on currently available information. CleverTap cautions that such statements are naturally subject to risks and uncertainties that could result in the actual outcome being absolutely different from the results anticipated by the statements mentioned in the press release.

Factors such as the development of general economic conditions affecting our business, future market conditions, our ability to maintain cost advantages, uncertainty with respect to earnings, corporate actions, client concentration, reduced demand, liability or damages in our service contracts, unusual catastrophic loss events, war, political instability, changes in government policies or laws, legal restrictions impacting our business, impact of pandemic, epidemic, any natural calamity and other factors that are naturally beyond our control, changes in the capital markets and other circumstances may cause the actual events or results to be materially different, from those anticipated by such statements. CleverTap does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated or revised status of such statements. Therefore, in no case whatsoever will CleverTap and its affiliate companies be liable to anyone for any decision made or action taken in conjunction.

For more information:

SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com

IPSHITA BALU
Consultant Archetype
+91 95901 11798
ipshita.balu@archetype.co

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

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

● NusaTrip Inc acquires first IATA-licensed travel agency out of Indonesia; creates beginnings of regional online travel platform in SEA

● The acquisition of Vietnam International Travel and Service JSC onboards approximately US$2 million of in GMV to NusaTrip Revenue Base

Jakarta, July 20, 2023 – (ACN Newswire) – NusaTrip Inc (“NusaTrip”), the online retail arm of Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that it has acquired Vietnam International Travel and Service JSC (“VIT”), a IATA-licensed, full-service travel agency focused on marketing to the Vietnam inbound and outbound segments.

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

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

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

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

About Society Pass Inc.

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

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

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.3 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and Pushkart.ph, a popular grocery delivery company in Philippines.

For more information on Society Pass, please visit:

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

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

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

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

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

Cautionary Note Concerning Forward-Looking Statements

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

Media Contacts:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com



Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com