Vietnam-based loyalty and analytics platform Society Pass (SoPa), which is listed on Nasdaq, announced Thursday its ambition to accelerate its growth in Southeast Asia through the launch of its regional headquarters in Singapore.
Located in Raffles Place in the heart of the Singapore central business district, the new office acts as the company’s designated Asia Pacific hub for regional business and expansion opportunities, in particular, the acquisition and acceleration of high growth ecommerce businesses in the key focus markets of Vietnam, Indonesia and Philippines, SoPa said in a statement.
“We are very excited to be announcing our base and headquarters in Singapore. This is a strategic step towards our larger plans for regional expansion, with Singapore being the perfect hub for investors and key start-up activities in Southeast Asia. Our regional presence in Singapore, Vietnam, Indonesia and the Philippines, allows us to create a truly synergetic and multinational operation,” Dennis Nguyen, Founder, Chairman and Chief Executive Officer of SoPa.
According to SoPa, establishing itself in Singapore provides amplified opportunities for the company to capitalize on the rapidly developing early stages of the internet economy in the region, particularly in Vietnam, Indonesia, and Philippines, spanning verticals such as food and beverage, beauty, travel and lifestyle.
SoPa announced the price of its initial public offering in November and became the first Vietnam-based company to complete a traditional initial public offering (IPO) outside of Vietnam. The company achieved $28 million landmark IPO (including the exercise of over-allotment option) on Nasdaq last month and briefly crossed the historic $1 billion market capitalization post-IPO.
SoPa’s success up to this point has been built through offering unique value for both consumers and merchants, along with the infrastructure supporting that exchange. The company wants to replicate its success in Vietnam in the target regional markets and ongoing aggressive merger and acquisition initiatives in the pipeline.
SoPa is a loyalty and data marketing ecosystem that operates multiple e-commerce and lifestyle platforms across its key markets. Its business model focuses on collecting user data through the expected circulation of its universal loyalty points. It seamlessly connects consumers and merchants across multiple product and service categories fostering organic loyalty.
From its launch in 2019, SoPa has amassed over 1.5 million registered users and over 3,500 registered merchants and brands. It has since invested 2+ years building proprietary information technology (IT) architecture with cutting edge components to effectively scale and support its Platform’s consumers, merchants, and acquisitions.