Society Pass Inc. (SoPa), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, plans to spin out two profitable business units Thoughtful Media Group Inc (TMG) and NusaTrip Inc (NusaTrip) into new publicly-traded companies via Nasdaq initial public offerings (IPOs) in 2024.

SoPa said in a statement on Tuesday that that its Board of Directors, together with its financial and legal advisors, have evaluated a comprehensive range of strategic restructuring options to unlock shareholder value.

As a result of these discussions, SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc (TMG), and for its online travel platform, NusaTrip Inc (NusaTrip).

SoPa believes that its separately-traded TMG and NusaTrip subsidiaries will increase SoPa shareholder value as investors can more clearly evaluate the performance and future potential of these profitable businesses on a standalone basis, whilst allowing each business to pursue its own distinct strategy and capital allocation policy.

It is noted that both TMG and NusaTrip are managed by separate executive teams.

Thailand-based TMG, the premier digital advertising network in SEA, operates in Thailand, Vietnam, Indonesia, and Philippines and connects advertisers/brands/merchants with over 10,000 influencers to targeted audiences in SEA via its social media-focused advertising ecosystem.

TMG delivers significant returns on investment on advertising spend for its clients by more efficiently and effectively generating additional revenues across thousands of creator channels in industries such as fashion and beauty, lifestyle, video games, cooking, automotive, travel, luxury, and sports.

Nusatrip, an Indonesia-based online travel agency, offers a comprehensive range of airlines and hotels on its travel platform for corporate and retail customers across SEA.

With its first mover advantage, NusaTrip has onboarded over 1.2 million registered users, over 500 airlines and over 650,000 hotels around the world as well as connected with over 80 million unique visitors.

Initially only focused on the Indonesian market, NusaTrip has expanded to other SEA countries to become a first-choice travel provider throughout SEA.

“We believe that separating and listing our principal businesses in 2024 will improve our ability to unlock hidden value for all our stakeholders,” said Raynauld Liang, the Chief Executive Officer of SoPa.

According to him, both TMG and NusaTrip are profitable and have large and growing market opportunities.

He said that this new proposed group structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers.

“SoPa’s actions follow the leads of both Johnson & Johnson (JNJ) and Kellogg’s (K) spinning out operating subsidiaries and we plan on having the same success,” he added.

Founded in 2018, SocPa is an acquisition-focused holding company operating six interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and food and beverages).

The firm completed an initial public offering and began trading on 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.

It integrates these complementary businesses through its signature SoPa 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.

SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands.

Other than TMG and NusaTrip, SoPa also operates VLeisure, Vietnamese provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator;, a Vietnam-based lifestyle e-commerce platform; and NextGen Retail, a Indonesia-based e-commerce platform.

Society Pass’s Thoughtful Media acquires Indonesia-based KOL management agency Newave Strategic