Following its blockbuster public offering, Singapore headquartered Society Pass (“SoPa”) (NASDAQ:SOPA) has announced its intention to expand its footprint in SEA and acquire Philippines-based e-commerce businesses for its ecosystem. Following its US$28 million landmark IPO (including exercise of over allotment option) on NASDAQ last month and briefly crossing the historic US$1 billion market capitalization post-IPO, Southeast Asia’s leading data-driven loyalty platform is poised to accelerate high-growth e-commerce businesses in the country.
The announcement comes inline with the release of the Philippines E-Commerce Roadmap 2022 by the Philippine Department of Trade and Industry (DTI) earlier this year. E-commerce currently contributes to 3.4 percent of the country’s GDP with the government aiming to grow the sector to 5.5 percent of GDP or US$24 billion (PHP2.1 trillion) by 2022. According to the Trade Secretary’s 2021 Digital Report, the Philippines remains the world’s top internet and social media user, with over 80 percent of the population participating in some form of e-commerce in the last year.