A Vietnam technology firm, which was incorporated in the United States and headquartered in Singapore, plans to expand in the Philippines and other Southeast Asian countries to change the way cash discounts, rewards, and loyalty points are managed.
Society Pass, which recently raised $28 million from its initial public offering on Nasdaq, expects to launch Society Points product in the first quarter of 2022. “We see Society Points replace cash discounting in SEA. Post-launch, SMEs will issue Society Points as a means of discounting their products and services and thus create permanent loyalty with their customers,” Society Pass founder, chairman and chief executive Dennis Nguyen says in an e-mail.
Nguyen says consumers are constantly overwhelmed with a multitude of different ordering, delivery, and loyalty applications for every type of service, which makes it a hassle as consumers have to access separate apps for different needs and at each stage of the buying process.
“Society Pass’s consumer-facing business aims to integrate everything the consumer needs into one ecosystem: consumers can easily search and order anything they want or need through the company’s various interconnected mobile and web platforms. Society Pass’s strategic alliances, delivery arrangements, and payment processing are also done within the platform, reducing the inconvenience of checkout for consumers,” he explains.