Society Pass Inc. is on track to take advantage of the fast-growing digital marketplace in Southeast Asia through strategic acquisitions.
The regional market has grown to 400 million internet users, up 40 million in just two years, according to a recent survey by Alphabet Inc.’s Google, Bain & Co. and Temasek Holdings Ltd.. The report also predicts explosive expansion in regional e-commerce to a projected $120 billion this year — a 62% hike from 2021. Long term, that growth is expected to nearly double to $234 billion by 2025.
Society Pass (SoPa), headquartered in Singapore, has worked since 2018 to capture that growth through its e-commerce platforms and targeted acquisitions. As an example of the latter, the company in 2019 added to its merchant-facing business – where historically most of its revenues had been generated – by acquiring #HOTTAB, a provider of software and hardware solutions to merchants, including point of sale and payments. The provider also enables merchants to manage marketing, technology, financing and many other services.
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