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• E-commerce Platforms: Society Pass operates a portfolio of online marketplaces and direct-to-consumer (D2C) brands offering goods across various categories like lifestyle, fashion, and groceries.
• Food & Beverage (F&B) Delivery Services: The company provides online ordering and delivery platforms for restaurants and food establishments across Southeast Asia.
• Digital Loyalty Program (SoPa): A proprietary loyalty and data platform that unifies consumer engagement across its diverse ecosystem, offering rewards and personalized experiences.
• Fintech Solutions (SensePass): Society Pass develops and integrates digital payment and financial technologies to enable seamless transactions within its ecosystem and for its partners.

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Society Pass (SOPA) Major Customers

Society Pass (SOPA) operates an e-commerce and loyalty ecosystem primarily focused on Southeast Asia. The company acquires and integrates various online platforms across several verticals, including food & beverage, lifestyle, travel, and general e-commerce. As such, Society Pass primarily serves individual consumers through its portfolio of B2C (Business-to-Consumer) platforms.

The company's customer base can be categorized into the following groups of individual consumers:

• Online Shoppers & Grocery Buyers: Individuals who utilize Society Pass's e-commerce platforms, such as Pushkart.ph (an online grocery delivery service in the Philippines), to purchase goods and groceries.
• Food & Beverage Consumers: Individuals who order meals and beverages through Society Pass's food delivery services, including Mangan.ph and Handycart (food delivery platforms in the Philippines).
• Digital Content & Lifestyle Enthusiasts/Travelers: Individuals who engage with Society Pass's media and lifestyle platforms like Ngoai Sao and HYPEASIA for news, entertainment, and lifestyle content, or who use its travel platforms such as Dreamscape.travel for booking travel-related services.

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Raynauld Liang Group CEO

Raynauld Liang, also known as Wee Leong Liang, has served as the Group CEO of Society Pass Incorporated since October 2023. He is also identified as the Founder of Society Pass. Prior to his role as CEO, Mr. Liang held various financial and leadership positions, including at Connex Capital Pte Ltd, Primeforth Capital Pte Ltd, Sino-Environment Technology Limited, and Hyflux Ltd. He earned a Bachelor's degree in Business/Commerce from The University of Queensland.

Yee Siong Tan CFO & Controller

Yee Siong Tan holds the position of CFO & Controller at Society Pass.

Dennis Nguyen Founder & Consultant

Dennis Nguyen, also known as Luan Thuc Nguyen, founded Society Pass in 2018. He previously served as the Founder, Chairman, and CEO of Society Pass. Currently, he is involved with the company as a Consultant. Mr. Nguyen possesses 25 years of experience spanning management, operations, technology, mergers and acquisitions (M&A), capital markets, finance, and legal fields across the US, EU, Greater China, Korea, ASEAN, and Middle Eastern markets. Society Pass, under his leadership, has focused on building a loyalty and data-focused marketing platform in Southeast Asia and South Asia and has pursued acquisitions such as Pushkart.ph. He has also founded another company in the past.

Patrick Soetanto Group Chief Operating Officer

Patrick Soetanto serves as the Group Chief Operating Officer for Society Pass.

Vincent Albert Puccio Secretary & Independent Director

Vincent Albert Puccio is the Secretary and an Independent Director for Society Pass. He was appointed as the new secretary in June 2024 and joined the board as one of several new directors, bringing diverse expertise. Mr. Puccio also serves on the audit and remuneration committees.

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The key risks to Society Pass (SOPA) primarily revolve around its financial stability, its significant business model transformation, and ongoing legal challenges.

1. Financial Stability and Potential Delisting: Society Pass has recently faced significant challenges in maintaining its financial standing, particularly with regard to Nasdaq's continued listing requirements. The company previously received a delisting notice due to non-compliance with the minimum stockholders' equity threshold of $2.5 million. While Society Pass has since regained compliance, it is currently under a mandatory one-year monitoring period by Nasdaq. Failure to meet equity requirements again during this period would result in an immediate delisting without further opportunity to rectify the situation. Furthermore, an analysis by Macroaxis indicates a high probability of financial distress for Society Pass, suggesting a significant chance of financial hardship in the coming years based on its financial statements. The company also faces challenges with profitability, reporting significant net losses despite revenue growth, and shows a reliance on external funding streams, with high-interest debt and leverage demanding caution.
2. Risks Associated with Business Model Transformation and Acquisition Strategy: Society Pass is undergoing a substantial shift in its business model, moving from its previous e-commerce ecosystem focus to become an acquirer and operator of AI-driven software and network infrastructure companies across Southeast Asia, Europe, and North America. This strategic evolution introduces considerable risks, including the need for substantial funding, potential integration challenges with new acquisitions, and concerns over past operating losses. Investor reactions have shown caution; a recent announcement regarding this strategic pivot coincided with a notable decline in the company's stock price, reflecting concerns about execution risk and future funding needs. The company's reliance on partnerships with private equity firms for deal sourcing and execution may also indicate a lack of in-house expertise for this ambitious M&A strategy.
3. Ongoing Legal Troubles: Society Pass is entangled in several lawsuits that could adversely impact its operations and financial health. Most notably, a US Supreme Court of the State of New York awarded $6.6 million worth of pre-IPO shares to a co-founder and former chief marketing officer due to an alleged breach of contract. Additional claims totaling not less than $22.6 million, including alleged unpaid salary and penalty interests, are being sought. These legal issues could significantly strain the company's cash reserves and divert management's attention.

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Intensifying Competition from Dominant Super-App Ecosystems: Society Pass aims to build an e-commerce and loyalty ecosystem across various verticals in Southeast Asia through acquisitions. However, the region is dominated by established "super-apps" such as Grab and Gojek, and e-commerce giants like Shopee and Lazada (Alibaba), which possess significantly larger user bases, substantial capital, and are actively expanding and deepening their own integrated ecosystems. These larger players are increasingly consolidating services (e-commerce, food delivery, ride-hailing, payments, financial services) under single apps with unified loyalty schemes. This aggressive and ongoing expansion into interconnected services by entrenched competitors directly challenges Society Pass's core strategy of building a unified loyalty and e-commerce platform, making it exceptionally difficult for a smaller, acquisitive player to achieve significant market penetration or scale its own competing ecosystem effectively.

Challenges in Securing Capital for Acquisition-Led Growth: Society Pass's business model relies heavily on the acquisition of diverse online businesses to fuel its growth and expand its ecosystem. This inorganic growth strategy demands substantial capital. In the current global economic environment, characterized by rising interest rates, tighter credit markets, and a general shift in investor sentiment away from unprofitable, growth-at-all-costs strategies towards profitability and sustainable cash flow, Society Pass faces an emerging threat regarding its ability to secure sufficient and affordable funding for future acquisitions and even operational scale. This directly impacts its capacity to execute its primary growth strategy, potentially slowing down its expansion, increasing the cost of capital, or making future acquisitions more dilutive and less impactful, especially given that Society Pass is not yet profitable.

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• E-commerce Marketplace: The e-commerce market in Southeast Asia was valued at approximately USD 221.6 billion in 2024 and is projected to grow to USD 1,480.7 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 21.7% during 2025-2033. Other estimates indicate the market will reach USD 181 billion in 2025 across six key markets (Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam). The ASEAN-6 retail e-commerce market (comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) is estimated to have a gross merchandise value (GMV) of US$136 billion in 2024, with a forecast to grow to US$261 billion by 2029.
• Food and Beverage (F&B) Delivery & Online Groceries (Foodservice): The Southeast Asia foodservice market was valued at USD 115.64 billion in 2024 and is projected to reach USD 321.97 billion by 2033, demonstrating a CAGR of 12.05% during 2025-2033. Another report indicates the Southeast Asia foodservice market, valued at USD 223.80 billion in 2025, is set to reach USD 416.37 billion by 2030, with a CAGR of 13.22%. The broader F&B industry in Southeast Asia was valued at US$667 billion in 2023 and is projected to reach US$900 billion by 2028.
• Loyalty and Rewards Platform: The loyalty market in the Asia-Pacific region is projected to grow from US$46.9 billion in 2023 to US$75.02 billion by 2028, with a CAGR of 9.6% during 2024-2028. Specifically, the loyalty market in Singapore is expected to grow to US$501.5 million in 2025 and to reach US$839.6 million by 2028. The loyalty market in Vietnam is anticipated to increase from US$967.2 million in 2023 to US$1.56 billion by 2028.
• Travel Services: The Southeast Asia travel and tourism industry market is valued at approximately USD 59 billion based on gross bookings and sector revenues. The Southeast Asia tourism market size is estimated at USD 35.52 billion in 2025 and is projected to climb to USD 61.02 billion by 2030, at an 11.43% CAGR.
• Digital Marketing Solutions: null
• Mobile Telecommunications (Reseller): null
• Fintech/Digital Payments and Point-of-Sale (POS) Solutions: null

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Here are 3-5 expected drivers of future revenue growth for Society Pass (SOPA) over the next 2-3 years:

1. Acquisition-led Expansion and Ecosystem Growth: Society Pass operates as an acquisition-focused e-commerce holding company, actively expanding its portfolio of companies to build a comprehensive digital ecosystem and loyalty platform across Southeast Asia. This strategy involves acquiring market-leading companies and partnering with entrepreneurs across various industry verticals, including loyalty, lifestyle, food and beverage, telecoms, digital media, and travel, which are expected to synergistically drive growth.
2. Geographic Market Expansion in Southeast Asia: The company has a strategic regional presence in fast-growing Southeast Asian markets such as Singapore, Vietnam, Indonesia, the Philippines, and Thailand. Society Pass's leadership aims to drive e-commerce into new markets and customer segments within this region, capitalizing on strong economic growth and rising urbanization.
3. Growth of Key Business Units through IPOs: Specific high-growth and profitable business units are anticipated to be significant revenue drivers. Notably, Thoughtful Media Group (TMG), a digital marketing agency, and NusaTrip, an online travel agency, are expected to contribute substantially to revenue growth. Planned NASDAQ IPOs for these units are intended to highlight their value and further propel their expansion.
4. Enhancement and Adoption of the Society Points Loyalty Platform: Society Pass is developing a next-generation, data-driven loyalty and marketing platform centered around its "Society Points" program. This platform aims to generate customer loyalty and increase revenues for merchants by retaining existing customers, attracting new ones, and facilitating real-time, personalized marketing campaigns. Increased adoption by both consumers and merchants across the ecosystem in Southeast Asia is expected to drive transaction data and loyalty opportunities.

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Share Repurchases

• Society Pass launched a $2 million stock buyback program on February 1, 2023.
• Updates have been provided on Society Pass Incorporated's equity buyback plan, initially announced in February 2023, with tranche updates as recent as August 2025.

Share Issuance

• Society Pass completed its Initial Public Offering (IPO) on November 9, 2021, raising $26 million by issuing 2,888,889 shares at a price between $8.00 and $10.00 per share.
• On June 23, 2025, Society Pass entered into a Share Purchase Agreement to issue and sell 300,000 shares of its common stock at $1.00 per share, generating gross proceeds of $300,000.
• The company executed a 1-for-15 reverse stock split on May 1, 2024.

Outbound Investments

• Society Pass acquired Thoughtful Media Group (TMG) in July 2022 for $2.1 million.
• The company acquired NusaTrip, an online travel agency, in August 2022. The purchase price for NusaTrip was not disclosed but was implied to be a bargain.
• Society Pass has made a total of 8 acquisitions, with peak activity in 2022 including Mangan.PH, Gorilla, HANDY, Dream Space Trading Company, and PushKart.

Capital Expenditures

• In the last 12 months, Society Pass reported capital expenditures of -$34,054.