● Society Pass Inc (Nasdaq: SOPA) establishes a strategic crypto payment partnership with Canada-based CoinSmart Financial Inc (NEO: SMRT) (FSE: IIR), a leading crypto asset trading platform
● CoinSmart provides crypto currency transaction settlement services for consumers and merchants on SoPa’s fintech ecosystem through it’s SmartPay crypto payment processing services
● By incorporating SmartPay’s crypto payment capabilities, SoPa expects a dramatic increase in the number of customers, user viscosity and revenue growth on its next generation digital ecosystem and loyalty platform in Southeast Asia
SINGAPORE - (NewMediaWire) - November 07, 2022 - Society Pass Incorporated ("SoPa”) (Nasdaq: SOPA), Southeast Asia’s (“SEA”) leading data-driven fintech and e-commerce ecosystem, today announces the establishment of a strategic crypto currency payment partnership with Canada-based CoinSmart Financial Inc ("CoinSmart") (NEO: SMRT) (FSE: IIR), a leading Toronto-headquartered crypto asset trading platform.
Under this paradigm shifting collaboration, SmartPay by CoinSmart provides transaction settlement services in crypto currency for consumers and merchants on SoPa’s ecosystem. Leveraging CoinSmart’s advanced technological solutions spanning crypto payments, invoicing, trading, auto-sell wallets and crypto withdrawals, SoPa now offers more diversified and cost-saving payment options. In particular, merchants on SoPa’s loyalty platform are now enabled to enjoy new growth in customer base, low processing costs and quicker settlement processes.
Backed by the ever-increasing number of users worldwide, crypto has become the world’s fastest-growing payment method. According to Allied Market Research, the global crypto currency market size was valued at US$1.03 billion in 2022 and is projected to reach US$4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. Along with the continuous expansion of the global market, according to a new survey by Deloitte, nearly 75% of retailers plan to accept crypto payments in the next 24 months.
CoinSmart’s user-friendly platform features instant verification, enterprise-grade security, cold wallet storage and reporting tools for tax and audit purposes in the meantime. Currently, CoinSmart supports popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Stellar, etc. as well as fiat currencies including CAD, USD, EUR and AUD.
Dennis Nguyen, Founder, Chairman and Chief Executive Officer of Society Pass, explained, “According to a report by White Star Capital, SEA is a hotbed for crypto adoption with over 23.5 million crypto owners alone or a 3.56% crypto ownership rate. In fact, Singapore has a higher percentage of crypto ownership than the United States.As a result, we see huge market potential and demand in crypto payments in the region and, combined with the synergistic effect created from the payment partnership with CoinSmart, SoPa’s data-driven fintech and e-commerce ecosystemwill drive crypto payment adoption in SEA even higher.”
“We are beyond excited to extend our partnership landscape to Canada and to welcome CoinSmart to the SoPa family as it perfectly aligns with our expansion and partnership strategy. After incorporating CoinSmart’s blockchain capabilities, our ecosystem is expected to see an increase in the number of customers, user viscosity and revenue growth,” added Mr. Nguyen.
Started in 2018, CoinSmarthas been a secure and intuitive platform for trading digital assets. As a FINTRAC restricted dealer and marketplace through the Canadian Securities Association (CSA), CoinSmart breaks down the barriers of complex cryptocurrency transactions with an emphasis on educating the crypto curious. CoinSmart, in addition, offers simple solutions, learning tools for all levels, and 24/7 omni-channel client support.
Justin Hartzman, CEO of CoinSmart, commented “The vision of CoinSmart is to build a democratised crypto trading platform where consumers can easily access payments via email, user’s business website and in-person at a click of a button. As crypto is the fastest-growing payment method across the globe, our SmartPay services eliminate chargebacks and significantly reduce costs of processing fees compared to other processing options. By joining forces with SoPa’s extensive ecosystem and large user base in SEA, we are thrilled about the combined marketing capabilities we now bring collectively to our partners and customers.”
Society Pass has been leveraging cutting edge technology to tailor an unprecedented purchase experience for the next generation customers with an aim to ultimately transform the entire retail value chain in SEA. SoPa makes continuous efforts in diversifying the Company’s ecosystem and capturing growing opportunities in the market under new meta economy, by means of strategic acquisitions of market-leading companies and partnerships with visionary entrepreneurs in six distinct B2C e-commerce verticals: loyalty, lifestyle, food & beverage delivery, telecoms, digital marketing,and travel.
About Society Pass Inc
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.
Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021. SOPA shares were added to the Russell 2000 index in December 2021.
SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass 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. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behavior. SoPa has amassed more than 3.3 million registered consumers and over 205,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.
Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA.SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency;Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform;Pushkart.ph, a popular grocery delivery company in Philippines;Handycart.vn, a leading online restaurant delivery service based in Vietnam; andMangan, a leading local restaurant delivery service in Philippines.
For more information on Society Pass, please check out:
Website at https://www.thesocietypass.comor
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_passor
Instagram at https://www.instagram.com/societypass/.
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