Society Pass (SoPa) Acquires Singapore-Based Gorilla Networks

Society Pass Incorporated ("SoPa") (Nasdaq: SOPA), Southeast Asia's leading data driven loyalty and ecommerce ecosystem, announced today that it acquired Singapore-based Gorilla Networks Pte Ltd ("Gorilla"), a leading next generation Web3-enabled MVNO.

Established in Singapore in 2019, Gorilla utilises Web3 technology to operate a MVNO for its users in Southeast Asia. With network coverage to over 160 countries, Gorilla offers a full suite of mobile communication services such as local calls, international roaming, data, and SMS texting. More importantly, Gorilla enables its customers to convert unused mobile data into digital assets or Gorilla GO Tokens through its innovative proprietary blockchain-based SwitchBack feature. Gorilla GO Tokens in turn can be redeemed for eVouchers, to offset future bills, or be redeemed for other value-added services.

With the rebound of the travel market throughout Southeast Asia in 2Q/3Q 2022, Gorilla expects to dramatically increase its customer base by marketing to the region's business and leisure travellers with its user-friendly technology platform. It plans to expand its MVNO services offering to Vietnam, Thailand, and Malaysia over the next 12 months.

Dennis Nguyen, Society Pass Founder, Chairman and Chief Executive Officer, explained, "We are excited to make our first acquisition in Singapore, and welcome Gorilla into our SoPa family. Gorilla's technology platform aligns well with our acquisition strategy as we incorporate Gorilla's blockchain and Web3 capabilities onto the SoPa ecosystem and enable the new meta-economy for all our portfolio companies. From our Leflair lifestyle e-commerce platform to our Pushkart/Handycart F&B delivery services, as we roll out the Society Pass loyalty platform in the coming months, we leverage Gorilla's technology to drive customer retention for merchants and create innovative revenue models for our ecosystem."

"When we started Gorilla Networks three years ago, our vision was to build a democratised mobile communications service platform where users regardless of nationality, home location or mobile subscription plans can access essential telecoms services such as roaming and mobile data anywhere and everywhere throughout the world. Gorilla is currently transitioning existing web 2 telco services onto the web3 economy by tokenising mobile data as digital assets. In 2021, we digitised eSIMS, data plans, and mobile numbers as NFTs, which dramatically transformed how our users purchase, interact and experience mobile services. By joining forces with SoPa's extensive ecosystem and large user base in Southeast Asia, we are thrilled about the combined marketing capabilities we will now bring collectively to our partners and customers," exclaimed Xanne Leo, Founder and Chief Executive Officer of Gorilla Networks.

Society Pass leverages cutting edge technology to tailor an unprecedented experience for the next generation customers in the purchase journey and to transform the entire retail value chain in Southeast Asia. Through the acquisitions of market-leading companies and partnerships with visionary entrepreneurs in six distinct B2C e-commerce verticals: lifestyle, food & beverage delivery, travel, digital marketing, telecoms and food and beverage ordering, the Company meets SEA's growing demand for a new meta-economy experience.