Society Pass Incorporated (“SoPa”) , Southeast Asia’s 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 ecosystem will 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, CoinSmart has 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.