Society Pass Incorporated (NASDAQ: SOPA) and its majority‑owned subsidiary NusaTrip have entered into a strategic partnership with Bookcabin, an Indonesian online travel agency owned by the Lion Air Group. The deal will integrate NusaTrip’s extensive hotel and airline inventory—over one million properties worldwide, including more than 500,000 self‑contracted hotels in Southeast Asia—into Bookcabin’s consumer platform, giving Indonesian travelers a broader selection of accommodation and flight options while providing Bookcabin with a deep global inventory that it previously lacked.
The partnership aligns with SOPA’s broader strategy of building a connected travel ecosystem across Southeast Asia. By strengthening its presence in Indonesia, the region’s largest economy, SOPA aims to tap into the projected US$115 billion travel market by 2034. NusaTrip, which completed its IPO and began trading on Nasdaq under ticker NUTR in August 2025, brings a proven B2B wholesaler model that connects hotels and travel suppliers with agencies, corporates, and online platforms. The collaboration allows NusaTrip to widen its product offerings and revenue base without the high costs of building a consumer‑facing brand, while Bookcabin gains inventory depth that is expected to boost booking volume and revenue.
From a financial perspective, the partnership is significant for SOPA, which reported net losses of US$10.2 million in FY 2024 and US$10.6 million in the trailing 12 months ending September 30 2025. The deal is therefore viewed as a strategic move to drive revenue growth in a high‑growth region. NusaTrip’s trailing‑12‑month revenue of US$2.33 million represents a 50.54% year‑over‑year increase, and the company’s revenue fell to US$1.18 million in 2024, indicating volatility that the partnership may help stabilize. Bookcabin, established at the end of 2023, has shown rapid growth across Southeast Asia but lacks publicly disclosed financials; the partnership is expected to accelerate its expansion and market share in Indonesia.
Market reaction to the announcement was largely positive. SOPA’s stock rose 4.43% following the news, reflecting investor optimism about the partnership’s potential to increase booking volume and revenue. While some analysts noted a brief dip of 3.56% on the day of the announcement, the overall market sentiment remained supportive, with the stock trading at US$2.83 after the announcement.
Management emphasized the strategic importance of the deal. CEO Raynauld Liang said, “This regional partnership represents a significant milestone in NusaTrip’s corporate development in Indonesia as it allows both SOPA and NUTR to expand our growing network of partners in the biggest economy in SEA.” CEO Anson Neo added, “The partnership allows NusaTrip to widen its product offerings, projected revenue base and profit margin potential through the relationship with Bookcabin.”
The partnership also carries risks. Integration challenges between NusaTrip’s B2B platform and Bookcabin’s consumer interface could delay expected synergies. Competition from established players such as Traveloka and Agoda remains intense, and regulatory hurdles in Indonesia could affect market entry. Additionally, NusaTrip faced a temporary trading suspension by the SEC in 2025 over concerns about potential manipulation via social media recommendations, a factor that investors should monitor.
In summary, the partnership is a material development for SOPA, providing access to a large inventory and a high‑growth market while offering NusaTrip a consumer platform to expand its reach. The deal is expected to increase booking volume, revenue, and market share for both parties, and it represents a significant step in SOPA’s strategy to build a connected travel ecosystem across Southeast Asia.
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