Our mission is to bring together the worlds of online e-commerce and offline physical retailers; widening consumer choice and rewarding loyalty, while sustaining and enhancing our earning potential. We have created an innovative online-to-offline (“O2O”) e-commerce platform business model offering consumers and merchants instant rebates and affiliate cashback programs, while providing a seamless e-payment solution with rebates in both e-commerce (i.e., online) and physical retailers/merchant (i.e., offline) settings. Our proprietary product is an internet application (or “App”) branded “ZCITY App,” which was successfully launched in Malaysia in June 2020. We have the know-how and expertise to develop additional/add-on technology-based products and services to complement the ZCITY App, thereby growing its reach and user base. --- Through simplifying a user’s e-payment gateway experience, as well as by providing great deals, rewards and promotions with every use, we aim to make the ZCITY App Malaysia’s top reward and payment gateway platform. Our longer-term goal for the ZCITY App is for it to become one of the most used applications throughout Southeast Asia (“SEA”) and Japan. As of July 31, 2022, we had over 2,021,910 registered users and over 1,998 registered merchants. Our Consumer Business SEA consumers have access to a plethora of smart ordering, delivery and “loyalty” websites and apps, but in our experience, SEA consumers very rarely receive personalized deals based on their purchases and behavior. The ZCITY App targets consumers by providing personalized deals based on consumers’ purchase history, location and preferences. Our technology platform allows us to identify the spending trends of our customers (the when, where, why, and how much). We are able to offer these personalized deals through the application of our proprietary artificial intelligence (or “AI”) technology that scours the available database to identify and create opportunities to extrapolate the greatest value from the data, analyze consumer behavior and roll out attractive rewards-based campaigns for targeted audiences. We believe this AI technology is currently a unique market differentiator for the ZCITY App. We have branded our ZCITY App with the hashtag: “#RewardsOnRewards”. We believe this branding demonstrates to users the ability to spend ZCITY App-based Reward Points (or “RP”) and “ZCITY Cash Vouchers” with discount benefits at checkout. Additionally, users can use RP while they earn rewards from selected e-Wallet or other payment methods. ZCITY App users do not require any on-going credit top-up or need to provide bank card number with their binding obligations. We have partnered with Malaysia’s leading payment gateway, IPAY88, for secure and convenient transactions. Users can use our secure platform and enjoy cashless shopping experiences with rebates when they shop with e-commerce and retail merchants through trusted and leading e-wallet providers such as Touch’n Go eWallet, Boost eWallet, GrabPay eWallet and credit card/online banking like the “FPX” (the Malaysian Financial Process Exchange) as well as more traditional providers such as Visa and Mastercard. Our ZCITY App also provides the following functions: 1. Registration Rewards Users may register as a ZCITY App user simply by using their mobile device. They can then verify their ZCITY App account by submitting a valid email address to receive new user “ZCITY Newbie Rewards”. 2. Geo-location-based Homepage Based on users’ location, nearby merchants and exclusive offers are selected and directed to them on their homepage for a smooth, user-friendly interaction. 3. Affiliate Partnership Our ZCITY App is affiliated with more than 5 local services providers such as Shopee and Lazada. The ZCITY App allows users to enjoy more rewards when they navigate from the ZCITY App to a partner’s website. 4. Bill Payment & Prepaid service Users can access and pay utility bills, such as water, phone, internet and TV bills, while generating instant discounts and rewards points with each payment. 5. Branded e-Vouchers Users can purchase their preferred e-Vouchers with instant discounts and rewards points with each checkout. 6. User Engagement through Gamification Users can earn daily rewards by playing our ZCITY App minigame “Spin & Win” where they can earn further ZCITY RP, ZCITY e-Vouchers as well as monthly grand prizes. 7. Charity CSR program Users can make cashless donations through our ZCITY App to the Kentang Charity, which we have collaborated with, or apply donations to other charitable entities. 8. Zstore e-Mall Zstore is ZCITY App’s e-mall service that offers group-buys and instant rebate to users with embedded AI and big data analytics to provide an express shopping experience. Reward Points. Operating under the hashtag #RewardsOnRewards, we believe the ZCITY App reward points program encourages users to sign up on the App, as well as increasing user engagement and spending on purchases/repeat purchases and engenders user loyalty. Furthermore, we believe the simplicity of the steps to obtaining Reward Points (or “RP”) is an attractive incentive to user participation in that participants receive: · 200 RP for registration as a new user; · 100 RP for referral of a new user; · Conversion of Malaysian ringgit spent into RP; · 50% RP of every referred user paid amount as a result of the referral; and · Spin & Win eligibility to receive RP (which may be “doubled up” when participants share the Spin & Win program on social media). The key objectives of our RP are: · Social Engagement: RP are offered to users for increased social engagement. · Spending: RP incentivizes users with every MYR spent in order to increase the spending potential and to build users loyalty. · Sign-up: Drives loyalty and greater customer engagement. Every new user onboarded will get 200 RP as a welcoming gift. · Referral Program: Rewards users with RP when they refer a new user Offline Merchant When using our ZCITY App to make payment to a registered physical merchant, the system will automatically calculate the amount of RP to deduct. The deducted RP amount is based on the percentage of profit sharing as with the merchant and the available RP of the user. Online Merchant When using our ZCITY App to pay utility bills or purchase any e-vouchers, our system shows the maximum RP deduction allowed and the user determines the amount of discount deducted subject to maximum deductions described below and the number of RP owned by such user. Different features have different maximum deduction amounts. For example, for bill payments, the maximum deduction is up to 3% of the bill amount. For e-vouchers, the maximum deduction is up to 5% of the voucher amount. In order to increase the spending power of the user, our ZCITY App RP program will credit RP to the user for all MYR paid. Merchant Facing Business At present, our ZCITY merchants are concentrated in the F&B and lifestyle sectors. Moving forward, we plan to expand our product/service offering to include grocery stores, convenience stores, “micro-SME” (“small to medium size enterprises”), loan programs, affiliate programsand advertising agencies. --- We believe that ZCITY’s Tazte Smart F&B System, which we plan to launch in the second quarter of 2022, will provide merchants with a one-stop automated solution to digitalize their business. It will offer an innovative and integrated technology ecosystem that addresses and personalizes each merchant’s technological needs and will be at the forefront of creating a smart consumer experience, thereby eliminating conventional and outdated standalone point of sale (or “POS”) systems. Tazte will allow merchants to effortlessly record transactions with online payment or QR digital payment technology, set discounts and execute RP redemptions and rewards online, all via our ZCITY App. It utilizes ZCITY App’s CRM analytics software to attract and retain consumers through personalized, data-driven engagement to generate greater profitability. Tazte Smart F&B System will also feature a ‘Deviceless Queue System’ that reduces staff headcount and a private domain delivery service that will allow merchants access to multiple dedicated delivery partners to ensure outstanding delivery service to consumers. Our principal executive offices are located at 276 5th Avenue, Suite 704 #739, New York, New York 10001 and 45, Jalan USJ21/10 USJ 21 47640 Subang Jaya Selangor, Malaysia.
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Here are 1-3 brief analogies for Treasure Global (TGL):
- A Grab or Alipay for lifestyle deals and digital payments.
- Groupon meets PayPal for everyday spending.
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- ZCITY Super App: A mobile application providing a comprehensive platform for e-payments, lifestyle services, and merchant deals in Southeast Asia.
- E-Payment Gateway Services: Facilitates secure online and offline digital transactions for consumers and merchants through their proprietary ZCITY platform.
- Loyalty and Rewards Program: An integrated system allowing users to earn and redeem rewards, vouchers, and deals from a network of merchants.
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Treasure Global (TGL) operates an e-commerce platform and "super-app" called ZCITY, which facilitates transactions and engagement between businesses and individual consumers. While the company's revenue is primarily derived from "merchant services," indicating that businesses are its direct paying customers, Treasure Global does not publicly disclose the names of specific major corporate customers. This is common for platforms that serve a large, diversified base of small to medium-sized businesses, where no single entity accounts for a significant portion of revenue requiring disclosure.
Therefore, focusing on the categories of customers that Treasure Global serves provides a clearer picture of its operational scope:
- Merchants (Businesses): These are Treasure Global's direct paying customers. They encompass a wide range of businesses, primarily Small and Medium-sized Enterprises (SMEs), operating in sectors such as retail, food & beverage, and various service industries. These merchants utilize Treasure Global's services for payment processing (via its payment gateway), advertising and promotions on the ZCITY platform to reach consumers, and implementing customer loyalty programs. While no single major corporate customer is disclosed, these numerous businesses collectively form the core revenue base for TGL.
- Individual Consumers (ZCITY App Users): These are the end-users of the ZCITY mobile application. While they do not directly pay Treasure Global for the core app services (they pay merchants via the app), their engagement and transactions are fundamental to the platform's value proposition and ability to attract and retain merchants. These consumers use the ZCITY app for various purposes, including making mobile payments (e-wallet, credit/debit), redeeming coupons and deals, participating in loyalty programs offered by merchants, and paying bills. This category of customers is primarily located in Malaysia.
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Carlson Thow, Chief Executive Officer
Carlson Thow was appointed Chief Executive Officer of Treasure Global on June 13, 2024, and also serves as an Executive Director from July 4, 2024. Before his role as CEO, he was the Chief Legal Officer of VCI Global Limited from July 2022. His professional background includes practicing law as a Senior Associate and Legal Associate, with a focus on mergers, acquisitions, and corporate financing. Mr. Thow holds a Bachelor of Laws from the University of Northumbria at Newcastle, a Master of Laws from the University of Malaya, and a Master of Business Administration from Lancaster University.
See Wah “Sylvia” Chan, Chief Financial Officer
See Wah “Sylvia” Chan was appointed Chief Financial Officer of Treasure Global, effective July 1, 2025, succeeding Sook Lee Chin. Prior to this appointment, she served as the company's Deputy CFO from June 18, 2025. Before joining Treasure Global, Ms. Chan was the group financial controller of a public listed company. She is a qualified Chartered Accountant, a member of the Malaysian Institute of Accountants, and a fellow member of the Association of Chartered Certified Accountants.
Henry Chai, Chief Operating Officer
Henry Chai was appointed Chief Operating Officer of Treasure Global on June 25, 2024. His expertise includes overseeing technology operations in blockchain companies and managing software development for broker management systems that interface with major exchanges such as Bursa Malaysia, SGX, Nasdaq, and NYSE. Mr. Chai's experience covers technology development, product testing, operational maintenance, and driving new business initiatives.
Chong Chan "Sam" Teo, Executive Director
Chong Chan "Sam" Teo rejoined Treasure Global as an Executive Director and Head of Operations, effective October 22, 2025. He previously served as the company's Chief Executive Officer (at least from February 2024 to June 2024) and as Chief Operations Officer from July 2020 to June 2021. Mr. Teo was also the Chief Executive Officer of ZCITY from March 2020 to June 2021, and its Director of Business Development from May 2018 to February 2020. Earlier in his career, he was the Managing Director of Modes Cube Sdn Bhd from May 2016 to April 2018. He holds a Bachelor’s degree in Quantity Surveying from Sheffield Hallam University.
Michael Chan, Executive Director
Michael Chan was appointed as an Executive Director to Treasure Global's Board of Directors, effective September 26, 2025. He previously served as the Chief Financial Officer of Treasure Global, where he played a role in financial and strategic initiatives, including capital management and operational optimization.
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Treasure Global (symbol: TGL) faces several significant risks to its business operations and financial stability.
Here are the key risks:
1. Limited Financial Strength and Profitability Issues: Treasure Global exhibits inconsistent revenue, negative profitability, and is not yet cash-flow positive, indicating a strong reliance on new capital. The company has reported a negative EBIT margin and profit margin, alongside a rapid cash burn. This financial weakness often necessitates further fundraising, which can lead to shareholder dilution.
2. Underdeveloped and Unproven Business Model: Despite ambitious initiatives such as the OXI Wallet, UNIRWA tokenization, and the ZCITY Super App, these ventures have yet to demonstrate measurable traction or validated revenue streams. There is ongoing skepticism regarding the company's ability to effectively monetize its reported user base.
3. Repeated Structural Pressure and Delisting Risk: Treasure Global has frequently engaged in corporate actions, including reverse stock splits and restructurings, primarily to maintain compliance with Nasdaq listing standards. Such actions often signal persistent price erosion and the company has received notices from Nasdaq regarding non-compliance with minimum bid price requirements, posing a risk of delisting. This history points to significant stock price volatility and structural fragility.
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One clear emerging threat for Treasure Global (TGL) is the **increasing dominance and comprehensive expansion of existing "super-apps"** in its core Southeast Asian markets, particularly Malaysia. Companies such as Grab and Shopee are continually broadening their ecosystems to include a wide array of digital services, including digital payments, e-commerce, loyalty programs, and embedded insurance. These super-apps leverage their massive user bases, extensive data insights, and substantial capital to offer an integrated, convenient, and often superior user experience across multiple facets of daily life.
For TGL's ZCITY platform, which focuses on e-payments, rewards, and deals, the super-apps present a significant challenge by offering similar or more extensive functionalities within a single, highly sticky application. Users may prefer the convenience of using one app for ride-hailing, food delivery, shopping, and payments, rather than engaging with standalone specialized platforms. Similarly, for TGL's Treasure Care embedded insurance platform, these super-apps are natural channels for distributing insurance products due to their high transaction volumes and deep customer data. They are increasingly either developing their own embedded insurance offerings or forming exclusive partnerships with large insurers, potentially limiting the market share and partnership opportunities for independent providers like Treasure Care.
This trend mirrors historical disruptions where integrated, more convenient platforms or business models displaced incumbent specialized players (e.g., Apple's iPhone integrating many functions that separate devices previously handled, or Netflix providing a comprehensive content library over individual rentals).
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Treasure Global (TGL) operates primarily in Malaysia, focusing on its ZCITY App and TAZTE digital management system. The company has also expanded into the Fast-Moving Consumer Goods (FMCG) and e-commerce markets in Malaysia.
Addressable Markets for Treasure Global's Main Products and Services in Malaysia:
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Mobile POS Payments Market (relevant to ZCITY App and TAZTE): This market in Malaysia is projected to reach US$4.73 billion by the end of 2024. It is expected to show a Compound Annual Growth Rate (CAGR) of 20.70% from 2024-2028, resulting in a projected total amount of US$10.04 billion by 2028.
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E-commerce Market (relevant to ZCITY App and FMCG expansion): The e-commerce market in Malaysia is projected to reach US$20.93 billion by 2029.
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Loyalty Program Market (relevant to ZCITY App rewards): The Malaysian loyalty program market is projected to reach US$720.9 million by 2024 and is expected to grow to US$1.02 billion by 2028. Another report indicates that it is expected to grow by 16.2% annually to reach US$471.7 million in 2025.
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Overall Payment Market (relevant to ZCITY App): The total value of selected retail e-payment transactions in Malaysia increased by 17% to reach approximately US$157.46 billion in 2024. The broader Malaysia Payment Market is estimated to grow at a CAGR of 15% from 2026 to 2032, surpassing US$235.6 billion in 2024 to reach a valuation of US$720.71 billion by 2032. E-wallet transactions in Malaysia grew from US$3.16 billion in 2020 to US$11.65 billion in 2023.
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FMCG Market (relevant to Tien Ming Distribution acquisition): Malaysia's FMCG market is projected to grow at a CAGR of 7.95% from 2023 to 2027. The market size for the FMCG industry in Malaysia is approximately USD 159 billion.
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Here are 3-5 expected drivers of future revenue growth for Treasure Global (TGL) over the next 2-3 years:
- Strategic Shift Towards Higher-Margin Digital Offerings: Treasure Global is actively re-positioning its business towards higher-margin digital offerings and scalable technology platforms. This strategic shift, which includes new high-margin solutions for its ZCITY platform, is expected to enhance gross profit and financial stability over the long term, despite potentially leading to a temporary decline in overall revenue during the transition.
- Advancements in AI and Data-Driven Platforms: Building on the success of its ZCITY app, Treasure Global is developing a next-generation AI-powered, data-driven platform. This initiative aims to integrate advanced analytics and personalized features to significantly enhance user engagement and monetization opportunities. The company has already seen early revenue traction in the AI sector with purchase orders for enterprise-grade GPUs and AI software.
- Expansion into Fast-Moving Consumer Goods (FMCG) and Enhanced Logistics: The acquisition of a 51% controlling stake in Tien Ming Distribution Sdn Bhd marks a significant move into Malaysia's FMCG and e-commerce markets. This acquisition is projected to generate substantial revenue over three years by leveraging Tien Ming's exclusive fulfillment partnership with Fraser & Neave Holdings Bhd (F&N), thereby strengthening Treasure Global’s logistics and digital commerce capabilities.
- Partnership for Digital Coupon Solutions with Mezzofy: Treasure Global has entered into an exclusive partnership with Mezzofy (Hong Kong) Limited to be the sole distributor of its digital coupon solutions in Malaysia. This "Coupon-as-a-Service" (CaaS) technology is anticipated to create a new, high-margin, recurring revenue stream by boosting merchant engagement and customer incentives.
- Enhancing the ZCITY Super App and User Engagement: Continued focus on enhancing the features and offerings of the ZCITY Super App is a core driver for growth. With over 2.7 million registered users, initiatives such as the successful launch of the ZCITY Premium Store, which has enhanced gross profit margins and driven transactions, are key to increasing user engagement and merchant participation.
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Share Issuance
- Treasure Global's outstanding shares significantly increased by 6,752.16% in one year, reaching 8.49 million shares.
- Shareholders have experienced substantial dilution over the past year.
Inbound Investments
- Treasure Global announced a strategic investment of USD 400,000 from Executive Director Chan Meng Chun and investor Chuah Su Chen, aimed at advancing expansion plans.
Capital Expenditures
- Capital expenditures for Treasure Global in the last 12 months were approximately -$13,020.
- Annual capital expenditures were -$0.01 million in fiscal year 2025, -$0.02 million in fiscal year 2024, and -$0.09 million in fiscal year 2023.
