Here are 1-3 brief analogies for Treasure Global:

• Southeast Asia's PayPal Honey for online and offline shopping and payments.
• A Grab or GoJek-style 'super app' primarily for payments, loyalty, and deals across online and physical stores.
• Like Square or Toast's merchant system, but tightly linked to a consumer loyalty and payment app.

• ZCITY App: An online-to-offline (O2O) e-commerce platform that provides instant rebates, affiliate cashback, and a seamless e-payment solution for consumers across online and physical merchants.
• ZCITY App Reward Points (RP) Program: A loyalty program integrated within the ZCITY App designed to incentivize user sign-ups, social engagement, spending, and referrals through various earning and redemption opportunities.
• ZCITY App Bill Payment & e-Voucher Services: Functions within the ZCITY App allowing users to pay utility bills and purchase branded e-vouchers, both with instant discounts and reward points.
• Zstore e-Mall: An e-commerce mall service within the ZCITY App offering group-buys and instant rebates, enhanced by AI and big data analytics for an optimized shopping experience.
• Tazte Smart F&B System: An integrated, automated solution for F&B merchants providing tools for digitalized transactions, discount management, CRM analytics, queue management, and delivery services.

Treasure Global (TGL) primarily serves individual consumers, acting as an online-to-offline (O2O) e-commerce platform that connects users with various merchants and services. The company's ZCITY App targets a broad consumer base seeking convenience, rewards, and discounts in their daily transactions.

The up to three major categories of individual customers Treasure Global serves are:

1. Everyday Digital Spenders: These are individuals who leverage the ZCITY App for their routine cashless transactions, encompassing a wide range of activities such as paying utility bills (water, phone, internet, TV), making purchases at registered physical retailers (e.g., F&B, lifestyle sectors), and engaging in e-commerce. They are attracted by the convenience of a consolidated payment gateway and the instant rebates and rewards earned on their everyday spending.
2. Reward and Discount Maximizers: This category comprises consumers who are specifically drawn to the ZCITY App's extensive "RewardsOnRewards" program. These users actively seek out personalized deals, participate in gamified features like "Spin & Win," benefit from referral programs, and strategically redeem ZCITY Reward Points (RP) and ZCITY Cash Vouchers to maximize discounts and savings on their purchases and payments.
3. Affiliate & E-Voucher Shoppers: This segment includes individuals who utilize the ZCITY App as a portal to access affiliate e-commerce platforms (such as Shopee and Lazada) to earn additional rewards, thereby enhancing their online shopping experience. It also includes users who regularly purchase branded e-vouchers through the ZCITY App, benefiting from instant discounts and reward points on these digital purchases.

IPAY88

Touch’n Go eWallet

Boost eWallet

Grab Holdings Limited (symbol: GRAB)

FPX

Visa (symbol: V)

Mastercard (symbol: MA)

Key Risks to Treasure Global (TGL)

1. Intense Competition and Challenges in User and Merchant Acquisition and Retention: Treasure Global operates the ZCITY App in a highly competitive market, as indicated by "SEA consumers have access to a plethora of smart ordering, delivery and “loyalty” websites and apps." The company's mission to become "Malaysia’s top reward and payment gateway platform" and expand across Southeast Asia and Japan faces significant challenges from established and emerging competitors vying for consumers and merchants. Successfully acquiring new users and merchants, and retaining them through personalized deals, reward points, and the Zstore e-Mall, requires continuous innovation, substantial marketing efforts, and effective differentiation, which can be difficult in a crowded digital landscape. The entire business model relies on a growing and engaged user base and merchant network.
2. Dependence on Third-Party Payment Gateways and E-Wallet Providers: The ZCITY App's core functionality relies heavily on partnerships with "Malaysia’s leading payment gateway, IPAY88" and "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." Any disruption to these critical partnerships, changes in their terms, or issues with their reliability or security could severely impact Treasure Global's ability to process payments and offer its seamless cashless shopping experience, thereby undermining a fundamental aspect of its service offering.
3. Reliance on Technology and Cybersecurity: Treasure Global emphasizes its "proprietary artificial intelligence (or “AI”) technology" as a "unique market differentiator" for personalizing deals and analyzing consumer behavior. The business is inherently dependent on the continuous development, maintenance, and security of the ZCITY App and its underlying technology, including the planned Tazte Smart F&B System. Any failure to keep the technology updated, significant system outages, data breaches, or cybersecurity attacks could compromise user data, erode trust, disrupt operations, and negate the company's technological advantages.

The primary emerging threat to Treasure Global (TGL) is the potential for the major e-wallet providers and "super-apps" in Southeast Asia, with whom ZCITY currently partners for payment processing (e.g., Touch’n Go eWallet, Boost eWallet, GrabPay eWallet) and affiliate services (e.g., Shopee, Lazada), to significantly enhance and integrate their own comprehensive loyalty, rebate, and AI-driven personalized deal programs. These dominant platforms possess vast existing user bases, extensive transaction data, and established merchant networks. If they choose to directly incorporate and aggressively promote ZCITY’s core "rewards on rewards" and personalized deal functionalities within their own applications, they could leverage their scale to offer a more seamless and integrated experience, potentially making TGL’s ZCITY App less appealing or even redundant as an intermediary layer for users seeking such benefits.

Treasure Global (TGL) operates in several significant addressable markets primarily within Southeast Asia and Japan through its ZCITY App and Tazte Smart F&B System.

ZCITY App (Online-to-Offline E-commerce, Digital Payments, Loyalty Programs)

The ZCITY App, which serves as an online-to-offline (O2O) e-commerce platform offering digital payment solutions with rebates and loyalty programs, targets consumers in Southeast Asia and Japan.

Southeast Asia

• The e-commerce market in Southeast Asia was valued at approximately USD 139 billion in 2023, USD 184 billion in 2024, and USD 269.63 billion in 2025. It is projected to reach USD 325 billion by 2028 and USD 1,480.47 billion by 2034.
• The digital payments market in Southeast Asia was part of a larger fintech market that reached USD 907 billion in 2024, with digital payments and transfers comprising 46.8% of this volume. This market is projected to reach USD 1,174 billion by 2025, and is expected to grow from USD 120 billion in 2023 to USD 306 billion by 2028.
• The loyalty programs market across Asia (including Southeast Asia) is projected to grow from USD 46.9 billion in 2023 to USD 74.1 billion by 2028. The Asia Pacific loyalty market is expected to increase from USD 30.81 billion in 2024 to reach USD 60.03 billion by 2029.

Japan

• Japan's e-commerce market was valued at around USD 380 billion in 2024 and is anticipated to expand to approximately USD 465 billion by the end of 2027.
• The digital payments market in Japan was estimated at USD 7010.18 million in 2024 and is anticipated to reach USD 21875.87 million by 2035. More specifically, the mobile payments market size stood at USD 0.36 trillion in 2026 and is projected to reach USD 1.41 trillion by 2031. The digital wallet market alone is projected to rise to USD 227.19 billion by 2026 and approximately USD 324.49 billion by 2030.
• The loyalty programs market in Japan is expected to reach USD 3.87 billion by 2025, USD 3.54 billion by 2026, and is projected to expand to US$5.48 billion by the end of 2030. Another report estimates the market at USD 363.0 million in 2025, reaching USD 1,813.5 million by 2034.

Tazte Smart F&B System (F&B Digitalization, POS Systems, Delivery Services for Merchants)

The Tazte Smart F&B System aims to digitalize F&B businesses, encompassing POS systems and delivery services for merchants.

Southeast Asia

• The foodservice market in Southeast Asia was valued at US$667 billion in 2023 and is projected to reach US$900 billion by 2028. The foodservice segment specifically is poised to grow from US$192.43 billion in 2024 to US$349.05 billion by 2029. Another estimate values the market at USD 223.80 billion in 2025, forecasting it to reach USD 465.45 billion by 2031.
• The online food delivery market in Southeast Asia was valued at USD 5,536.7 million in 2024 and is expected to reach USD 19,722.8 million by 2033. The Gross Merchandise Value (GMV) for food delivery in Southeast Asia grew to US$22.7 billion in 2025.

Japan

• The Japanese foodservice market was valued at USD 236.29 billion in 2023 and is projected to increase to USD 475.46 billion by 2030. The overall food and beverage market in Japan is anticipated to reach approximately USD 435 billion in 2025.
• The food technology market in Japan generated a revenue of USD 9,630.9 million in 2023 and is expected to reach USD 18,710.9 million by 2030.
• The Point-of-Sale (POS) terminal market in Japan was valued at USD 7.8 billion in 2025 and is estimated to reach USD 15.3 billion by 2034. The Japan POS market is also expected to reach USD 1.876 billion by 2026.

Treasure Global (TGL) anticipates significant revenue growth over the next 2-3 years, driven by a strategic focus on expanding its fintech and digital asset ecosystem, enhancing its core platforms, and entering new high-margin verticals. Key expected drivers of this growth include:

1. Launch and Integration of OXI Wallet: The company projects substantial revenue growth by 2026, largely fueled by the planned launch of the OXI Wallet in the first half of 2026. This institutional-grade digital asset platform is designed to handle up to $10 billion in user assets and will integrate with the existing ZCITY ecosystem, generating diverse revenue streams from wallet fees, debit card transactions, listing fees, and future asset tokenization.
2. UNIRWA Real-World Asset (RWA) Tokenization Partnership: Treasure Global, through its subsidiary Tadaa Technologies, has secured an exclusive partnership to manage 200 million UNIRWA tokens, projected to be valued at $100 million. These asset-backed tokens will target the burgeoning real estate and hospitality sectors in Southeast Asia, utilizing the OXI Wallet infrastructure. Revenue generation is expected from management fees, transaction fees, and tokenization service fees, marking the company's entry into the regulated RWA finance sector.
3. Acquisition of Quarters Elite: The acquisition of Quarters Elite, which manages approximately $150 million in client assets with around 350 advisors and 3,000 clients, is a significant contributor to the projected revenue growth by 2026. This acquisition is expected to establish recurring revenue streams by expanding Treasure Global's footprint in financial services.
4. Expansion and Enhanced Monetization of ZCITY Super App with AI and New Features: The ZCITY App is being transformed into an AI-driven "Super App," integrating features such as secured messaging, digital asset wallets, and micro-financing solutions. This initiative aims to boost user engagement and retention through AI-powered personalized cashback rewards and an expansion into higher-margin revenue channels. Furthermore, ZCITY is venturing into Mobile Virtual Network Operator (MVNO) services with AI-powered crypto mining capabilities, anticipating a fivefold increase in monthly revenue to US$2 million within the next 12 months, and an annual growth of US$25 million. Partnerships for interactive mini-game modules are also expected to increase user engagement.
5. Increased Adoption and Expansion of Tazte Smart F&B System: The Tazte Smart F&B System is identified as a crucial new revenue stream, expected to enhance ZCITY's profit and margins by charging merchants based on monthly gross merchandise value. The company plans to broaden its product and service offerings to merchants beyond the food and beverage sector, including grocery stores, convenience stores, and micro-SMEs, leveraging Tazte to support their digitalization efforts. This focus on higher-margin channels like F&B is a deliberate strategic shift.

Share Issuance

• Treasure Global completed a registered direct offering of common stock in December 2025, generating gross proceeds of $2,500,000.
• The company is undertaking an "at-the-market" stock offering of up to $10,085,000 of common stock.
• A 1-for-20 reverse stock split was implemented on December 5, 2025.

Outbound Investments

• Treasure Global has pursued letters of intent and agreements for acquisitions, including Quarters Elite Advisory Sdn. Bhd.

Capital Expenditures

• Capital expenditures amounted to -$989,612 over the last 12 months.
• In the most recent quarter, capital expenditures totaled -$0.645 million.
• The company has experienced an annual 5-year growth in capital expenditure of 112.5%.