Treasure Global Inc (NASDAQ: TGL) is a Malaysia-focused e-commerce and digital rewards company that operates the ZCITY App, a mobile platform connecting consumers with merchants through personalized deals, cashback, and a cross-business rewards program. Revenue is generated from merchants on the platform via transactions completed by member consumers. TGL is incorporated in Delaware and structured as a holding company, incorporated March 20, 2020, holding shares of TADAA Technologies, which was founded in 2017. The ZCITY App was launched in June 2020. The company operates exclusively in Malaysia as of the fiscal year ended June 30, 2025, with stated intentions to expand to other Southeast Asian markets. Inventory consists of e-voucher pin codes and healthcare products, with a 100% write-down policy applied to items aged above 180 days. The company has executed two reverse stock splits: a 1-for-70 split in February 2024 and a 1-for-50 split in April 2025. During fiscal year 2025, TGL advanced software and AI infrastructure development, including a GPU and cloud infrastructure agreement with V Gallant.

Revenue model

Transaction-based revenue generated from merchants on the ZCITY App platform, driven by the number and volume of transactions completed by member consumers. The company also holds inventory of e-vouchers and healthcare products for resale.

Products and services

ZCITY App: a mobile e-commerce platform offering personalized deals, instant rebates, cashback, and a cross-business rewards program called Reward Points (RP), operating under the hashtag #RewardsOnRewards. The platform integrates a payment gateway provided by iPay88. Inventory includes e-voucher pin codes and healthcare products. The company is developing AI cloud infrastructure in partnership with V Gallant, covering GPU servers, network infrastructure, and AI tools.

Customers and end markets

Two-sided platform serving consumers seeking personalized deals and rewards, and merchants seeking access to a consumer base in Malaysia. End markets include online retail, food ordering, fashion, lifestyle, and restaurants. Consumer engagement is driven by breadth of deals and interactive user experience.

Value-chain role

Platform intermediary connecting consumers and merchants in Malaysia. Provides payment processing via iPay88, loyalty and rewards infrastructure, and data-driven personalization for merchants. Delivery fulfillment relies on third-party delivery partners.

Geographic exposure

Operations concentrated in Malaysia as of fiscal year ended June 30, 2025. A 51% acquisition of Tien Ming Distribution Sdn Bhd, intended to expand FMCG fulfillment and logistics, was terminated during fiscal year 2025 with no business combination recognized.

Competitors

Online shopping marketplaces operating in Malaysia, Food ordering platforms operating in Malaysia, Fashion and lifestyle e-commerce retailers, Offline retail and restaurant chains

Source: SEC 10-K, filed 2025-10-14

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