Treasure Global Inc (NASDAQ: TGL)

Treasure Global Inc is a Delaware corporation that operates an online to offline electronic commerce platform business model offering consumers and merchants instant rebates and affiliate cashback programs while providing a seamless electronic payment solution with rebates in both electronic commerce and physical retailer settings. Its proprietary product is the ZCITY App which was developed by its subsidiary TADAA Technologies Sdn. Bhd. which is fully owned by Treasure Global Inc. The ZCITY App was successfully launched in Malaysia in June 2020. The company aims to make the ZCITY App Malaysia's top reward and payment gateway platform and to expand its reach across Southeast Asia and Japan.

The company generates revenue from electronic commerce activities for users. It also earns fees from services that help merchants grow their businesses. Additionally it collects membership subscription fees. Its revenue streams consist of product and loyalty program revenue transaction revenue and agent subscription revenue.

Treasure Global Inc operates in the competitive online to offline electronic commerce and loyalty rewards space in Malaysia and Southeast Asia. Its principal competitors include platforms such as Fave and Shopback. The company differentiates itself through a proprietary AI driven personalized rewards program the #RewardsOnRewards loyalty model and integration with multiple payment gateways including iPay88 Touch n Go eWallet Boost eWallet GrabPay and others. As of October 13 2025 the platform had 2 708 641 registered users and 2 027 registered merchants providing a solid base for network effects.

The company serves consumers who register for the ZCITY App and merchants who join the platform to offer goods and services. As of the filing date it reported 2 708 641 registered users and 2 027 registered merchants primarily located in Malaysia. The company plans to expand its user and merchant base to other Southeast Asian countries and Japan.