Treasure Global Reports Record Engagement on ZCITY Platform
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 26 2026
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Should l Buy TGL?
Treasure Global announced record engagement and monetization on its ZCITY Super App platform, alongside a strategic redevelopment of its TAZTE platform to strengthen its digital ecosystem. For the quarter ended December 2025, the company reported a 7x quarter-over-quarter increase in ARPU and noted that 70.1% of paid users completed three or more transactions, up from 43.9% in the prior quarter. "The surge in high-frequency users demonstrates the growing strength of our ZCITY ecosystem. Our data-driven initiatives are translating into higher engagement and monetization efficiency, reinforcing our strategy of building a scalable digital platform," said Carlson Thow, CEO of Treasure Global. Additionally, TADAA Technologies Sdn Bhd, a subsidiary of Treasure Global, has initiated a strategic redevelopment of the TAZTE platform to enhance technological infrastructure, analytics capabilities, and user experience.
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About TGL
Treasure Global Inc. is a holding company. The Company, through its wholly owned subsidiary, ZCity Sdn Bhd (ZCITY), engages in the payment processing industry and operates an online-to-offline (O2O) e-commerce platform known as ZCITY. The Company has business interests in creating an O2O e-commerce platform with an instant rebate and affiliate cashback program business model, focusing on providing a seamless payment solution and capitalizing on big data using artificial intelligence technology. The Company's product is an Internet application (app) called ZCITY App. ZCITY App drives user app download and transactions by providing instant rebate and cashback. The ZCITY App targets consumers through the provision of personalized deals based on consumers' purchase history, location and preferences. Its technology platform allows it to identify the spending trends of its customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Treasure Global Announces CEO Transition and Strategic Focus
- Leadership Transition: Treasure Global announced that former CEO Sam Teo will return as Chief Executive Officer on April 1, while Carlson Thow will become Executive Director, focusing on corporate governance and long-term strategy, which is expected to enhance governance structure and decision-making efficiency.
- Strategic Redevelopment: Teo's return will accelerate the strategic redevelopment of the TAZTE system, improving digital food and beverage management capabilities, while also driving the rapid rollout of the OXI wallet, which is anticipated to enhance the company's market competitiveness and user experience.
- Market Expansion: Treasure Global is entering high-growth sectors such as electric mobility and advanced technologies through strategic partnerships, with Teo's extensive experience expected to help the company open new revenue streams in global markets, further driving business growth.
- Stock Market Reaction: Following the leadership announcement, Treasure Global's stock surged nearly 7% in after-hours trading, reflecting investor optimism about the company's future growth potential, despite a nearly 93% decline in stock price over the past year.
See More
Treasure Global Reappoints Former CEO Sam Teo as Acting CEO
- Leadership Change: Treasure Global announced the reappointment of former CEO Sam Teo as acting CEO effective April 1, 2026, with Carlson Thow stepping down but remaining on the board as executive director, indicating stability and continuity in the company's leadership.
- Extensive Leadership Experience: Teo, currently an executive director, brings extensive leadership experience across fintech, e-commerce, and high-growth tech ventures, having previously served as director of business development at ZCITY and managing director of Modes Cube Sdn Bhd, which is expected to enhance the company's strategic execution.
- User Engagement Surge: The company reported a sevenfold quarter-over-quarter increase in average revenue per user (ARPU) on ZCITY, with over 70% high-frequency user engagement, indicating significant improvements in monetization and platform scalability that could drive future revenue growth.
- Strategic Development Focus: Under Teo's leadership, Treasure Global is focusing on expanding ZCITY, rolling out the OXI wallet, and redeveloping TAZTE to drive long-term growth, demonstrating the company's proactive positioning for future market opportunities.
See More
Treasure Global Reports Record Engagement on ZCITY Platform
- User Engagement Surge: As of December 2025, ZCITY's high-frequency user rate reached 70.1%, a significant increase from 43.9% in the previous quarter, indicating enhanced user retention that drives transaction frequency and revenue growth.
- Significant ARPU Growth: ZCITY's average revenue per user (ARPU) saw a remarkable 7x quarter-over-quarter increase, reflecting the company's successful strategies in enhancing user value and platform economics, further solidifying its market position.
- TAZTE Platform Redevelopment: Subsidiary TADAA Technologies is undertaking a strategic redevelopment of the TAZTE platform to enhance technological infrastructure and user experience, preparing for future commercialization opportunities and ensuring competitiveness within the digital ecosystem.
- Future Growth Outlook: Treasure Global plans to accelerate growth through AI-driven personalization and optimized merchant solutions, aiming to increase user retention and transaction frequency, thereby strengthening long-term platform economics across Southeast Asia.
See More
Treasure Global Reports Strong Q2 Financial Results
- Significant Revenue Growth: Treasure Global reported a revenue of $1.08 million for Q2, a substantial increase from $0.30 million in Q2 FY2025, primarily driven by continued growth in e-voucher transactions on the ZCITY platform, indicating strong performance in the digital commerce sector.
- Widening Net Loss: Despite the revenue increase, the net loss expanded to $3.11 million from $0.23 million in Q2 FY2025, partially offset by a favorable $4.63 million fair-value adjustment of derivative liabilities, reflecting challenges faced during business expansion.
- Improved Cash Flow: As of December 31, 2025, the company's cash and cash equivalents rose to $5.45 million from $0.24 million as of June 30, 2025, indicating successful financing activities and warrant exercises that enhance financial stability.
- Ongoing Strategic Investments: The company is focused on optimizing its business model through the advancement of the OXI Wallet initiative, expected to provide new revenue opportunities for long-term growth while enhancing integration across the ZCITY platform to boost user engagement and financial service capabilities, further solidifying its position in Southeast Asia's digital economy.
See More
Treasure Global Concludes Alumni Capital Financing Agreement, Avoiding Further Dilution
- Financing Agreement Completion: Treasure Global announced the conclusion of its equity financing agreement with Alumni Capital as scheduled, avoiding further dilution and ensuring a cleaner capital structure for the company.
- Support for Business Restructuring: The financing agreement provided flexibility during the company's restructuring phase, enabling a focus on scaling the OXI Wallet and advancing UNIRWA real-world asset initiatives, which enhances future revenue sustainability.
- Significant User Growth: As of June 2025, the ZCITY Super App has attracted over 2.7 million registered users, solidifying Treasure Global's key position in Malaysia's digital economy and driving growth in e-commerce and fintech sectors.
- Future Development Plans: The company will continue to assess financing options to support its growth strategy and provide further updates through regular SEC filings and public announcements, ensuring transparency and investor confidence.
See More
Treasure Global Closes Direct Offering of 250,000 Shares, Raising $2.5 Million
- Successful Financing: Treasure Global has completed a direct offering with institutional investors, selling 250,000 shares of common stock and raising a total of $2.5 million, providing essential funding for the company's future growth.
- Market Positioning: This financing was conducted under the S-3 registration statement effective March 29, 2024, demonstrating the company's compliance and transparency in capital markets, which helps to enhance investor confidence.
- Product Promotion: As of June 2025, Treasure Global's ZCITY Super App has attracted over 2.7 million registered users, indicating its significant position in Malaysia's digital economy, and the financing will further support product marketing efforts.
- Technological Innovation: The company continuously leverages cutting-edge technologies such as artificial intelligence and data analytics to enhance platform capabilities, and the financing will aid its expansion in e-commerce and fintech, strengthening its competitive edge in the market.
See More
Treasure Global Announces CEO Transition and Strategic Focus
- Leadership Transition: Treasure Global announced that former CEO Sam Teo will return as Chief Executive Officer on April 1, while Carlson Thow will become Executive Director, focusing on corporate governance and long-term strategy, which is expected to enhance governance structure and decision-making efficiency.
- Strategic Redevelopment: Teo's return will accelerate the strategic redevelopment of the TAZTE system, improving digital food and beverage management capabilities, while also driving the rapid rollout of the OXI wallet, which is anticipated to enhance the company's market competitiveness and user experience.
- Market Expansion: Treasure Global is entering high-growth sectors such as electric mobility and advanced technologies through strategic partnerships, with Teo's extensive experience expected to help the company open new revenue streams in global markets, further driving business growth.
- Stock Market Reaction: Following the leadership announcement, Treasure Global's stock surged nearly 7% in after-hours trading, reflecting investor optimism about the company's future growth potential, despite a nearly 93% decline in stock price over the past year.
See More
Treasure Global Reappoints Former CEO Sam Teo as Acting CEO
- Leadership Change: Treasure Global announced the reappointment of former CEO Sam Teo as acting CEO effective April 1, 2026, with Carlson Thow stepping down but remaining on the board as executive director, indicating stability and continuity in the company's leadership.
- Extensive Leadership Experience: Teo, currently an executive director, brings extensive leadership experience across fintech, e-commerce, and high-growth tech ventures, having previously served as director of business development at ZCITY and managing director of Modes Cube Sdn Bhd, which is expected to enhance the company's strategic execution.
- User Engagement Surge: The company reported a sevenfold quarter-over-quarter increase in average revenue per user (ARPU) on ZCITY, with over 70% high-frequency user engagement, indicating significant improvements in monetization and platform scalability that could drive future revenue growth.
- Strategic Development Focus: Under Teo's leadership, Treasure Global is focusing on expanding ZCITY, rolling out the OXI wallet, and redeveloping TAZTE to drive long-term growth, demonstrating the company's proactive positioning for future market opportunities.
See More
Treasure Global Reports Record Engagement on ZCITY Platform
- User Engagement Surge: As of December 2025, ZCITY's high-frequency user rate reached 70.1%, a significant increase from 43.9% in the previous quarter, indicating enhanced user retention that drives transaction frequency and revenue growth.
- Significant ARPU Growth: ZCITY's average revenue per user (ARPU) saw a remarkable 7x quarter-over-quarter increase, reflecting the company's successful strategies in enhancing user value and platform economics, further solidifying its market position.
- TAZTE Platform Redevelopment: Subsidiary TADAA Technologies is undertaking a strategic redevelopment of the TAZTE platform to enhance technological infrastructure and user experience, preparing for future commercialization opportunities and ensuring competitiveness within the digital ecosystem.
- Future Growth Outlook: Treasure Global plans to accelerate growth through AI-driven personalization and optimized merchant solutions, aiming to increase user retention and transaction frequency, thereby strengthening long-term platform economics across Southeast Asia.
See More
Treasure Global Reports Strong Q2 Financial Results
- Significant Revenue Growth: Treasure Global reported a revenue of $1.08 million for Q2, a substantial increase from $0.30 million in Q2 FY2025, primarily driven by continued growth in e-voucher transactions on the ZCITY platform, indicating strong performance in the digital commerce sector.
- Widening Net Loss: Despite the revenue increase, the net loss expanded to $3.11 million from $0.23 million in Q2 FY2025, partially offset by a favorable $4.63 million fair-value adjustment of derivative liabilities, reflecting challenges faced during business expansion.
- Improved Cash Flow: As of December 31, 2025, the company's cash and cash equivalents rose to $5.45 million from $0.24 million as of June 30, 2025, indicating successful financing activities and warrant exercises that enhance financial stability.
- Ongoing Strategic Investments: The company is focused on optimizing its business model through the advancement of the OXI Wallet initiative, expected to provide new revenue opportunities for long-term growth while enhancing integration across the ZCITY platform to boost user engagement and financial service capabilities, further solidifying its position in Southeast Asia's digital economy.
See More
Treasure Global Concludes Alumni Capital Financing Agreement, Avoiding Further Dilution
- Financing Agreement Completion: Treasure Global announced the conclusion of its equity financing agreement with Alumni Capital as scheduled, avoiding further dilution and ensuring a cleaner capital structure for the company.
- Support for Business Restructuring: The financing agreement provided flexibility during the company's restructuring phase, enabling a focus on scaling the OXI Wallet and advancing UNIRWA real-world asset initiatives, which enhances future revenue sustainability.
- Significant User Growth: As of June 2025, the ZCITY Super App has attracted over 2.7 million registered users, solidifying Treasure Global's key position in Malaysia's digital economy and driving growth in e-commerce and fintech sectors.
- Future Development Plans: The company will continue to assess financing options to support its growth strategy and provide further updates through regular SEC filings and public announcements, ensuring transparency and investor confidence.
See More
Treasure Global Closes Direct Offering of 250,000 Shares, Raising $2.5 Million
- Successful Financing: Treasure Global has completed a direct offering with institutional investors, selling 250,000 shares of common stock and raising a total of $2.5 million, providing essential funding for the company's future growth.
- Market Positioning: This financing was conducted under the S-3 registration statement effective March 29, 2024, demonstrating the company's compliance and transparency in capital markets, which helps to enhance investor confidence.
- Product Promotion: As of June 2025, Treasure Global's ZCITY Super App has attracted over 2.7 million registered users, indicating its significant position in Malaysia's digital economy, and the financing will further support product marketing efforts.
- Technological Innovation: The company continuously leverages cutting-edge technologies such as artificial intelligence and data analytics to enhance platform capabilities, and the financing will aid its expansion in e-commerce and fintech, strengthening its competitive edge in the market.
See More
