Treasure Global Announces Strategic Partnership With AmBank To Expand Consumer Reach, Supporting Regional Expansion Plan
Rhea-AI Summary
Treasure Global Inc (NASDAQ: TGL) has announced a strategic partnership with AmBank Group Berhad, one of Malaysia's largest financial services groups. This collaboration aims to expand TGL's consumer reach and support its regional expansion plans by leveraging AmBank's credit card user base.
The partnership agreement allows TGL to offer rewards through promotional campaigns on its ZCITY app when users make payments with AmBank credit cards. This initiative is expected to drive additional users to ZCITY and increase its brand exposure.
Sam Teo, CEO of TGL, stated that this collaboration aligns with the company's goal of transforming and simplifying the e-payment experience for consumers while allowing them to earn rewards. The partnership is part of TGL's strategy to create a fully-fledged reward ecosystem that adopts advanced technology and digital payment solutions.
Positive
- Strategic partnership with AmBank, a major Malaysian financial services group
- Potential for increased user acquisition and brand exposure for ZCITY app
- Expansion of product portfolio and rewards options for ZCITY users
- Leveraging AmBank's credit card user base for regional expansion
Negative
- None.
News Market Reaction
On the day this news was published, TGL declined 2.63%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEW YORK and KUALA LUMPUR, Malaysia, May 25, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“Treasure Global,” or the “Company”), an innovative technology solutions provider, today announced it has signed a strategic partnership agreement with AmBank Group Berhad (“AmBank”), one of the largest financial services groups in Malaysia, allowing for a wider customer reach and supporting its future regional expansion by leveraging AmBank’s customer base of credit card users. Under the partnership agreement, TGL will offer rewards through promotional campaigns for users on its proprietary application, ZCITY, when they use AmBank credit cards for payments on the app, driving additional users to ZCITY and increasing its brand exposure.
“Through this strategic collaboration, TGL is able to expand its product portfolio while providing more rewards options for ZCITY registered users. This aligns with our ultimate goal of transforming and simplifying the e-payment experience for consumers with a one-stop digital ecosystem, while simultaneously allowing them to earn rewards,” said Sam Teo, Chief Executive Officer of TGL.
“TGL is making significant strides in realizing our vision of generating a fully-fledged reward ecosystem that widely adopts technology and an advanced digital payment solution. By entering into strategic partnerships with leading companies throughout the region that support the offerings of our entire digital platforms, TGL is able to widen its reach, driving user acquisition and brand exposure,” concluded Mr. Teo.
About AmBank
AmBank Group Berhad is a leading financial services group with over 40 years of expertise in supporting Malaysia's economic development. AmBank has over three million customers and employs over 9,000 employees. AmBank is the sixth-largest banking group, with a market capitalisation of more than RM12 billion as of 31 March 2022. AmBank provides services in wholesale banking, business banking, retail banking, investment banking and related financial services, which include Islamic banking, general insurance, life insurance, family takaful, stock and share broking, futures broking, investment advisory and management services in assets, real estate investment trust and unit trusts.
For more information, please visit https://www.ambankgroup.com/
About Treasure Global Inc
Treasure Global is a Malaysian solutions provider developing innovative technology platforms. Treasure Global has developed two technology solutions: the ZCITY App, a unique digital ecosystem that transforms and simplifies the e-payment experience for consumers, while simultaneously allowing them to earn rewards; and TAZTE, a digital F&B management system providing merchants with a one-stop management and automated solution to digitalize their businesses. Treasure Global also acts as a master franchiser in SEA for popular restaurant chains, while providing them with the TAZTE solution. As of April 30, 2023, ZCITY had over 2,400,000 registered users.
For more information, please visit https://treasureglobal.co/
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s initial public offering filed with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. These forward-looking statements cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
For further information, please contact:
U.S. Investor Contact
Phil Carlson
KCSA Strategic Communications
ir_us@treasuregroup.co
Malaysian Investor Contacts
ir_my@treasuregroup.co
Media Contact
Sue Chuah, Chief Marketing Officer
Treasure Global Inc
mediacontact@treasuregroup.co
FAQ
What is the purpose of Treasure Global's (TGL) partnership with AmBank?
How will the partnership between TGL and AmBank benefit ZCITY app users?
What is Treasure Global's (TGL) long-term goal with this partnership?
How does the partnership with AmBank align with TGL's expansion strategy?
