Treasure Global Signs Collaboration Agreement with VCI Global to Develop AI-Powered Travel Platform
19 Julho 2023 - 9:00AM
Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the
“Company”), an innovative technology solutions provider, today
announced that the Company has signed a collaboration agreement
with VCI Global Limited (NASDAQ: VCIG) (“VCI Global”), a
multi-disciplinary consulting group focused on business and
technology, for the development of an artificial intelligence
(“AI”)-powered travel platform as a new offering for travellers in
Malaysia.
VCI Global has selected TGL to develop the
AI-powered platform to function as a high-tech portable concierge
App, utilizing the latest advanced technologies to provide relevant
travel recommendations in real time. By leveraging advanced
AI-powered solutions, the app will aim to revolutionize the travel
experience, assisting users in planning travel and related
activities, such as suggesting places to explore, dining during
their travels in Malaysia and to improve on seamless bookings for
flights, hotels and car rentals. The platform is designed to break
down language barriers as well, with advanced translation
functions.
As part of the agreement, VCI Global will pay a
service fee to TGL worth USD$1 million. TGL will develop, design
and produce the integrated software platform and provide ongoing
maintenance for the AI-powered travel app, which is targeted to
launch next year. TGL and VCI Global will share ownership and
profits generated from this collaboration on a 50:50 basis.
“We believe that global tourism has returned to
its pre-pandemic levels, and we are well-placed to capitalize on
the post-pandemic 'revenge travel' phenomenon through our
collaboration with VCI Global. Our partnership to develop this app
will leverage our combined resources and expertise, namely VCI’s
technology experience with TGL’s software development skills,
extensive user base and connections with merchants and underscores
VCI’s trust in TGL's capabilities. The Malaysian digital economy is
projected to grow to USD$34 billion by 2025, of which USD$8
billion1 is expected to be related to online travel-related
activities. Our AI-powered travel platform will be a catalyst for
growth, unlocking tremendous opportunities in the online travel
sector. TGL’s unwavering focus on cutting-edge technologies and
strategic partnerships solidifies its position as a trailblazer in
the travel industry, strongly positioned to meet the evolving needs
of modern travellers,” said Sam Teo, Chief Executive Officer of
Treasure Global.
“As in our previous collaborations, I am humbled
that once again we are able to play our part by offering our
expertise in enhancing the landscape of the travel industry as
global tourism migrates itself to high-tech platforms to maximise
travellers’ experience. I am very confident that this AI-powered
travel platform will act as a growth catalyst for Malaysia’s
tourism industry. As these (tourist) arrivals numbers are still
below the pre-Covid level, we strongly believe that visitors to
Malaysia will increase exponentially in the near future, especially
as travel is made easier,” said Dato’ Victor Hoo, Group Executive
Chairman and Chief Executive Officer of VCI Global.
About VCI Global
Limited VCI Global is a multi-disciplinary consulting
group with key advisory practices in the areas of business and
technology. The Company provides business and boardroom strategy
services, investor relation services, and technology consultancy
services. Its clients range from small-medium enterprises and
government-linked agencies to publicly traded companies across a
broad array of industries. VCI Global operates solely in Malaysia,
with clients predominantly from Malaysia, but also serves some
clients from China, Singapore, and the US.
For more information on the Company, please log
on to https://v-capital.co/.
About Treasure Global
IncTreasure 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 March 31, 2023, ZCITY had over 2,400,000
registered users.
For more information, please
visit https://treasureglobal.co/.
Forward Looking StatementsThis
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 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 ContactPhil CarlsonKCSA Strategic
Communicationsir_us@treasuregroup.co
Malaysian Investor
Contactsir_my@treasuregroup.co
Media ContactSue Chuah, Chief Marketing
OfficerTreasure Global Incmediacontact@treasuregroup.co
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1 Google, Temasek and Bain & Company, e-Conomy SEA
Report.
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