Treasure Global Inc to Form E-Commerce Ventures in Indonesia with Industry Pioneers Ariadi Anaya and Budihardjo Iduansjah
15 Agosto 2023 - 10:16AM
Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the
“Company”), an innovative technology solutions provider, today
announced the Company has signed Letter of intent to form an
e-commerce venture in Indonesia (the “LoI”), PT Harmoni Bagi Dunia
(“HBD”) with industry pioneers Ariadi Anaya and Budihardjo
Iduansjah. TGL will hold a 70% major stake in HBD.
TGL will grant HBD exclusive rights to promote and operate its
proprietary app, ZCITY, in Indonesia. The LoI marks the beginning
of the Company’s expansion into the Indonesian market, aligning
with TGL's strategy to grow internationally by partnering with
innovative local partners. TGL is planning in the coming months to
launch ZCITY in Indonesia with a dedicated business development
and operations team.
The ventures will provide TGL and its proprietary app, ZCITY,
with access to a robust network of 200,000 merchants and data of 5
million users within the several industries in Indonesia. The
Indonesian market has a substantial internet user base of 213
million, out of a population of 276 million, providing significant
opportunity for expansion of TGL’s total addressable market1.
"The establishment of this collaborative venture is a
transformative milestone, marking our entry into Indonesia's
promising digital market, in line with our strategic priority to
expand our reach internationally,” said Sam Teo, Chief Executive
Officer of TGL. “The visionary leadership of Ariadi Anaya and
Budihardjo Iduansjah aligns with our commitment to driving
innovative growth, empowering local businesses, and revolutionizing
the digital payment experience for our users. As we progress our
journey towards growth throughout South-East Asia, our new
collaborative venture will allow TGL to access an increased market
size and provide solutions that redefine the digital landscape in
the region.”
TGL will partner with Indonesian industry pioneers Ariadi Anaya
and Budihardjo Iduansjah for the collaborative venture, who will
lead the local management team. Ariadi Anaya is President &
Director of HBD and a respected figure in the digital arena with
over 24 years of diverse experience. He brings an extensive
background, previously overseeing a network of 200,000 merchants
across industries such as food and beverage, travel, fintech, and
payment solutions. Budihardjo Iduansjah is renowned for his
dedication to local economic growth, and holds significant
experience in the local market. His visionary leadership and
strategic acumen across diverse roles and organizations have driven
initiatives that have positively impacted the industry in
Malaysia.
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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https://datareportal.com/reports/digital-2023-indonesia.
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