Treasure Global Announces Collaboration with Malaysian Ministry of Domestic Trade & Cost of Living to Launch ‘Payung Rahmah’ Initiative

‘Payung Rahmah’ program provides e-Vouchers for essential goods at reduced prices for low-income Malaysians

NEW YORK and KUALA LUMPUR, Malaysia, July 25, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the “Company”), an innovative technology solutions provider, today announced that it has collaborated with the Ministry of Domestic Trade and Cost of Living (KPDN) for the launch of the ‘Payung Rahmah’ program. The collaboration will bolster ZCITY’s brand recognition, as well as attract additional users to the ZCITY app, TGL’s proprietary digital lifestyle platform.

The Payung Rahmah initiative is the Malaysian Government’s program to offer various financial saving initiatives, reducing the cost of living for lower-income groups, including youth and university students.

As part of this, ZCITY will offer a comprehensive package of living essential e-vouchers on the ZCITY app for items such as petrol, food and bills. Users of the app will be able to purchase vouchers for these items at reduced-prices, thereby assisting low-income Malaysians and helping to address this societal challenge.

In addition, ZCITY will gain increased brand recognition and exposure throughout Malaysia. The collaboration showcases ZCITY's cutting-edge digital ecosystem and innovative technology solutions, positioning it as a leader in the digital payment and rewards market.

Sam Teo, Chief Executive Officer of TGL, said, “TGL cares deeply about the communities we operate in, and we are proud to have the Malaysian Government’s trust as a partner in this important initiative. Inflation and the increasing cost of living are significant challenges for many Malaysians, and the Payung Rahmah program aims to combat these issues by offering discounts on living necessities. We also anticipate this initiative will help grow ZCITY’s userbase, helping drive transaction numbers and increased revenue. As a leader in the digital innovation space, TGL is pleased to play a role in supporting this great cause, while also growing our brand presence, and we look forward to collaborating with the Malaysian government for additional future projects.”