Treasure Global's High-Stakes Pivot: From Super App to Digital Finance Powerhouse

KUALA LUMPUR, Malaysia – December 01, 2025 – Treasure Global Inc. (NASDAQ: TGL), a technology firm known for its ZCITY rewards app, has unveiled an audacious strategy projecting over 500% revenue growth for 2026. This ambitious forecast isn't based on its existing e-commerce platform but on a radical pivot into the high-growth, high-risk worlds of fintech and digital assets. The company is betting its future on a newly forged ecosystem comprising three strategic pillars: a proprietary digital asset wallet, a major real-world asset (RWA) tokenization partnership, and the acquisition of a traditional financial advisory firm.

In a market that punishes stagnation, Treasure Global's announcement is a declaration of intent to disrupt. The company aims to integrate these ventures to create a flywheel of growth, turning its existing user base into customers for a new suite of financial products. However, this bold move comes against a backdrop of significant financial challenges, making it a critical, make-or-break moment for the Malaysia-based firm. The central question for investors and market watchers is whether this complex, synergistic strategy can be executed effectively to reverse the company's fortunes.

Deconstructing the Projections Amid Financial Headwinds

On the surface, the numbers are eye-catching. Treasure Global forecasts revenues of approximately USD 1 million, a dramatic leap from the USD 182,527 reported in its first quarter. This projected surge is intended to signal accelerating monetization and a decisive shift in the company's trajectory. Yet, placing this forecast in its proper context reveals the immense pressure behind the pivot.

According to public filings, the company's recent financial history has been turbulent. After peaking at over USD 79 million in fiscal year 2022, annual revenue plummeted to just USD 2.33 million for the fiscal year ending in June 2025, an 89% year-over-year decline. The company reported a net loss of approximately USD 23.4 million for the same period and, in its filings, management expressed substantial doubt about its ability to continue as a "going concern." More recently, in November 2025, stockholders approved a reverse stock split to maintain the company's Nasdaq listing—a common move for companies facing delisting due to low share prices.

Viewed through this lens, the 500%+ growth projection is less a sign of organic expansion and more a necessary outcome for a company fighting for its survival. The success of its new fintech ventures is not merely an opportunity for growth; it is an imperative for viability. The projected USD 1 million revenue figure, while a significant increase from its recent quarterly performance, represents a starting point for a recovery that must prove to be both rapid and sustainable.

The Three Pillars of a New Financial Ecosystem

Treasure Global's revitalization strategy rests on the integration of three distinct but interconnected initiatives, designed to create a comprehensive digital finance ecosystem.

First is the OXI Wallet, positioned as an institutional-grade digital asset platform slated for a 1H 2026 launch. The company claims it will feature state-of-the-art security, full regulatory compliance, and multi-chain support, with the ambitious goal of accommodating up to USD 10 billion in user-held assets in its first year. This move places Treasure Global in direct competition with established global players like Fireblocks and BitGo, as well as regional financial institutions like Singapore's DBS, which are already making inroads in the institutional custody space. For OXI Wallet to gain traction, it will need to provide concrete proof of its security through independent audits and navigate the complex, fragmented regulatory landscape of Southeast Asia—a significant undertaking for any new entrant.

Second, the company is diving headfirst into the burgeoning field of real-world asset tokenization through its subsidiary, Tadaa Technologies. It has secured an exclusive partnership to act as treasury manager for 200 million UNIRWA tokens, projected to hold a value of USD 100 million. These tokens, backed by real estate and hospitality assets in Southeast Asia, represent a significant entry into a market that some analysts predict could reach USD 10 trillion globally by 2030. By leveraging OXI Wallet as the underlying infrastructure, Treasure Global aims to generate revenue from management, transaction, and tokenization fees. This taps into a major trend, but success hinges on navigating the legal and regulatory complexities of representing physical asset ownership on a blockchain, an area where regional frameworks are still evolving.

The third and perhaps most strategic pillar is the recent acquisition of Quarters Elite, a Malaysian financial advisory firm managing a reported USD 150 million in client assets with a network of over 350 advisors. This transaction, initiated with a non-binding letter of intent in November, is the linchpin of Treasure Global's distribution strategy. Instead of building a customer base from scratch, the company gains immediate access to nearly 3,000 clients already engaged with traditional financial products. Quarters Elite is envisioned as the bridge to convert these investors to the digital asset world, using its trusted advisors to introduce OXI Wallet and UNIRWA tokens. This move could dramatically lower customer acquisition costs and create a powerful synergy between old and new finance.

Execution Risk Versus Ecosystem Reward

The strategic logic behind Treasure Global's plan is compelling. By combining its ZCITY app's 2.7 million user base with Quarters Elite's advisory network and the advanced capabilities of the OXI Wallet, the company has designed a vertically integrated ecosystem on paper. This structure could, in theory, capture value at every stage, from user onboarding to asset management and transaction processing. The synergy is clear: the super app provides a broad user funnel, the advisory firm provides a high-value distribution channel, and the wallet and tokenization platform provide the innovative products.

However, the gap between a strategic blueprint and successful market execution is vast, and it is here that Treasure Global faces its greatest test. The company's precarious financial health means it has little room for error. Integrating a traditional financial advisory firm, launching a technologically complex digital wallet, and managing a novel RWA token all require significant capital, expertise, and flawless execution—resources that may be stretched thin.

Furthermore, market acceptance remains a major variable. The success of the Quarters Elite synergy depends on the willingness of its traditional client base to embrace the perceived risks of digital assets. Building that trust will require OXI Wallet to demonstrate impeccable security and regulatory adherence from day one. As CEO Carlson Thow stated, the goal is a "formidable ecosystem poised for recurring revenue," but achieving that vision depends entirely on the market's confidence in the company's ability to deliver on its ambitious promises. The coming months will be critical in determining whether Treasure Global's strategic pivot is the beginning of a major market disruption or a high-stakes gamble that falls short.