Treasure Global’s Big Bet on Digital Assets in Southeast Asia

KUALA LUMPUR, Malaysia – December 10, 2025 – In a bold move signaling high-stakes ambition, Malaysian technology firm Treasure Global Inc. (NASDAQ: TGL) has thrown down the gauntlet in the burgeoning Southeast Asian digital asset market. The company today announced the accelerated launch of its OXI wallet, a next-generation digital asset platform, pushing its release forward from a previously planned 2026 debut. The early launch is more than a revised timeline; it’s a strategic offensive, fortified by an immediate corporate client win and a pivotal proposed acquisition aimed at creating an unparalleled distribution network.

Treasure Global, already a significant player in Malaysia’s digital economy with its 2.7 million-user ZCITY Super App, is making a decisive pivot from customer rewards and e-payments to the more complex and lucrative world of blockchain finance. The company is not merely dipping its toes in the water; it is forecasting a potential 100x growth trajectory, targeting 100,000 users and over $100 million in revenue within the wallet's first year. This aggressive push underscores a calculated bet that the future of finance in the region will be built on digital assets, and Treasure Global intends to be a primary architect.

A Two-Pronged Strategy for Rapid Scale

At the heart of Treasure Global’s strategy is a dual-pronged approach that combines cutting-edge technology with a traditional, boots-on-the-ground distribution model. The first prong is the OXI wallet itself. Designed with an institutional-grade focus, it supports major blockchain networks including Binance, Ethereum, TRON, and Solana, offering the interoperability demanded by sophisticated users. Crucially, the platform adheres to international Know Your Customer (KYC) and Anti-Money Laundering (AML) standards, a feature designed to build trust with both corporate clients and regulators in a notoriously complex space. An AI-powered portfolio assistant, slated for a progressive rollout, promises to offer users personalized, data-driven insights while ensuring they retain full control over their assets.

The immediate validation for this approach comes from its first corporate client, Legacy Trustee Berhad, a licensed Malaysian trustee firm. Legacy Trustee's purchase of 1,000 Visa cards linked to the OXI wallet has already generated $120,000 in confirmed revenue. Treasure Global projects that recurring transaction fees from these initial users alone could push first-year revenue from this single client past the $1 million mark.

The second, and perhaps more disruptive, prong of the strategy is the proposed acquisition of a 51% equity interest in Quarters Elite Advisory. This Malaysian financial advisory firm, founded in 2023, manages approximately $150 million in client assets and commands a nationwide network of over 350 professional consultants serving nearly 3,000 clients. This move provides Treasure Global with an instant, powerful, and deeply-entrenched distribution channel that sidesteps the high costs and fierce competition of purely digital customer acquisition.

“Launching OXI wallet ahead of schedule and securing our first corporate client marks a major step forward for Treasure Global,” said Carlson Thow, CEO of Treasure Global. “With the proposed acquisition of Quarters Elite, we gain immediate access to a strong nationwide distribution network that positions us to scale faster than anticipated and unlock additional corporate opportunities.”

From Super App to Digital Asset Powerhouse

Treasure Global's ambitious foray into digital assets is not an overnight pivot. It is an evolution built upon the success of its flagship product, the ZCITY Super App. Launched as a platform integrating e-payment solutions with customer loyalty rewards, ZCITY has amassed over 2.7 million registered users as of June 2025. This existing user base represents a significant, built-in audience that could be seamlessly onboarded to the OXI wallet, creating a powerful synergy between the company's established retail-facing technology and its new fintech ambitions.

This integration provides a crucial bridge between the worlds of traditional online-to-offline commerce and the emerging digital asset economy. By leveraging its existing ecosystem, Treasure Global can reduce friction for users looking to explore digital assets, potentially converting millions of loyalty-point earners into first-time crypto holders. The strategy appears to be a deliberate effort to create a holistic financial ecosystem where users can earn, spend, save, and invest across both fiat and digital currencies within a single, trusted environment.

Navigating Ambition and Market Realities

While the company’s vision is compelling, its path is paved with both immense opportunity and significant challenges. The headline-grabbing projection of over $100 million in revenue is an ambitious target that captures the explosive potential of the market. However, more recent company guidance has set a full-year 2026 revenue target of approximately $3 million. While this represents a dramatic 1,500% surge from its first-quarter performance, it also grounds the initial, loftier projections in near-term operational realities.

Investors are watching closely, and the company's stock (NASDAQ: TGL) has reflected this high-risk, high-reward dynamic with significant volatility. The company recently executed a 1-for-20 reverse stock split to maintain compliance with Nasdaq's minimum bid price requirement, a move often viewed with caution by the market. However, a voluntary 12-month lock-up agreement by major shareholders, covering over 51% of outstanding shares, was implemented to signal long-term commitment and shore up market confidence.

The success of the Quarters Elite acquisition, which is still under a 'heads of terms' agreement, will be critical. Integrating a traditional financial advisory network into a fast-moving digital asset business requires flawless execution. The strategy hinges on the ability of Quarters Elite’s advisors to effectively educate their clients—who range from individuals and families to SMEs—on the merits and mechanics of digital assets, and to successfully transition a portion of their $150 million in managed assets onto the OXI platform.

Building the Rails for a Blockchain-Powered Economy

Ultimately, Treasure Global’s vision extends far beyond a simple crypto wallet. The OXI platform is being positioned as foundational infrastructure for a suite of future blockchain-enabled financial services. The company has already signaled its intent to explore asset tokenization, recently securing a partnership through a subsidiary to manage 200 million UNIRWA tokens, a real-world asset (RWA) initiative valued at $100 million and targeting the real estate and hospitality sectors.

This long-term strategy, which includes potential staking products and broader payment solutions, aligns with the macro trend of digital transformation sweeping across Southeast Asia. With institutional use of stablecoins on the rise and the global crypto wallet market projected to exceed $100 billion by 2033, Treasure Global is positioning itself to capture a significant share of this growth. By building a compliant, secure, and uniquely distributed platform, the company is making a calculated play to not just participate in the region's digital awakening, but to become one of its key architects, bridging the gap between today’s financial landscape and the tokenized economy of tomorrow.