VCI Global Partners with Treasure Global Inc. to accelerate the development of e-commerce and fintech in Southeast Asia

VCI Global (NASDAQ: VCIG) announced a strategic partnership with Treasure Global Inc to enhance ZCITY into an AI-powered super app. This collaboration aims to integrate secure messaging, digital wallet and microfinance capabilities, leveraging VCIG’s fintech capabilities and TGL’s 3 million user base. The partnership targets the Southeast Asian market, starting with Malaysia with its 33 million inhabitants, increasing financial inclusion and streamlining digital transactions. VCIG envisions long-term shareholder value through expanded geographic reach and the implementation of innovative financial solutions.

Positive

Strategic partnership with Treasure Global Inc to enhance e-commerce and fintech offerings.

Instant access to TGL’s user base of approximately 3 million users.

Integration of advanced AI-powered features such as secured messaging, digital wallet and microfinance.

First launch in Malaysia, accessing a market of over 33 million people.

Potential for significant long-term shareholder value through expanded reach and innovative solutions.

Negative

No detailed forecasts of financial profits and revenues.

Potential implementation and integration challenges in the new market.

Dependent on successful adoption of ZCITY Super by the user base.

Partnership between VCI Global and Treasure Global Inc. is an important strategic move for both companies. For Global VCI (VCIG) this collaboration provides immediate market access for approx 3 million users in the Southeast Asian region. This access could significantly increase their revenue streams through improved implementation of fintech services.

From a financial perspective, the integration of AI-powered microfinance and secured messaging features in TGL’s ZCITY Super app suggests potential higher transaction volumes and user engagement. This may have a positive impact on VCIG’s financial results, resulting in better market penetration and revenue growth.

However, the success of the partnership depends on effective implementation and user adoption of new features. Everyone delays or technical problems could potentially undermine the expected financial benefits. Investors should also consider the competitive landscape in Southeast Asia’s fintech and e-commerce markets, which are growing rapidly.

The integration of advanced technologies with the ZCITY Super application represents a significant technological advancement. How to use Artificial intelligence-based microfinancesecured messaging and digital wallet features demonstrate a sophisticated approach to improving user experience and financial accessibility.

For users, the immediate effect is the convenience and security associated with these technologies. AI-powered microfinance can offer personalized financial solutions that can increase user engagement and retention. Secure messaging keeps your transactions safe and alleviates potential online security concerns.

From a business standpoint, this technological improvement could set ZCITY apart from its competitors, potentially attracting more users and increasing loyalty. The challenge, however, is ensuring that the technology is user-friendly and integrates seamlessly with existing systems. User education and support will be important in the initial stages of implementation.

The Southeast Asian region, especially Malaysia, represents a high-growth market with a larger population 33 million. Collaboration between VCI Global and Treasure Global Inc. aims to leverage this potential by increasing financial inclusion through innovative fintech solutions.

This partnership promises to deliver a unified platform that can significantly streamline digital transactions. More focus on financial inclusion fits well with broader market trends in Southeast Asia, where demand for accessible financial services is growing.

However, the market is competitive and the success of this partnership will depend on how well the new features resonate with the target audience. Investors should closely monitor adoption rates and user feedback to assess the partnership’s impact on market position and growth prospects.

18/06/2024 – 08:39

KUALA LUMPUR, Malaysia, June 18, 2024 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG” or the “Company”), through its subsidiary Credilab Sdn. Bhd. today announced its strategic collaboration with Treasure Global Inc (“TGL”) to enhance TGL’s e-commerce platform, ZCITY App, into an advanced AI-powered super app (“ZCITY Super App”). Through this strategic partnership, VCIG will leverage TGL’s extensive user base of approximately 3 million users, gaining immediate market access to expand its comprehensive suite of financial services.

As fintech plays a key role in today’s digital economy, its impact on e-commerce is irreplaceable, offering sophisticated tools and platforms that seamlessly streamline transactions. In this new partnership, Credilab brings its cutting-edge, proprietary fintech and microfinance capabilities and leverages VCIG’s collaboration with Cogia GmbH, offering industry-leading secure communications technology that combines fintech and e-commerce. By incorporating secure messaging, digital wallet and AI-powered microfinance features into TGL’s ZCITY Super app, this integration provides a revolutionary, unified platform that elevates every aspect of digital transactions, ensuring a seamless, secure and highly efficient user experience.

This partnership marks significant progress towards increasing financial inclusion in Southeast Asia by leveraging cutting-edge technology to deliver seamless financial services that benefit both businesses and their users. The initial phase of this initiative will begin in Malaysia, which has a population of over 33 million. This strategic decision provides VCI Global with rapid access to a diverse and dynamic user base, accelerating the Company’s delivery of a full range of financial services and strengthening its strategic position in the fintech and e-commerce landscape in Southeast Asia.

“Leveraging TGL’s extensive user base of 3 million, this strategic partnership not only expands our geographic footprint but also accelerates the implementation of innovative solutions that promise long-term value for our shareholders,” said Dato’ Victor Hoo, President and Group Chief Executive Officer of VCI Global.

About VCI Global Limited

VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, artificial intelligence, robotics and cybersecurity. Headquartered in Kuala Lumpur, Malaysia, our core business is focused in Asia, with significant visibility in the Asia-Pacific region, the United States, Europe and the Middle East. VCIG primarily offers advisory services in the field of capital markets, real estate, artificial intelligence and technology. For technology enterprises, the company operates a proprietary financial platform that serves businesses and individuals, as well as a secured communications platform that serves governments and organizations. We invest, incubate, accelerate and commercialize companies and technologies in the field of artificial intelligence and robotics.

For more information about the Company, log on to https://v-capital.co/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the possibility of developing the Company’s business and other statements that are not historical facts, including statements that may be accompanied by the words “intends”, “may”, “will”, “plans”, “expects”, “anticipates” , “projects”, “anticipates”, “estimates”, “aims”, “believes”, “hopes”, “potential” or similar words. Actual results may differ materially from those described in these forward-looking statements due to certain factors, including, without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of the Coronavirus (COVID-19) and future measures taken by authorities in countries where the Company has supply chain partners, demand for the Company’s products and the economic conditions of the Company’s customers, the impact of competitive products and pricing, effective management and detailed general economic conditions and other risk factors in the Company’s filings with the U.S. Securities Exchange Commission and Stock Exchanges (SEC). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any responsibility to update the forward-looking statements contained in this press release, except as required by applicable law.

CONTACT INFO:

For media inquiries, please contact:

VCI Global Limited
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Frequently asked questions

What is the goal of VCI Global’s partnership with Treasure Global Inc?

The partnership aims to enhance the ZCITY app into an AI-powered super app integrating secured messaging, digital wallet and microfinance features.

Who are the key players in this strategic partnership?

The key players are VCI Global and Treasure Global Inc, focusing on improving the ZCITY application.

What market is VCI Global targeting with this partnership?

VCI Global is focusing on the Southeast Asian market, starting with Malaysia.

What benefits will this partnership bring to VCI Global shareholders?

The partnership promises long-term shareholder value through expanded geographic reach and the implementation of innovative financial solutions.

What is the initial user base that VCI Global will have access to through this partnership?

VCI Global will have access to Treasure Global Inc’s user base of approximately 3 million users.