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.