Treasure Global operates the ZCITY App, a mobile rewards and e-payment platform in Malaysia. The app lets consumers earn and redeem reward points when they shop at partner merchants — online and in physical stores — and when they pay utility bills or buy e-vouchers. The core value proposition is cashback and instant rebates on everyday spending across groceries, food & beverage, utilities, and lifestyle categories. Treasure Global has approximately 2.7M registered users and around 2,027 merchant partners on the platform. The company earns revenue through three streams: commissions from merchants per transaction (ranging from 1% to 10% depending on category), fees and margins from e-voucher sales and the loyalty program, and merchant subscription fees. The loyalty program is central to the business model — users earn reward points with every ringgit spent and redeem them for discounts, which is designed to drive repeat usage and keep users transacting within the platform rather than going directly to merchants. Transaction volume is the key revenue driver. Treasure Global relies on iPay88 as its primary payment gateway, paying 1.0% to 1.6% per processed transaction, which directly offsets transaction revenue. The company is early-stage, with only 12 full-time employees as of mid-2025, and has financed operations largely through equity issuances and stock-based payments for technology and service agreements.