Business
Treasure Global Signs Collaboration Agreement with VCI Global to Develop AI-Powered Travel Platform
NEW YORK and KUALA LUMPUR, Malaysia, July 19, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the “Company”), an
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[{"type":"text","content":"NEW YORK and KUALA LUMPUR, Malaysia, July 19, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGL”, “Treasure Global,” or the “Company”), an innovative technology solutions provider, today announced that the Company has signed a collaboration agreement with VCI Global Limited (NASDAQ: VCIG) (“VCI Global”), a multi-disciplinary consulting group focused on business and technology, for the development of an artificial intelligence (“AI”)-powered travel platform as a new offering for travellers in Malaysia. VCI Global has selected TGL to develop the AI-powered platform to function as a high-tech portable concierge App, utilizing the latest advanced technologies to provide relevant travel recommendations in real time. By leveraging advanced AI-powered solutions, the app will aim to revolutionize the travel experience, assisting users in planning travel and related activities, such as suggesting places to explore, dining during their travels in Malaysia and to improve on seamless bookings for flights, hotels and car rentals. The platform is designed to break down language barriers as well, with advanced translation functions. As part of the agreement, VCI Global will pay a service fee to TGL worth USD$1 million. TGL will develop, design and produce the integrated software platform and provide ongoing maintenance for the AI-powered travel app, which is targeted to launch next year. TGL and VCI Global will share ownership and profits generated from this collaboration on a 50:50 basis. “We believe that global tourism has returned to its pre-pandemic levels, and we are well-placed to capitalize on the post-pandemic 'revenge travel' phenomenon through our collaboration with VCI Global. Our partnership to develop this app will leverage our combined resources and expertise, namely VCI’s technology experience with TGL’s software development skills, extensive user base and connections with merchants and underscores VCI’s trust in TGL's capabilities. The Malaysian digital economy is projected to grow to USD$34 billion by 2025, of which USD$8 billion1 is expected to be related to online travel-related activities. Our AI-powered travel platform will be a catalyst for growth, unlocking tremendous opportunities in the online travel sector. TGL’s unwavering focus on cutting-edge technologies and strategic partnerships solidifies its pos...