Treasure Global Inc, a technology solutions provider, teams up with industry pioneers Ariadi Anaya and Budihardjo Iduansjah to establish an e-commerce venture in Indonesia, marking its entry into the Indonesian market and expansion of its proprietary app, ZCITY. This strategic partnership capitalizes on the country’s substantial internet user base and aims to revolutionize the digital payment landscape.
16 August 2023 – Treasure Global Inc, a forward-thinking technology solutions provider, has announced a significant step in its expansion strategy by signing a Letter of Intent (LoI) to establish an e-commerce venture in Indonesia. The LoI paves the way for PT Harmoni Bagi Dunia (“HBD”), a collaborative endeavor between TGL and industry pioneers Ariadi Anaya and Budihardjo Iduansjah, wherein TGL will hold a substantial 70% stake.
As part of this venture, TGL will grant HBD the exclusive rights to operate and promote its proprietary app, ZCITY, within the Indonesian market. This strategic move marks TGL’s entry into Indonesia and is aligned with the company’s international growth strategy, which emphasizes partnerships with innovative local players. The planned launch of ZCITY in Indonesia will be supported by a dedicated business development and operations team.
HBD and TGL will jointly tap into a robust network comprising 200,000 merchants and data from 5 million users across various industries in Indonesia. With Indonesia boasting a substantial internet user base of 213 million out of a population of 276 million, the partnership holds significant potential to expand TGL’s reach and addressable market.
Sam Teo, CEO of TGL, expressed the transformative nature of this partnership, stating, “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.” He highlighted the visionary leadership of Ariadi Anaya and Budihardjo Iduansjah, emphasizing how their expertise aligns with TGL’s commitment to innovation, local business empowerment, and redefining digital payment experiences.
TGL’s collaboration with Indonesian industry stalwarts Ariadi Anaya and Budihardjo Iduansjah will see them at the helm of the local management team. Ariadi Anaya, who serves as the President & Director of HBD, brings over 24 years of diverse experience in the digital landscape, including managing a network of 200,000 merchants spanning various sectors like food and beverage, travel, fintech, and payments. Budihardjo Iduansjah’s leadership and local market acumen position him as a catalyst for local economic growth, with a track record of driving impactful initiatives in Malaysia.