VCI Global and Treasure Global have partnered to introduce an AI-powered travel platform in Malaysia, offering real-time travel recommendations, seamless bookings, and built-in translation for an enhanced tourist experience. With Malaysia’s digital economy predicted to grow exponentially, this collaboration comes at a pivotal moment as the travel industry anticipates a surge in tourist arrivals post-pandemic.
22 July 2023 – VCI Global Limited (NASDAQ: VCIG) and Treasure Global Inc (NASDAQ: TGL) have announced a strategic collaboration to introduce an innovative AI-powered travel platform aimed at revolutionizing tourists’ experiences in Malaysia. Leveraging cutting-edge technologies, this high-tech portable concierge will provide real-time travel recommendations, streamlined bookings for flights, hotels, car rentals, and more, while bridging language barriers with its built-in translation function.
The partnership capitalizes on the strengths of both companies, with VCI Global contributing its expertise in AI and data analytics, and Treasure Global bringing its extensive user base of 2.4 million and well-established relationships with over 2,000 merchants. The collaboration’s objectives encompass sharing knowledge, resource development, and an equitable profit-sharing arrangement with profits distributed on a 50:50 basis.
Southeast Asia’s digital economy is projected to reach USD 1 trillion by 2030, with Malaysia’s digital economy expected to grow at over 17%, amounting to USD 34 billion in 2025, including USD 8 billion from online travel-related activities. As the world moves towards the post-pandemic era, this partnership comes at an opportune time, with the travel industry anticipating significant growth in tourist arrivals after registering 4.5 million arrivals in the fourth quarter of 2022, compared to a mere 61,000 in the same period of 2021.
Dato’ Victor Hoo, Group Executive Chairman, and CEO of VCI Global expressed enthusiasm about the project, stating, “We are humbled to contribute our expertise in elevating the travel industry, enhancing travelers’ contentment during their journeys, and facilitating seamless navigation through high-tech platforms. We firmly believe that this AI-powered travel platform will act as a catalyst for the growth of Malaysia’s tourism industry, positioning it for exponential growth in tourist arrivals.”
Sam Teo, CEO of Treasure Global, echoed the sentiment, saying, “We are confident that global tourism has reverted to pre-pandemic trends, and this collaboration positions us favorably to capitalize on the ‘revenge travel’ phenomenon post-pandemic. Leveraging our combined resources and expertise, we aim to significantly impact the Malaysian travel industry and generate substantial benefits for both our businesses.”
In conclusion, this strategic alliance aims to revolutionize the Malaysian travel industry, enhancing the experiences of tourists through state-of-the-art technology, as they embrace the post-pandemic era of travel.
