Treasure Global targets health distribution with 6-month MOU

Treasure Global said on Oct. 13 in a press release that it signed a six-month, non-binding MOU with Union Concept Trading to pursue medical-supply and pharmaceutical distribution in Malaysia and selected regional markets.

The Nasdaq-listed company cited Malaysian Investment Development Authority projections that Southeast Asia’s medical-device market may reach about $15.8 billion by 2028, compared with Malaysia’s expected $4.5 billion market.

Treasure Global framed the agreement as an early-stage collaboration, not a completed commercial contract. A Memorandum of Understanding, or MOU, usually records an intended framework before binding terms are negotiated.

Union Concept is a Singapore-based medical and pharmaceutical supply company, according to Treasure Global’s press release. Treasure Global said the parties plan to work on sourcing, marketing and distribution of medical solutions and pharmaceutical products, with an emphasis on government and institutional procurement.

“Healthcare and pharmaceutical distribution represent a strategic extension of Treasure Global’s existing commerce capabilities,” Sam Teo, acting chief executive officer of Treasure Global, said in the press release. He said the company sees potential to build a healthcare distribution vertical serving government, institutional and commercial demand across the region.

The company said the arrangement would pair its digital commerce, distribution and regional market-access capabilities with Union Concept’s healthcare sourcing, manufacturing and regulatory expertise. Treasure Global said commercial terms remain subject to definitive agreements, which have not been signed.

Treasure Global is a Malaysia-based technology provider whose flagship product is the ZCITY Super App. The company said ZCITY had 2.71 million registered users as of March 31, 2026, and that the platform combines e-payment functions with loyalty rewards.

The proposed expansion would move Treasure Global toward a sector with procurement, licensing and product-registration requirements that differ from consumer digital commerce. The company’s press release listed possible risks including regulatory approvals, supplier performance, government procurement processes, pricing, demand, competition and supply-chain disruptions.

Treasure Global also cited projections that Malaysia’s pharmaceutical market may grow to RM15.5 billion by 2027 from RM11.2 billion in 2022. That would mark an increase of about 38% over the period, according to Atlas360 calculations based on the figures in the company’s release.

The company did not disclose expected revenue, investment size, product categories, procurement targets or a timetable for signing definitive agreements. The next concrete step is negotiation of binding commercial terms with Union Concept.

Source: Company press release, Treasure Global via GlobeNewswire, Oct. 13, 2026