Treasure Global Inc. has signed a non-binding memorandum of understanding with Mestiz Holding Berhad for a proposed US$38 million cash acquisition of a 51% controlling interest in Mestiz Century Logic Sdn Bhd, a Malaysia-based provider of cloud-based smart water metering and digital water management solutions. The agreement includes a 120-day exclusivity period for due diligence and negotiations, while completion depends on a definitive agreement, satisfactory due diligence and regulatory and board approvals. MCL uses cloud computing, Internet of Things (connected-device technology) and artificial intelligence to support real-time consumption monitoring, remote meter reading, leak detection and predictive maintenance. Its meters are designed to provide up to four times the accuracy of conventional mechanical meters. If completed, the transaction would give Treasure Global its entry into smart utility infrastructure and broaden its portfolio beyond digital payments and enterprise AI. The global smart water meter market is estimated at approximately US$6.02 billion in 2026 and projected to reach approximately US$14.74 billion by 2034, according to Fortune Business Insights, representing an approximately 11.85% compound annual growth rate. Treasure Global said its ZCITY Super App had 2.71 million registered users as of March 31, 2026.