Southeast Asian Enterprises Catch the Web3 Wave - Vietnam Rises

Web3: The Infrastructure for the Digital Future

Web3 is not just a technological concept but a revolution that changes the way businesses operate. With its decentralized, transparent, and highly secure characteristics, blockchain – the core platform of Web3 – brings outstanding benefits: reducing intermediary costs, enhancing trust, and optimizing processes. According to the Southeast Asia Web 3.0 Market Size, Share, Forecast report , the Web3 market in Southeast Asia is forecast to reach 2,965.7 million USD by 2032 , with a compound annual growth rate (CAGR) of 40.1% from 2024 to 2032 – one of the highest in the world.

The openness of the Southeast Asian market is evidenced by the fact that 70% of the region’s population has encountered at least one metaverse-related technology in the past year, according to Campaign Asia . This reflects a high level of user readiness for Web3 solutions. At the same time, Asia’s Web3 Playbook: Q1 2025 in Review report shows that more than 30 companies in the region have integrated AI into their core products by 2024, marking a strong convergence between Web3 and AI – two pillars that will shape the future technology infrastructure. This combination not only increases efficiency but also opens up new opportunities in data management, payments, and service personalization.

Traditional “giants” lead the Web3 wave

Traditional businesses in Southeast Asia are pioneering Web3 adoption, from finance to aviation, telecommunications, and retail. Here are some key examples that illustrate how traditional industries are leveraging blockchain to innovate and compete.

Finance: Transparent, Fast, and Borderless

The financial industry is at the forefront of Web3 adoption, especially in cross-border payments, digital asset management, and decentralized financial services (DeFi):

• BDO Unibank (Philippines) : As the largest bank in the Philippines, BDO has partnered with Ripple to deploy a blockchain-based international remittance system. This solution significantly reduces transaction fees and processing times, benefiting millions of remittance customers – an important economic resource in Southeast Asia, where remittances account for a large proportion of the GDP of many countries.

• DBS Bank (Singapore) : With the DBS Digital Exchange platform , DBS expands its digital financial ecosystem, supporting the trading of digital assets such as tokenized bonds, digital stocks, and cryptocurrencies. This move not only demonstrates the vision of an open financial future, but also helps DBS maintain its leading position in the increasingly converging landscape of traditional finance and digital assets.

• Central Bank of Cambodia : The Bakong blockchain platform has become an advanced payment model, with 30 million accounts and processing $105 billion in transactions by early 2025. Bakong supports both interbank and retail payments, bringing unprecedented transparency and efficiency.

• UnionBank (Philippines) : The i2i project uses the decentralized Ethereum network to connect rural banks, bringing transparency and efficiency to hard-to-reach areas while reducing operating costs.

Aviation: Personalization and Anti-Fraud

The airline industry, after the challenges of the pandemic, is leveraging blockchain to recover and enhance customer experience:

• Thai Airways (Thailand) : Testing blockchain in e-ticket management and loyalty program, helping to reduce fraud, improve customer experience, and optimize logistics processes. This technology is especially important in securing passenger information and personalizing services.

• Vietnam Airlines : In partnership with FPT Corporation , Vietnam Airlines integrates blockchain into its loyalty program, e-commerce, and digital operations. AI and Big Data solutions are also deployed to analyze passenger data, personalize services, and optimize management processes. This partnership marks an important step in making Vietnam Airlines a leading digital airline.

Telecommunications: Security and data control

The telecommunications industry is using blockchain to solve cybersecurity and data management challenges:

• Axiata Group (Malaysia) : Researching the application of blockchain in digital identity management, helping users better control personal data in the context of increasingly complex cybersecurity. This not only builds trust but also ensures compliance with strict legal regulations in countries.

• Viettel IDC (Vietnam) : Launch Viettel Blockchain Node in 2022, providing a transparent, secure, and efficient digital data authentication solution. This service supports Ethereum Native API, allowing developers to deploy nodes quickly and cost-effectively. Viettel IDC cooperates with Chunghwa Telecom (Taiwan) to connect to the global blockchain network, opening up opportunities for Vietnamese businesses to integrate internationally.

Unlimited Payments

• AEON : Partnered with Stellar to launch AEON Pay , a Web3-based mobile payment solution that supports $XLM and Stellar-USDC. The system enables payments at over 10,000 brands and 20 million QR code stores in major cities in Southeast Asia. AEON Pay is not limited to the region, but also plans to expand to Africa and Latin America, marking a major step forward in bringing blockchain into everyday life.

Vietnam: Officially Entering Web3

Vietnam is emerging as a potential Web3 hub in Southeast Asia, thanks to three key factors: a young workforce of technology engineers, strong digital transformation policies (Decision 38/2020/QD-TTg, 2117/QD-TTg), and a position in the top 5 countries leading in blockchain adoption , according to Chainalysis. Typical businesses are shaping the Web3 ecosystem in Vietnam:

FPT Corporation : Cooperated with Vietnam Airlines to deploy blockchain in loyalty programs, e-commerce, and electronic contract authentication. FPT also partnered with TradeWaltz (Japan) to expand blockchain applications in international trade, demonstrating its technological capabilities and long-term vision. In addition, FPT integrates AI and Big Data to optimize solutions, from customer data analysis to supply chain management.

Vingroup (VinCSS) : Developing blockchain-based digital identity authentication solutions, laying the foundation for applications in areas such as the automotive industry, real estate, and smart retail. Although no specific Web3 projects have been announced, collaboration with partners such as FPT shows the potential for broader blockchain applications in the future.

MISA : Pioneering in bringing blockchain into electronic invoices with MeInvoice.vn since 2018, honored in the TOP 10 4.0 technology enterprises in Vietnam. This system synchronizes data from MISA SME.NET accounting software , helping businesses save time, ensure transparency and prevent invoice counterfeiting.

Viettel IDC : Providing Viettel Blockchain Node , supporting citizen data authentication and administrative traceability. This service helps businesses optimize blockchain infrastructure deployment costs and ensure data security and synchronization. Cooperation with international partners such as Chunghwa Telecom strengthens Viettel's position in the global blockchain ecosystem.

SSI : Established the $200 million SSI Digital Ventures fund , investing in domestic Web3 projects such as U2U Network , a Layer-1 blockchain platform using DAG (Directed Acyclic Graph) architecture to optimize performance and scalability. SSI also participated in major events such as Digital Asset Forum (DAS) 2024 and Vietnam Technology Innovation Conference (VTIS) 2024 , attracting more than 20,000 attendees , to discuss the legal framework and promote innovation in the blockchain field.

Mr. Nguyen Duy Hung , Chairman of SSI Board of Directors, emphasized: “It is time for private enterprises and the State to act together. Now is the time to turn commitments into reality.” This call not only reflects the pioneering spirit of Vietnamese enterprises but also affirms the role of cooperation between the private sector and the government in building a sustainable Web3 ecosystem.

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Compiled and analyzed by HCCVenture

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