HSC Conference Ho Chi Minh: From Rails To Reality In ‘Tokenization Era: The Infrastructure Is Here – Now What?’
At the HSC Conference in Ho Chi Minh City, senior leaders from tokenization platforms, crypto data providers, and advisory firms gathered to explore how real-world asset tokenization is shifting from theoretical promise to practical financial infrastructure.
The standout session, “Tokenization Era: The Infrastructure Is Here – Now What?,” was moderated by Daniel Lee, CEO of Cactus Custody, and featured Rania Rahardja, APAC Director at Ondo Finance; Kha Nguyen, Co-founder and CEO of Birdeye; Catarina Quynh, Vietnam Lead at Republic Advisory; and Stephanie Chew, Chief Strategy Officer at OpenEden.
Rather than celebrating the completion of tokenization’s technical foundations, the group dissected the next frontier of adoption and distribution—examining where tokenized assets are gaining genuine traction, why emerging markets such as Vietnam are navigating regulation with deliberate caution, and what it will take for real-world utility to scale beyond the infrastructure phase.
From Rails to Rationale
The discussion moved quickly from capability to purpose. With tokenization rails now largely in place, the panelists argued that the industry’s priority must shift to demonstrating tangible value—and they began by dissecting the core problems that bringing assets on-chain is actually designed to solve.
The Case for Tokenization
The conversation opened with a fundamental question: what problem does tokenization actually solve? Rania Rahardja of Ondo Finance outlined three core challenges that tokenization addresses. First, accessibility: blockchain technology enables global investors to purchase assets that were historically reserved for US high-net-worth individuals or institutional players. Second, operational and capital efficiency: just as stablecoins simplified payments, tokenized assets allow for 24/7 instant settlement. Third, and perhaps most innovatively, composability. As Rahardja noted, tokenized assets can be used as collateral across decentralized finance protocols and perpetual trading platforms, allowing capital to work harder than it ever could in traditional brokerage accounts.
Vietnam’s Cautious but Promising Path
The panel then turned its attention to Vietnam, where the conversation took on a distinctly local flavor. Kha Nguyen of Birdeye explained that while the technical capacity for tokenization exists, the absence of a comprehensive regulatory framework has kept securities-related projects on the sidelines. Catarina Quynh of Republic Advisory, who also serves as a board member of the Global Onchain Economy in Vietnam, offered a nuanced governmental perspective. She emphasized that Vietnamese authorities are deliberately taking a careful approach: rather than immediately permitting tokenized securities, regulators are focusing on physical assets such as commodities and infrastructure. “They try to allow for the Vietnam enterprise to do the RWA,” she observed, “but at the first phase is more safety for them.” This cautious strategy, she argued, reflects the government’s recognition of both the opportunity and the risks inherent in digital assets.
Talent and Infrastructure
A lively exchange followed regarding Vietnam’s talent pool. Nguyen highlighted the country’s strong mathematical education and extensive experience in IT outsourcing, which has cultivated a deep reservoir of capable blockchain engineers. Stephanie Chew confirmed this by revealing that OpenEden’s entire development team is based in Vietnam. However, the panelists agreed that while technical expertise is abundant, the market suffers from a shortage of professionals with sophisticated financial knowledge. Quynh noted that many Vietnamese enterprises eager to tokenize assets struggle to find business leaders who understand custody models, issuance frameworks, and revenue structures. “We have many talents in the developing technology side,” she summarized, “but few in the business side.”
Bridging Traditional and Decentralized Finance
The discussion also explored how tokenization is drawing traditional finance into the crypto ecosystem. Chew, drawing on her private banking background, explained that tokenized money market funds serve institutional needs that conventional brokerages cannot meet. For instance, while a traditional investor might simply hold Treasury bills, tokenized versions can be deployed as collateral for options trading, perpetual contracts, and off-exchange margin. This composability, she argued, is what makes tokenization genuinely transformative. Rahardja added that major asset managers are increasingly exploring distribution partnerships, driven by regulatory developments such as the GENIUS Act in the United States.
Looking Ahead
As the session concluded, each panelist offered a forward-looking vision. Rahardja captured Ondo Finance’s ambition succinctly: “What stablecoins did for the US dollar, Ondo will do for public equities.” Chew reaffirmed her firm’s commitment to building infrastructure for more efficient capital markets, while Quynh urged Vietnamese enterprises to begin by identifying global buyers before designing tokens. Together, their insights painted a picture of an industry on the cusp of mainstream adoption—one where technical innovation, regulatory prudence, and market demand are gradually converging.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
