Techcom Securities Applies Blockchain in Bond Management and Rewards System

As blockchain technology continues to assert its presence across various sectors, Techcom Securities (TCBS) has been a pioneer in integrating blockchain into bond management and its rewards system, offering groundbreaking solutions for investors and the financial market in Vietnam.

Blockchain – A Foundation for Transparency and Security

Blockchain, with its decentralized, immutable, and transparent ledger nature, has enormous potential to reshape traditional financial processes. By encrypting data and verifying transactions securely, blockchain helps minimize fraud risks, enhance security, and build trust among users.

In recent years, Vietnam has emerged as a bright spot on the global blockchain map. With strong support from the Vietnamese government through the “National Strategy on Blockchain Application and Development until 2025, with a vision towards 2030”, Vietnam aims to become a regional leader in blockchain technology. This lays the foundation for developing a comprehensive blockchain ecosystem involving businesses, researchers, and regulators. Vietnam is also considered a high cryptocurrency adoption market with a young, dynamic, and high-quality workforce. According to a TechSci Research report, Vietnam’s blockchain market is expected to grow at a double-digit rate from 2023 to 2027. The growth of blockchain in Vietnam is not just a technological trend but an opportunity to expand markets, improve supply chains, and develop new products.

Blockchain Applications in Bond Management

TCBS recognized the potential of blockchain early on and proactively implemented the technology into bond management.

Blockchain-enabled bonds have allowed TCBS to register 100% of unlisted bonds on the blockchain with optimal speed, closing one block per second and handling up to 600 transactions per block. This technology ensures that every transaction throughout the bond’s lifecycle is recorded transparently and is immutable, functioning as an “automated audit”.

By integrating blockchain, TCBS has achieved the following:

• Ensuring Transparency: All bond transactions are recorded on the blockchain, enabling investors to easily access and verify information.
• Automating Processes: Smart contracts are used to automate processes such as interest payments and bond maturity, reducing time and costs.
• Enhancing Risk Management: Providing accurate and timely data to support better risk evaluation and management.

>>See more: Latest blockchain jobs in Vietnam

Blockchain in Rewards System Management

In addition, with the management of the iXu rewards system (Blockchain-enabled iXu), smart contracts are used with predefined rules to automatically record transactions that increase or decrease customers’ assets when conditions are met. As of now, all transactions for approximately 700,000 customer accounts holding more than 125 million iXu have been recorded on the blockchain at a rate of about 5,000 transactions per day at TCBS. The transaction reconciliation time has been reduced to just 10 seconds, and tracing the origin of each transaction has become much easier.

TCBS’s efforts in blockchain adoption have been recognized both domestically and internationally. In 2023, TCBS was honored by the Vietnam Blockchain Association as a pioneering entity in financial sector digital transformation. The company also received prestigious international awards, including the “Most Advanced Blockchain Application in Vietnam” at the FinanceAsia Country Awards 2023 and the “Most Innovative Blockchain Application in Vietnam” at the Global Business Awards 2024.

Mr. Nguyen Xuan Minh, Chairman of TCBS, shared: “TCBS is proud to be a pioneer in adopting and mastering blockchain technology after a process of self-research and development. We believe there are many investment banking and asset management operations that can effectively use this technology to enhance risk management, secure transactions, optimize operations, and reduce costs. In the near future, TCBS aims not only to apply blockchain in daily operations but also to lead in introducing more blockchain-based financial products and solutions to our customers.”

>>See more: Vietnam’s opportunities to become a leading country in the global blockchain landscape

Conclusion

TCBS’s pioneering efforts to apply blockchain in bond management and its rewards system not only benefit investors but also contribute to enhancing transparency and efficiency in Vietnam’s financial market. This step is crucial in the digital transformation and international integration of Vietnam’s financial sector. Follow BlockchainWork to stay updated on the latest information, events, and opportunities in the blockchain industry, as well as career and collaboration prospects!

References:

• TCBS tiên phong sử dụng Blockchain với trái phiếu doanh nghiệp, TCBS
• TCBS tiên phong ứng dụng công nghệ chuỗi khối Blockchain vào quản lý trái phiếu, “Tinnhanhchungkhoan.vn”
• Photo: TCBS

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