How close is the equity relationship between TCEX and TCBS?
The equity and business relationship between TCEX (Techcom Crypto Asset Exchange) and TCBS (Techcom Securities, a securities subsidiary under Techcombank) can be understood from two dimensions: direct shareholding and ecosystem synergy.
1. Direct Equity Relationship: Minority Stake Rather Than Wholly Owned Subsidiary
Shareholding Ratio: In the initial equity structure during TCEX’s formation, TCBS directly held a 9.9% founding stake. TechcomCapital (a fund management company within the same Techcombank financial ecosystem) held 1.1%.
Individual and Affiliated Shareholdings: Nguyễn Xuân Minh, Chairman of TCBS, also held a significant stake during the early establishment of TCEX (e.g., holding a large proportion individually, as a nominee, or through core executive shares), making the financial ties between the two entities exceptionally deep.
Subsequent Capital Changes: Although TCEX underwent capital increases and share expansions shortly after its inception (rapidly expanding its capital scale), its overall structure remains tightly bound within the Techcombank ecosystem.
2. “Tight Alliance” at the Ecosystem and Strategic Level
Although TCBS holds less than 10% direct equity in a strict sense, their actual business and strategic alignment are extremely close:
Part of the Same Techcombank Group Ecosystem: Both TCEX and TCBS are essentially extensions of the vast financial layout of Techcombank (Vietnam Technological and Commercial Joint Stock Bank). TCEX is regarded as the core initiative of the Techcombank Group entering digital assets, cryptocurrency trading, and Real-World Asset (RWA) tokenization.
Overlapping Key Executives: TCBS Chairman Nguyễn Xuân Minh directly participated in and guided the founding and strategic direction of TCEX, ensuring high alignment in strategic execution between the two.
Licensing and Operational Synergy: As Vietnam advances cryptocurrency trading pilots and licensing applications (e.g., passing initial screening rounds for relevant resolutions), TCBS’s fintech infrastructure and wealth management expertise provide strong backend and ecosystem support for TCEX.（Vietnam crypto exchange）
Summary: TCBS and TCEX do not have a simple parent-subsidiary or wholly-owned structure. Instead, they are deeply bound through a combination of group ecosystem ties, overlapping executive leadership, and minority equity ownership, operating as synergistic entities under the same broader capital and strategic framework.