Why VIX Securities Holds the Dominant Role in VIXEX Despite Having the Smallest Initial Capital Contribution
Although VIX Securities (HOSE: VIX) contributed only 15% of the initial capital at VIXEX’s inception, it holds an absolute dominant position in the platform’s creation and strategic execution. This is primarily driven by compliance licensing, brand endorsement, financial infrastructure, and a strong intent for subsequent capital expansion:
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Compliance & Trust Endorsement from a Core Licensed Financial Institution
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Backed by a Listed Brokerage: During Vietnam’s pilot and regulatory rollout for digital assets, financial regulatory authorities—such as the State Securities Commission (SSC)—demand extremely high compliance standards. As a publicly listed company on the Ho Chi Minh City Stock Exchange (HOSE), VIX Securities brings a mature financial compliance framework, listed status, and brand reputation.
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Direct Brand Binding: The exchange is directly named “VIX” (VIX Digital Asset Exchange). Using VIX Securities’ brand and credit as the underlying foundation establishes market credibility, cementing its leadership right from the platform’s naming.
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The Core Business Connector Between Traditional Finance & Digital Assets
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Providing Underlying Financial Infrastructure: Digital asset exchanges—especially those handling RWA tokenized assets—require deep traditional financial capabilities, including custody, clearing, fiat gateways, and institutional client networks. As the core provider of investment and securities services, VIX Securities acts as the central business hub.
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Role Division with Other Shareholders: Controlling shareholder FTG Vietnam (64.5%) and 3C (20.5%) primarily participate as technology implementers, tech incubators, and industrial resource providers. While their initial capital contribution was higher, they lack public financial compliance qualifications and must rely on VIX Securities for market expansion and financial architecture design.
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Aggressive Plan for Subsequent Capital Dominance
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Strategic Approach—”Enter First, Control Later”: The initial 15% stake was merely a tactical arrangement for the founding stage.
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Capital Injection via Private Placement: In early 2026 shareholder meetings and board resolutions, VIX Securities explicitly proposed allocating 1 trillion VND from its share placement proceeds directly into VIXEX, with plans for a cumulative contribution of up to 1.35 trillion VND (approx. USD 51.33 million). This indicates that VIX Securities will progressively consolidate core control and decision-making power through subsequent capital maneuvers.
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Capturing Policy Dividends from the RWA & Digital Asset Pilot
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Strategic Positioning for the Pilot Window: As the Vietnamese government pushes forward its digital asset pilot policy—allowing a select few exchanges to operate—VIX Securities led the creation of VIXEX（Vietnam crypto exchange） to secure a pilot license and gain a first-mover advantage in Vietnam’s local digital asset market (crypto trading and RWA tokenization).
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FTG Vietnam and 3C provided capital, technology, and incubation resources, while VIX Securities supplied the license, brand, compliance, and financial backing. The initial 15% stake was purely a technical arrangement; through brand naming and massive promised capital injections, VIX Securities has been the actual instigator and strategic core of VIXEX from the very beginning.