Southeast Asia's Traditional Enterprises Embrace Web3 Technologies for Strategic Transformation

Traditional enterprises in Southeast Asia are increasingly adopting Web3 technologies as part of their strategic transformation, integrating blockchain and AI into their long-term digital strategies. This shift is evident across various industries, including finance, telecommunications, and aviation, where decentralized technologies are being used to enhance operational efficiency, data transparency, and cybersecurity. Blockchain is no longer seen as a niche innovation but as a core infrastructure element.

Vietnam’s SSI Digital (SSID), the technology arm of SSI Securities Corporation, has launched a $200 million fund, SSI Digital Ventures, to support blockchain and AI innovation across Vietnam and Southeast Asia. This initiative is part of a broader movement where traditional enterprises are integrating Web3 technologies into their operations. The region’s Web3 market is projected to exceed USD 2.96 billion by 2032, growing at a compound annual rate of 40.1% from 2024 to 2032. Alongside blockchain, AI adoption is also rising, with over 30 Southeast Asian companies integrating AI into their core offerings in 2024. This dual trend suggests that blockchain and AI are emerging as foundational pillars of the region’s evolving tech landscape.

Consumer readiness for these technologies is also accelerating, with approximately 70% of Southeast Asians having engaged with metaverse-related technologies in the past year, indicating broad digital openness across multiple demographics. Several prominent traditional enterprises in the region are actively deploying or testing blockchain-based applications. BDO Unibank in the Philippines collaborated with Ripple to streamline international remittance services, enhancing transaction speed and reducing costs. DBS Bank in Singapore introduced the DBS Digital Exchange, a platform for institutional trading of tokenized assets, including bonds, digital securities, and cryptocurrencies. Thai Airways in Thailand is applying blockchain to its electronic ticketing systems and loyalty program to reduce fraud risk and improve backend efficiency. Axiata Group in Malaysia is piloting blockchain applications for digital identity management to reinforce user data protection and comply with increasing cybersecurity regulations.

Vietnam is increasingly recognized as a strategic center for blockchain and AI innovation, driven by government support, skilled developer talent, and enterprise-led initiatives. FPT Corporation, in partnership with Vietnam Airlines, is implementing blockchain to modernize loyalty systems, e-commerce, and digital contract management. Vingroup, via its cybersecurity division VinCSS, is developing blockchain-based digital identity solutions for use across various verticals, including real estate, automotive, and smart retail. SSI Digital (SSID) has launched the $200 million SSI Digital Ventures fund to invest in early-stage blockchain and digital technology ventures. In addition to this fund, SSID has introduced a co-investment framework targeting up to $500 million in capital, in collaboration with domestic and international partners. SSID has committed to supporting at least ten Vietnam-based projects by 2025, allocating a minimum of $10 million in funding. It is also developing a 1.7-hectare Digital and Blockchain Innovation Complex in Hanoi’s Hoa Lac High-Tech Park, designed to function as an R&D hub and testbed environment for digital infrastructure projects.

To support its broader strategy, SSID has formed partnerships with entities including Tether, KuCoin, and SBI Digital Markets, and is in discussions with global platforms such as Binance, OKX, Bybit, BingX, and VanEck. These relationships aim to attract international investment into Vietnam’s tech sector once clear regulatory guidance is established. Mr. Mai Huy Tuan, CEO of SSI Digital (SSID), noted that Vietnamese people currently hold a significant amount of digital assets. If properly regulated, these assets could become an incredibly powerful source of national capital. SSID began its digital push by co-hosting major events such as GM Vietnam and the Vietnam Tech Impact Summit (VTIS), which attracted tens of thousands of participants, including banks, startups, and global experts, to explore digital asset regulation and blockchain’s role in infrastructure and innovation. Mr. Nguyen Duy Hung, Chairman of SSI, stated, “It is time for the private sector and the government to take action together. Now is the moment to turn commitments into reality.”

The rapid adoption of blockchain by traditional Southeast Asian enterprises underscores a regional shift from passive observation to strategic implementation. Sectors once considered legacy industries are now actively reconfiguring operations to integrate decentralized technologies. Vietnam’s role is increasingly central to this transformation. Through enterprise initiatives, infrastructure development, and cross-border partnerships, the country is positioning itself as a critical contributor to Southeast Asia’s digital economy. The continued evolution of legal frameworks will be key in enabling these developments to scale responsibly.