Singapore digital asset platform Tokenize Xchange is shutting down its operations in the city-state, while Vietnam’s first unicorn, VNG, has backed the Telio founder’s new venture with a $2.5 million investment.
Tokenize Xchange to shut down SG operations
Digital asset platform Tokenize Xchange is shutting down its operations in Singapore after its parent company, Amazingtech Pte Ltd, failed to secure a licence from the Monetary Authority of Singapore (MAS).
The move comes about a year after the startup raised an additional $11.5 million in its Series A funding round anchored by venture capital investor TRIVE Ventures. It was previously operating under an exemption.
The platform stated that it is in the process of acquiring a company licensed by the Labuan Financial Services Authority, located in the Malaysian federal territory of Labuan, to operate under its Digital Financial Services (DFS) framework. Tokenize said it is also seeking to obtain a licence from the Abu Dhabi Global Market (ADGM) to support its international expansion and regulatory compliance.
Tokenize Xchange, founded in 2017 by Hong QiYu, offers a platform for trading a wide array of cryptocurrencies, serving both individual and institutional investors.
Singapore users are required to complete all withdrawals and transfers of fiat and cryptocurrency by 30 September 2025.
VNG backs Telio founder’s new venture with $2.5m
Vietnam’s first unicorn, VNG, continues to bet on Sy Phong Bui, the former founder of B2B e-commerce platform Telio, with a $2.5 million investment into his new gaming studio, Kronia, according to a report by TechInAsia.
This move marks a strategic pivot for Bui, who is now channeling into the gaming sector with his debut project, Project P.
Rather than providing cash, VNG is contributing a support package over five years. This includes a team of engineers, artists, sound designers, and project managers, alongside critical infrastructure. The total development cost for Project P is estimated at $10-12 million.
Kronia’s focus is to deliver a polished demo by August. Bui is expected to leverage VNG’s backing and its strategic ties to Tencent to enhance the studio’s credibility in the market.
This venture follows the reported closure of Telio, first reported by DealStreetAsia in January 2025, suggesting the B2B e-commerce startup may have ceased operations late last year.
Nearly two years back, Telio had secured a funding round from London-based Granite Oak, contributing to its total capital raise of over $92 million since its 2018 founding.
Bui was embroiled in a lawsuit by investors in his former fintech venture, OnOnPay, namely Captii Ventures and Gobi Partners. The investors had accused the founder of setting up Telio without their consent and usurping their business opportunities and rights in Telio.
