9M25 call points to an affiliate-led digital-asset operator route

Techcombank's October 2025 earnings call tied any future digital-asset participation to TCBS or a new subsidiary, aligning the bank with Vietnam's licensed crypto-asset operator model.

The signal stays at readiness.

Techcombank's 21 October 2025 call moves the story from broad interest in digital assets to a named operating route.

The bank is not claiming approval or launch; it is saying that, if Vietnam's licensing rules settle, the service would most likely sit in TCBS or another subsidiary, which fits the pilot's licensed market-operator and custody architecture more closely than a direct retail-bank product.

Techcombank's CEO said any future digital-asset offering would likely run through Techcom Securities (TCBS) or another subsidiary once licensing is clear. That shifts the market reading toward a bank-affiliate operator model under Vietnam's new pilot regime, not a generic consumer-crypto story.