VCI Global launches tokenised voucher exchange

VCI Global Limited has entered what it calls a major execution phase in its digital asset infrastructure strategy, announcing a definitive agreement to build a Real‑World Asset (RWA) Digital Coupon Exchange. The Malaysia‑based, NASDAQ‑listed company said the deal shifts its blockchain arm, Smart Bridge Technologies, from platform development into commercial deployment. Group executive chairman and CEO Dato’ Victor Hoo described the agreement as moving the strategy "firmly into execution mode" as the firm prioritises infrastructure ownership over one‑off initiatives.

Under the structure, Smart Bridge will hold majority control of a new dedicated entity that will develop, launch and operate the exchange. The platform will focus on tokenised digital coupons and vouchers issued by enterprises, with Smart Bridge responsible for regulatory structuring, settlement infrastructure and ecosystem integration. The move is framed as part of VCI Global’s ambition to participate directly in transaction‑driven digital commerce flows at enterprise scale.

Smart Bridge is partnering with Mezzofy Holding, a digital voucher solutions provider that serves multinational corporations and Fortune 500 brands. Mezzofy will provide its enterprise merchant network, tokenisation expertise and exchange technology stack to underpin the new platform. Mezzofy CEO Dicky Ying said digital vouchers had become a core engagement tool for global brands but remained confined in closed ecosystems, and argued that an exchange‑based infrastructure would introduce interoperability and new lifecycle value for issuers.

VCI Global said Mezzofy’s existing relationships are expected to give the project an immediate commercialisation pathway by launching with a pre‑existing ecosystem. Access to a multinational merchant pipeline is presented as a way to reduce adoption risk commonly faced by early‑stage RWA platforms, which often depend on speculative user growth. The companies have also set up a governance framework that includes joint strategic oversight, unified technology development and milestone‑based capital deployment.

The partners are targeting what they describe as a multi‑hundred‑billion‑dollar global market for digital vouchers and incentives, driven by enterprise marketing, loyalty programmes and cross‑border digital commerce. VCI Global noted that while billions of dollars in vouchers are issued each year, most remain locked in closed systems without a structured secondary market or price discovery. The lack of resale infrastructure has historically limited liquidity and lifecycle value for such assets.

By enabling compliant tokenisation and exchange‑based trading, the new platform aims to create secondary liquidity for unused or underutilised vouchers. VCI Global positions itself as an early infrastructure provider addressing this structural gap. The company said secondary trading functionality could unlock additional lifecycle value beyond initial issuance, potentially increasing enterprise participation and ecosystem activity as corporates seek new engagement and monetisation channels.

VCI Global has outlined several potential monetisation pathways linked to the exchange. These include transaction‑based fees from trading tokenised coupons, enterprise tokenisation and infrastructure services, and settlement infrastructure income. The platform is also expected to support stablecoin‑enabled settlement and payment rails and to connect with wider digital commerce integrations as usage scales.

The exchange is expected to become a core infrastructure pillar within VCI Global’s broader digital asset ecosystem. The firm said the design is oriented around recurring revenue from transactions, enterprise onboarding fees and settlement services, rather than speculative retail activity. The approach aligns with VCI Global’s platform model, in which operating subsidiaries plug into centralised AI, data and governance systems while focusing on revenue generation and local execution.

The agreement between Smart Bridge and Mezzofy includes a structured governance framework intended to support disciplined scaling toward commercial launch. This covers joint strategic oversight and milestone‑linked capital deployment. VCI Global emphasised that the exchange initiative sits within a wider portfolio that spans advisory, AI and digital infrastructure, digital assets, energy, automotive and consumer sectors, with the company retaining the option to scale, spin off, divest or discontinue businesses based on performance and returns.

In its announcement, VCI Global also included cautionary language on forward‑looking statements, noting that expectations about growth, adoption and profitability are subject to risks and uncertainties, including customer acceptance of new products, competitive dynamics, general economic conditions and regulatory factors. The company said actual results could differ materially from projections and that it does not undertake to update forward‑looking statements except as required by law.