In the digital transformation of the financial and business markets, many organizations worldwide are seeking models that make physical assets more transparent, easier to track, and more convenient for governance and capital management. Among these, Real World Assets (RWA) has emerged as a new approach, not aiming to replace traditional mechanisms but rather to improve transparency, automation, and data-driven reconciliation.
RWA Access Platform: Transparent, Authentic, and Verifiable
A sustainable RWA platform always stems from the principle that assets, cash flows, rights, and data must be verifiable, measurable, and verifiable by independent systems. This is completely different from theoretical or unclear "asset representation" models.
RWA is considered a data-technology solution applicable to various asset classes such as real estate, intellectual property, bonds, accounts receivable, and commodities like gold and agricultural products. Each asset class is governed by different legal regulations, data, and operating models. Therefore, implementing a standardized and consistent operational process is a prerequisite for minimizing risks in practical implementation.
Asset digitization process
This process is not intended for commercialization, guidance, or to constitute any legal advisory activity contrary to the law, but rather to share a personal perspective, providing businesses with a comprehensive overview of compliance requirements for digitizing assets, as well as the data and technologies needed before considering digitizing asset-related rights.
Identify assets and models for describing rights.
From the very first step, asset classification and the selection of a rights description model determine the entire operational structure. Assets—whether real estate, revenue, bonds, or commodities—will require different legal standards and data. Simultaneously, the rights described can be revenue, profit, property rights, or other appropriate forms. Eric Vuong emphasizes that “choosing the right model from the outset will minimize errors during implementation and avoid many legal risks.”.
Legal appraisal and property verification
A real estate asset valuation (RWA) model is only meaningful if the legal status of the asset and related information are thoroughly reviewed and verified. This includes verifying ownership, checking for disputes, assessing mortgage status, considering transfer restrictions, and evaluating the asset's suitability for digital asset valuation. The result of this process is typically an independent legal report prepared by the relevant authority, serving as a reference for developing documentation and information disclosure content in subsequent steps.
Valuation according to international accounting standards.
The value of an asset is not only measured by market forces but must also reflect expected cash flows and risk factors. The application of International Financial Reporting Standards (IFRS), including IFRS 13, 15, 16, and 9, varies depending on the type of asset. For example, real estate requires consideration of market value and rental rates; a food and beverage business may utilize POS data to determine revenue and operating cash flow; an intellectual property asset needs to be valued based on the profits derived from exploiting intellectual property rights; and for goods, market/international prices and information on inventory and storage status may also be considered. All of this helps establish a standardized valuation report, which can be used for financial disclosure when necessary.
Build data and create property profiles.
Data is the most important part of RWA. To lay the groundwork for RWA operations, assets need to be standardized into electronic asset records, including legal documents, contracts, valuation reports, cash flow statements, invoices, POS or ERP system data, images, and metadata. All this data needs to be stored in multiple layers, from traditional databases like SQL to the integration of advanced technologies such as IPFS and Merkle fingerprinting to ensure verifiability and tamper-proofing.
Develop product structure and operating mechanism.
Each asset-backed rights model needs to be built on a transparent legal and financial framework that clearly defines: revenue sharing ratios, payment terms, participation conditions, investor limits by country, contingency and reconciliation mechanisms. To mitigate risk, the use of a Compliance Engine is mandatory to check compliance before any project is allowed to proceed.
Smart contract design
Smart contracts are merely the automation layer at the end, but they play a crucial role in clearly defining the operating terms. Common features include automatic revenue sharing, maturity conditions, investor whitelists, KYC requirements, and lock-up mechanisms. All contracts must undergo independent audits to enhance reliability.
Bring real data into the chain using Oracles.
A sustainable RWA model requires continuous reconciliation of real-time data. This involves developing specialized Oracles such as POS Oracles for retail sales, Banking Oracles for bank reconciliation, Audit Oracles for documentation, and Production Oracles for goods and agricultural products. As a result, the cash flow of assets can be tracked in near real-time.
Asset distribution and management after digitalization.
Distribution can take various forms in accordance with current legal regulations, such as private transactions, widespread distribution when permitted by regulations, fan-based sales for IP, or revenue incentive programs. After issuance, assets continue to be monitored using FinLedger, reconciled with banks and POS systems. Transparent reports are published periodically to ensure the rights of participants.
Liquidity and other transactions
Depending on the model and applicable regulations, assets can be transferred through service providers on the system. This improves usability and increases flexibility for the owner.
Applying the model to each asset class
In real estate, the focus should be on transparentizing cash flow from leasing or commercial exploitation rather than interfering with direct ownership. For F&B and retail, the CoffeeFi model allows POS connectivity for instant revenue recording, enabling participants to track performance in real time. In the business asset sector, rights can be defined based on revenue, profit, or commercial contracts, or new exploitation models such as royalty-based revenue sharing. For commodities like gold or agricultural products, implementing inventory management and international price reconciliation mechanisms could be considered.
Eric Vuong: “The value of RWA lies in data transparency, not just in terminology or technology.”
The decisive role of Compliance
RWAs can operate sustainably when built on a foundation of full legal compliance. This includes applying Know Your Customer (KYC) requirements, anti-money laundering/anti-fraud measures (AML/CFT), investor country limits, asset audits, escrow mechanisms, and individual investor protection. This process aims to be suitable for the Vietnamese situation in the 2025–2028 period and international standards such as MiCA (EU).
Conclude
RWA is not a passing trend, but rather an approach to standardizing data, policies, and asset operations in the digital age. This process is suggested to meet stringent requirements for transparency, IFRS standards, legal compliance, and international scalability. The goal of these articles is not to follow trends, but to build a sustainable, standardized knowledge-sharing platform on RWA that will serve the development phase of 2025–2035.
This series of articles is for knowledge and information sharing purposes only, not investment recommendations or financial product offers. It is not intended for legal analysis or advice/predictions, but focuses on technology, economics, and investment. Any content relating to regulations, if applicable, will be written based on existing legal principles; sections lacking detailed regulations will be explained and discussed based on experiences in countries where these regulations have been implemented in practice. Readers should proactively seek out and understand Vietnam's current policies and legal framework through official documents; they must also comply with the current legal framework and only operate when specifically licensed, cautiously, and responsibly towards the State, the community, and society.
Eric Vuong
Chairman of BOD
HVA Investment Joint Stock Company
