Laying the Foundations of Bualuang Securities Tokenized Financial Ecosystem

The Opportunity

Bualuang Securities, one of Thailand’s leading brokerage firms and a subsidiary of Bangkok Bank, has long stood as a pillar of traditional finance in Southeast Asia. With 28 offices nationwide and deep integration into capital markets, the firm has enabled investment for millions across the region.

Yet, in the face of evolving investor expectations and rapidly advancing technology, traditional systems faced critical limitations:

High-barrier assets like government bonds were inaccessible to everyday investors due to minimum thresholds as high as USD $100,000

Loyalty point programs such as iPoint operated in closed ecosystems, limiting utility, reach, and interoperability

Legacy infrastructure was incapable of scaling to support asset fractionalization, real-time engagement, or modern digital operations

Compliance requirements made introducing blockchain technology especially complex in a highly regulated financial environment

Bualuang saw not just a technology upgrade opportunity, but a chance to future-proof its financial services by creating an adaptable foundation for tokenized finance and digital engagement.

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The Solution

In partnership with Pellar, Bualuang embarked on an ambitious transformation to build one of the region’s first blockchain-powered financial ecosystems within a regulated, enterprise-grade environment.

The system was designed with modularity, compliance, and scalability at its core in order to support near-term use cases and long-term digital evolution.

Key components included:

- Fractional Bond Ownership: By tokenizing high-value government bonds on a private blockchain, the platform allowed investors to own fractions of bonds, making previously unreachable asset classes accessible to a much broader population.

- Tokenized Loyalty Points (iPoint): Bualuang integrated loyalty point management into the blockchain system, enabling seamless daily batch processing for over 100,000 users and laying the groundwork for future interoperability and rewards innovation.

- On-Premises Deployment: Due to strict compliance requirements, Pellar deployed the blockchain infrastructure directly on Bualuang’s internal systems, running Linux environments remotely through secured Windows workstations.

- High-Throughput, High-Security Infrastructure: Using Prime 1.0, Pellar’s proprietary private blockchain (pBFT consensus-based), the system was rigorously stress-tested for 10,000+ transactions per second (TPS) and passed multiple security audits and compliance reviews.

- Heavy Collaboration and Customization: Pellar’s engineering team worked closely with Bualuang's compliance and IT teams, even handling late-night troubleshooting sessions across time zones to ensure smooth integration and operations.

This initiative was more than a point solution. It was the first phase of a future-facing digital asset ecosystem, one capable of supporting tokenized equities, real-world assets, digital identity, and programmable finance in the years ahead.

As Roy Hui, co-founder of Pellar, explained during a meeting with Bualuang Securities' leadership:

"All those assets you see outside - buildings, land, infrastructure - are illiquid today. But tokenization will eventually make every illiquid asset liquid, fractionalized, and tradable. It's just a matter of time."

Results

- Technology Delivery: Successfully deployed a private blockchain system fully integrated into Bualuang’s operational stack.

- Asset Innovation: Enabled fractional ownership of traditionally inaccessible government bonds.

- Scale: Integrated batch processing for 100K+ loyalty point users daily.

- Security: Passed rigorous security audits and compliance testing.

- Market Leadership: Positioned Bualuang Securities as an early mover in financial asset tokenization within Thailand and Southeast Asia.

Key Technologies

- Prime 1.0 Private Blockchain (pBFT consensus)

- On-Premises Blockchain Deployment Architecture

- Tokenization Smart Contracts (Bonds and Loyalty Points)

- High-Throughput Transaction Processing (10K+ TPS stress-tested)

- Secure Remote Linux System Management