Telio’s founder respawns, now gunning for gamers

When Sy Phong Bui sold his apartment late last year, it wasn’t to bankroll another B2B or fintech venture – the type that once got him checks from prestigious investors like Tiger Global and Granite Asia.

Instead, the founder of now-defunct Telio and OnOnPay, was chasing his lifelong dream of building a PC and console game completely built in his home country of Vietnam.

“I started this almost empty-handed,” Bui tells Tech in Asia in an exclusive interview. “All I had was my single apartment. I sold it to make a demo of a game.”

That gamble just got a backer.

Sy Phong Bui speaking at a Tech in Asia event during his time as OnOnPay’s co-founder / Photo credit: Tech in Asia

Bui’s new studio, Kronia, has recently landed a US$2.5 million co-development deal with VNG, Vietnam’s largest gaming company. The money will go toward building the studio’s debut title, currently codenamed Project P.

In 2021, VNG also pumped US$22.5 million into Bui’s B2B ecommerce firm Telio, which he had to shut down in late 2024 after failing to raise more funds.

Tech in Asia has reached out to VNG for comment.

Why did VNG sign on to co-develop?

Bui says this is the first time VNG has backed a local game at this scale, especially one where the studio retains full creative control and intellectual property rights.

The company has long focused on licensing and distributing overseas hits, like League of Legends from US-based Riot Games. But that model is losing momentum as digital storefronts like Steam tighten their grip.

VNG realizes that “distribution is still working today, but over time, it will matter less. What they need now are strong original IPs, something they can make themselves,” Bui says.

So far, VNG has mostly made small-scale mobile titles such as the Dead Target series.

VNG Campus in Ho Chi Minh City, Vietnam / Photo credit: VNG

Betting big for a 4x return

So, what’s Project P all about?