Dunamu, which operates Upbit, signed a memorandum of understanding (MOU) for technology partnership with Vietnam Military Bank to foster a digital financial ecosystem in Vietnam.
This agreement was signed on August 12th at the Korea-Vietnam Business Forum held at the Lotte Hotel in Sogong-dong, Seoul. Based on trust, the two companies plan to collaborate to foster the Vietnamese virtual asset market and revitalize the digital financial ecosystem.
Established in 1994, Vietnam Military Bank is a financial institution under the Ministry of National Defense. With approximately 30 million customers, it is one of Vietnam's four largest banks. Recently, it has been actively pursuing digital transformation, attracting attention as a key innovator in Vietnam's financial industry.
Through this MOU, Dunamu, as a strategic partner of Military Bank, will provide technical and operational expertise in various areas, including the establishment of a virtual asset exchange in Vietnam, the establishment of related systems, and the establishment of investor protection measures. This comprehensive collaboration will leverage Upbit's security infrastructure, regulatory response capabilities, and talent development experience.
Upbit, a virtual asset exchange with an annual trading volume of $1.35 trillion, complies with Financial Action Task Force (FATF) regulations and provides a stable trading environment. Leveraging this operational experience and technological prowess, Dunamu plans to support the development of Vietnam's digital financial infrastructure.
“Vietnam is a market with high growth potential, with over 20 million virtual asset holders and an annual trading volume of over $800 billion,” said Oh Kyung-seok, CEO of Dunamu. “Through Upbit’s operating model, we will be able to contribute to the trust-based digitalization of Vietnam’s financial system, going beyond simply establishing an exchange.”
Liu Trung, Chairman of Thai Military Bank, said, “Based on close cooperation between our two countries, we will work together to promote sustainable growth of Vietnam’s digital financial industry.”
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