Upbit collaborates with MB Bank to launch the first digital asset exchange in Vietnam

Dunamu, the operator of South Korea's largest cryptocurrency platform Upbit, will collaborate with Military Commercial Joint Stock Bank (MB Bank) – to launch the first domestic digital asset exchange in Vietnam.

The two sides signed a memorandum of understanding (MoU) on Tuesday at a business forum held in Seoul, attended by business leaders from both countries.

"This partnership is particularly significant as Dunamu will export the model and technology of the Korean exchange as part of a national initiative abroad," a company representative told the Korea Herald.

*CEO of Dunamu Oh Kyoung-suk (on the left) and Chairman of MB Bank Lưu Trung Thái (fourth from the left) posing at the Korea-Vietnam Business Forum held in Seoul on Tuesday.*MB Bank, established in 1994 in the form of a joint-stock commercial bank and a subsidiary of the Ministry of Defense, is currently among the top 5 largest banks in Vietnam, serving 33 million customers with total assets of nearly 50 billion USD.

According to the agreement, Dunamu will become a key strategic partner of MB Bank, providing technology, infrastructure while advising on legal compliance, investor protection, and human resource development. However, it is unclear what percentage of shares Dunamu will hold in this new exchange.

The agreement takes place in the context of Vietnam gradually bringing digital assets into a legal framework. Last July, the Law on the Digital Technology Industry was passed, legalizing digital assets and establishing a regulated market. Vietnam plans to pilot 5 crypto exchanges.

Dunamu not only transformed Upbit into the leading exchange in South Korea but also contributed to shaping the crypto ecosystem and the legal framework of this country, which is perhaps the main reason why the Vietnamese government chose Dunamu as a partner. In July, Dunamu's Vice Chairman and co-founder, Kim Hyoung-nyon, met with Prime Minister Pham Minh Chinh and committed to collaborating on the development of the digital economy in Vietnam.

Currently, Upbit is the third largest cryptocurrency exchange in the world, processing over 1.1 trillion USD in transactions and managing assets worth over 15.3 trillion won (11 trillion USD).

"Vietnam has great potential with over 20 million people owning virtual assets, a trading volume of over 800 billion USD, and blockchain asset inflows ranking fifth globally," said Dunamu CEO Oh Kyoung-suk. "When this growth potential is combined with the Upbit model, it will be an opportunity to build not only an exchange but also a comprehensive digital financial infrastructure for Vietnam based on trust."

The Chairman of MB Bank, Lưu Trung Thái, stated: "MB and Upbit will collaborate as trusted partners to promote Vietnam's digital financial market."

The information about the cooperation has caused MB's stock to rise by more than 5% right after the announcement.

Thạch Sanh