Bonanza Factory Expands Crypto Exchange Deposit, Withdrawal Infrastructure With Vietnam’s MBBank

YM Lee

Summary

Bonanza Factory said it completed a proof of concept for Vietnam dong-based deposit and withdrawal connectivity between MBBank and crypto exchanges.
Bonanza Factory said it adapted the TranSafer architecture used by domestic exchanges to a Vietnamese banking system, confirming the potential to expand a local-currency deposit and withdrawal verification framework.
Bonanza Factory said it will continue its overseas expansion through cooperation with MBBank and by focusing on TranSight, its know-your-transaction and anti-money laundering solution.

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Bonanza Factory, a compliance solutions provider, is accelerating its push into Southeast Asia’s infrastructure market for crypto exchange deposits and withdrawals.

The company said April 22 that it had completed a proof of concept for Vietnam dong-based deposit and withdrawal connectivity between Vietnam Military Commercial Joint Stock Bank, or MBBank, and crypto exchanges. The test implemented deposit and withdrawal methods including virtual accounts, QR transfers and firm banking transfers in a live operating environment.

Bonanza Factory supplies deposit and withdrawal verification solutions to major South Korean crypto exchanges. For the project, it adapted the core architecture of its TranSafer solution to fit a Vietnamese banking system, confirming that its existing Korean won-based deposit and withdrawal verification framework can be extended to a local-currency environment.

TranSafer is a business-to-business solution that verifies fund flows during deposits and withdrawals at crypto exchanges. The project marked a test case for applying a structure already commercialized in South Korea to overseas markets.

MBBank, a financial institution under Vietnam’s Ministry of National Defense, is one of the country’s major banks with about 30 million customers. As Vietnam moves to introduce a licensing system for crypto exchanges, discussions have continued across the financial sector on building related infrastructure.

Bonanza Factory is also in talks with local companies on adopting TranSight, its know-your-transaction and anti-money laundering solution for crypto deposits and withdrawals.

Chief Executive Officer Kim Young-seok said the commercialization preparations confirmed the potential for compliance-based crypto solutions that can be applied even in global markets where regulations are not yet fully in place. Bonanza Factory will continue expanding overseas with TranSafer and TranSight at the center of that effort, he added.