Upbit and Military Bank form technical partnership… Supporting the establishment of a cryptocurrency exchange in Vietnam

Dunamu, the operator of the cryptocurrency exchange Upbit, announced on the 13th that it signed a technical cooperation memorandum of understanding (MOU) with Vietnam’s Military Bank (MB Bank).

On the 12th, at Lotte Hotel in Sogong-dong, Seoul, during the 'Korea-Vietnam Business Forum', Dunamu and Vietnam’s Military Bank signed an MOU, agreeing to actively cooperate for the activation of Vietnam’s digital financial ecosystem based on mutual trust.

Military Bank is a financial institution under Vietnam’s Ministry of National Defense, established in 1994. With close to 30 million customers, Military Bank is considered one of the top four banks in Vietnam and is at the forefront of the country’s digital financial transformation.

Through this MOU, Dunamu will support the establishment of a cryptocurrency exchange in Vietnam as a core strategic partner to Military Bank, as well as assist in developing laws, systems, and investor protection measures related to digital assets. Dunamu also plans to transfer Upbit’s world top-three innovative technologies and provide various operational know-how including high-performance infrastructure, security and regulatory compliance experience, and talent development.

Upbit, recognized as South Korea’s leading cryptocurrency exchange, complies with the regulations of the Financial Action Task Force (FATF) and, with its superior technology and differentiated user experience, records an annual trading volume of $135 billion, fostering investor trust and leading the advancement of the domestic digital asset industry.

Recently, Vietnam announced 'Resolution No. 57', which makes science, technology, and innovation the driving force of national development and is engaging in economic and industrial reforms. South Korea and Dunamu are seen as optimal partners for this transition.

Oh Kyung-seok, CEO of Dunamu, stated, “Vietnam demonstrates its potential through its over 20 million digital asset holders, annual transaction volumes exceeding $80 billion, and a blockchain asset inflow ranking in the global top 5,” adding, “Combining Vietnam’s proven growth potential with the Upbit model offers a significant opportunity to design not only a cryptocurrency exchange but also Vietnam’s entire digital financial infrastructure based on mutual trust.”

He continued, “Upbit is not merely a technologically advanced exchange but a comprehensive platform that thoroughly internalizes planning, operations, compliance, and asset management. We will offer all-round support so that the Vietnamese government can stably build a digital financial ecosystem on the foundation of reliable technology.”

Lưu Trung Thái, chairman of Military Bank, said, “From now on, Vietnam and South Korea, Military Bank and Upbit, as solid partners, will work together for the growth and development of Vietnam’s digital financial market.”