SEOUL – In a significant move highlighting the growing economic ties between South Korea and Vietnam, Dunamu, the operator of the leading South Korean cryptocurrency exchange Upbit, has entered a strategic partnership with Military Bank (MB Bank) of Vietnam to assist in the establishment of a virtual asset exchange. The collaboration was formally announced following the signing of a memorandum of understanding (MOU) at the Korea-Vietnam Business Forum held in Seoul on August 12.
The partnership positions Dunamu as a key strategic partner to MB Bank, a prominent state-affiliated financial institution founded in 1994 with a vast customer base of nearly 30 million people. Dunamu’s role will be comprehensive, extending beyond a simple technology transfer. The South Korean firm is set to provide its advanced, high-performance infrastructure and robust security systems, while also offering crucial expertise in regulatory compliance, investor protection, and personnel training. This move is particularly timely as the Vietnamese government continues to explore and develop a legal framework for digital assets, which are not currently recognized as legal tender but are a subject of increasing interest.
Oh Gyeong-seok, CEO of Dunamu, underscored Vietnam's enormous potential in the digital asset space. He cited Vietnam’s more than 20 million crypto holders and an annual trading volume exceeding $800 billion as evidence of a thriving market. "This is not merely about building a new exchange; it is a critical opportunity to design a trusted, nationwide digital financial infrastructure from the ground up," Oh stated. He emphasized that Upbit is a comprehensive platform, with integrated expertise in planning, operations, regulatory affairs, and asset management, all of which will be leveraged to support Vietnam's developing digital finance ecosystem.
Luu Trung Thai, chairman of MB Bank, expressed confidence in the new partnership. "As trusted partners, MB Bank and Upbit will work together to foster the growth and development of Vietnam's digital financial market," he said. The collaboration marks a significant step for MB Bank as it ventures into the virtual asset sector with a globally recognized partner. It also signals a broader trend of traditional financial institutions in Southeast Asia beginning to formally embrace cryptocurrency with the support of experienced industry players. This initiative is expected to play a crucial role in shaping Vietnam's future digital economy and its position in the global fintech landscape.
[Copyright (c) Global Economic Times. All Rights Reserved.]
