Upbit Partners with Military Bank to Support Establishment of Virtual Asset Exchange in Vietnam

Dunamu, the operator of Upbit, announced on August 13 that it has signed a memorandum of understanding (MOU) for technological cooperation with Vietnam's Military Bank (MB Bank) to foster the Vietnamese virtual asset market.

Dunamu signed the MOU with Military Bank at the 'Korea-Vietnam Business Forum' held at the Lotte Hotel in Sogong-dong, Seoul the previous day. Based on mutual trust, the two parties agreed to actively cooperate to invigorate Vietnam's digital financial ecosystem.

Military Bank, established in 1994, is a financial institution affiliated with the Vietnamese Ministry of National Defense. With nearly 30 million customers, Military Bank is considered one of Vietnam's four major banks and is leading the country's digital financial transformation.

Through this MOU, Dunamu will serve as a core strategic partner for Military Bank, supporting the establishment of a virtual asset exchange in Vietnam, the development of laws and regulations related to virtual assets, and the creation of investor protection mechanisms. In addition to transferring Upbit's innovative technology, Dunamu will also provide a range of operational expertise, including high-performance infrastructure, security and regulatory compliance experience, and talent development.

Oh Kyungseok, CEO of Dunamu, stated, "With more than 20 million virtual asset holders, annual trading volume exceeding $800 billion, and a top 5 global ranking in blockchain asset inflows, Vietnam's potential is clear. If Vietnam's growth potential is combined with the proven Upbit model, it will present a significant opportunity to design not only an exchange but the entire national digital financial infrastructure based on trust."

Oh further emphasized, "Upbit is not simply a technology-driven exchange; it is a comprehensive platform that has fully internalized every process, from planning and operations to regulatory compliance and asset management. We will provide comprehensive support so that the Vietnamese government can build a stable digital financial ecosystem on a trustworthy technological foundation."

Luu Trung Thai, Chairman of Military Bank, said, "Going forward, Vietnam and Korea, as well as Military Bank and Upbit, will work together as strong partners to promote the growth and development of Vietnam's digital financial market."

The 'Korea-Vietnam Business Forum' was attended by more than 500 government officials, institutional representatives, and business leaders from both countries, including Secretary-General To Lam Dang and Prime Minister Kim Minseok. During the forum, 52 MOUs were signed between major companies and institutions from both countries, promising expanded cooperation in various fields such as industrial collaboration, energy, food, and tourism.