Military Bank (MB), a state-controlled Vietnamese financial institution, is partnering with South Korean fintech firm Dunamu, the parent company of the Upbit cryptocurrency exchange, to launch a new crypto trading platform. The initiative is a significant step forward for Vietnam’s digital asset market, which is currently in the process of establishing a formal regulatory framework.
The partnership, formalized through a memorandum of understanding, was announced by Dunamu on Wednesday. A subsequent Facebook post from Military Bank confirmed the collaboration, stating that Dunamu would provide its technological expertise to build the cryptocurrency exchange in Vietnam.
Luu Trung Thai, Chairman of Military Bank, emphasized the importance of the partnership, saying, “MB and Upbit will be trusted partners, working together to promote Vietnam’s digital financial market.”
As a financial institution under the Vietnamese Ministry of National Defense, Military Bank’s involvement gives this crypto exchange a government-backed imprimatur. This aligns with recent efforts by the Vietnamese government to regulate and formalize the digital asset sector.
In March, Deputy Minister of Finance Nguyen Duc Chi announced a pilot program for fintech companies, including crypto exchanges. This was followed by an announcement from Pham Tien Dung, Deputy Governor of the State Bank of Vietnam (SBV), that a legal framework for digital assets had been officially established. This new framework, developed with input from the pilot program, a National Assembly resolution, and a law on industry and digital technology, is designed to facilitate investment and business in the sector.
While Vietnam already has some domestic crypto exchanges like BitcoinVN and Nami.Exchange, Military Bank’s new platform could be the first to operate under the country’s new, government-approved regulatory scheme. The Ministry of Finance has indicated that the pilot program is being finalized and will allow for multiple exchanges to operate.
