Dunamu to share crypto exchange expertise with Vietnamese bank

Dunamu CEO Oh Kyoung-suk, front row left, and Vietnam's Military Bank Chairman Luu Trung Thai, front row second from left, pose with other entrepreneurs during the Korea-Vietnam Business Forum in Seoul, Tuesday. Courtesy of Dunamu

Dunamu, operator of Korea’s largest cryptocurrency exchange Upbit, said Wednesday that it signed a memorandum of understanding (MOU) with Vietnam’s state-controlled Military Bank to launch the Southeast Asian nation’s first domestic digital asset exchange.

Dunamu said the MOU was formed Tuesday during the Korea-Vietnam Business Forum in Seoul.

Under the MOU, Dunamu will serve as a key strategic partner to Military Bank, supporting the establishment of a digital asset exchange in Vietnam, the creation of regulatory and legal frameworks and the development of investor protection mechanisms.

The Seoul-headquartered company also plans to share Upbit’s advanced technology.

The cryptocurrency exchange, compliant with Financial Action Task Force (FATF) standards, reports annual trading volumes of $135 billion and is recognized as Korea’s leading digital asset exchange. It is ranked among the top three globally in trading volume, handling more than $1.1 trillion in trades and managing assets of over 15.3 trillion won ($11 billion).

Founded in 1994, Military Bank is a financial institution affiliated with Vietnam’s Ministry of National Defense.

With nearly 30 million customers, it is considered one of Vietnam’s top four banks and a leader in the country’s digital finance transformation.

Dunamu CEO Oh Kyoung-suk views the company’s partnership with Vietnam as a timely move, following the Vietnamese government’s Resolution No. 57, which identifies science, technology and innovation as key drivers of national development.

He noted that Vietnam holds significant potential, referring to the country’s 20 million digital asset holders, annual trading volume exceeding $800 billion and its top-five global ranking in blockchain capital inflows.

“Combining such potential with Upbit’s proven model will allow us to go beyond building an exchange to designing the entire digital finance infrastructure based on trust,” Oh said.

Oh referred to Upbit as “not just a tech provider” but rather “a comprehensive platform that encompasses planning, operations, compliance and asset management.”

“We’ll fully support Vietnam in establishing a secure digital finance ecosystem grounded in reliable technology,” he added.

Military Bank Chairman Luu Trung Thai said, “Vietnam and Korea, along with Military Bank and Upbit, will be strong collaborative partners in driving the growth and development of Vietnam’s digital financial market.”

Meanwhile, a total of 38 MOUs were signed during the Korea-Vietnam Business Forum, spanning various sectors including energy, food and tourism.

It was attended by more than 500 government officials and business leaders from both countries, including Korean Prime Minister Kim Min-seok and Communist Party of Vietnam General Secretary To Lam.