Dunamu, the firm behind South Korea’s Upbit, and Vietnam’s state-linked Military Bank signed a deal on Tuesday,, August 14, to create the country’s first homegrown digital asset exchange.
The memorandum of understanding (MoU) was agreed upon at a business forum in Seoul. Dunamu will provide technology and platform know-how. MB Bank will lead the local operations.
The move aims to align with Vietnam’s recent push to regulate digital assets and provide a regulated platform for trading in the country.
Deal details
The two sides agreed to work as strategic partners. Dunamu will share its exchange system and technical tools. It will also advise MB Bank on rules, investor safeguards and staff training.
MB Bank will utilise its banking network and regulatory connections to operate the exchange in Vietnam.
MB Bank began in 1994 as a unit of the Ministry of National Defence, and it is one of Vietnam’s top five banks. The lender serves about 33 million customers and reports total assets near $50 billion.
The memorandum was signed in Seoul in front of business leaders from both nations. Company officials described the partnership as part of a larger push to export Korea’s exchange model and expertise abroad.
Why the deal matters?
Vietnam has recently moved to bring virtual assets into a formal legal framework. In July, lawmakers approved the Law on Digital Technology Industry, which clears the way for a regulated market for these assets. The government wants clearer rules and safer ways for people to invest.
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Industry data cited by Dunamu points to strong demand, and Vietnam may have more than 20 million virtual asset holders. Reported trading flows tied to blockchain assets have reached about $800 billion, and the country ranks high in terms of global inflows.
Those figures underline why local officials see a big opportunity to build a domestic market.
Dunamu’s role and experience
The platform has handled more than $1.1 trillion in trades and holds assets worth 15.3 trillion won, roughly $11 billion.
Executives say Dunamu helped shape South Korea’s crypto rules and market setup. That background made it an attractive partner for Vietnam.
In July, Dunamu’s co-founder and vice chairman met Vietnam’s prime minister. He promised to back cooperation on the country’s digital economy and to help keep systems safe and transparent.
Local partner’s view
Leaders at MB Bank said the project aims to build trust around digital finance. They described the bank and Dunamu as committed partners. The bank noted that work will focus on making a secure market and attracting both local and foreign investors.
Dunamu’s chief executive noted Vietnam’s market potential and said the partnership could be more than a single exchange. He suggested the goal is to help shape a wider digital finance system that rests on reliable tools and clear rules.
Both sides must still finalise the details and obtain final approvals. Regulators in Vietnam will play a key role. The technical handover, staff hiring and regulatory checks are likely to take time. The two companies said they will start joint work on compliance and training soon.
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