Upbit operator Dunamu and MB Bank partner to launch Vietnam’s first crypto exchange

Denamo, the parent company of the largest exchange exchange in South Korea, joined the joint military stock bank (MB), the leading bank linked to the country in Vietnam within the framework of the Ministry of National Defense, to create the first local digital asset exchange in the country.

At the Vietnam Korea Business Forum in Seoul this week, the two parties have made the official nature of a memorandum of understanding (Memorandum of Understanding). As part of the agreement, Dunamu MB is scheduled to support a strategic partner in technology, infrastructure, compliance, investor protection, and workforce training.

This partnership comes after Vietnam passed the law in the digital technology industry in June, with the aim of promoting national digital transformation and raising the Vietnam site in the global technology market. The law will enter into force on January 1, 2026.

“A mixture of Vietnam’s growth and Denamo model, which has proven a prize in Dunamu, will provide a great opportunity to simply exceed the creation of an exchange of encryption and design of the entire national financial infrastructure based on confidence.”

The Chairman of the Board of Directors of MB Lưu Tung Thái stated that MB and Upbit will cooperate as reliable partners to advance in the digital finance sector in Vietnam.

Upbit, which was established in 2017, witnessed up to 69 % of the South Korea’s local encryption market as of February 2025, according to Kaiko Research. The platform serves more than 10 million world users, including in Southeast Asia.

In July, Denamo founder and vice -chairman Kim Hyung Neon met with the Vietnamese Prime Minister, Minah Cennis. Kim pledged to exchange experience, ensure safety and transparency, and provide solutions to attract local and international investors to the digital assets market in Vietnam.