The two sides signed an MoU on August 12 during the Vietnam–Korea Economic Forum in Seoul, according to The Korea Times. Dunamu said the partnership will combine its digital asset expertise with MB’s local banking network to create a secure and accessible platform for Vietnamese investors.

According to the agreement, Dunamu will act as a key strategic partner to Military Bank to facilitate the establishment of a digital asset exchange in Vietnam, the formulation of legal frameworks, and the development of investor protection measures related to digital assets. Dunamu also has a plan to share Upbit's advanced technology.

Oh Kyung-seok, CEO of Dunamu, highlighted Vietnam's ample potential with 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," he said.

The CEO 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.

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

Upbit is the world’s third-largest crypto exchange and South 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 $11 billion.