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

Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, has joined forces with Military Commercial Joint Stock Bank (MB), Vietnam’s leading state-linked bank operating under the Ministry of National Defense, to establish the nation’s first local digital asset exchange.

At the Vietnam-Korea Business Forum in Seoul this week, the two parties formalized a Memorandum of Understanding (MoU). As part of the agreement, Dunamu is set to support MB as a strategic partner in technology, infrastructure, compliance, investor safeguards, and workforce training.

The partnership comes after Vietnam passed the Law on Digital Technology Industry in June, aiming to promote national digital transformation and elevate Vietnam’s position in the global tech market. The law will come into effect on January 1, 2026.

“The mixture of Vietnam’s growth potential and Dunamu’s proven Upbit model will give a significant opportunity to go beyond simply establishing a crypto exchange and design the entire national digital financial infrastructure based on trust,” said Dunamu CEO Oh Kyoung-suk in a statement.

MB Chairman Lưu Trung Thái stated that MB and Upbit will collaborate as reliable partners to advance Vietnam’s digital finance sector.

Upbit, founded in 2017, held up to 69% of South Korea’s domestic crypto market as of February 2025, according to Kaiko Research. The platform serves over 10 million users globally, including in Southeast Asia.

In July, Dunamu’s co-founder and Vice Chairman Kim Hyoung-nyon met with Vietnamese Prime Minister Phạm Minh Chính. Kim pledged to share expertise, ensure safety and transparency, and provide solutions to attract domestic and international investors to Vietnam’s digital asset market.