South Korean fintech leader Dunamu, operator of the Upbit cryptocurrency exchange, has entered a strategic partnership with Vietnam's Military Commercial Joint Stock Bank (MB Bank) to establish Vietnam's first regulated domestic digital asset trading platform. The memorandum of understanding (MoU) was signed on August 12, 2025, during the Vietnam-Korea Business Forum in Seoul.
Dunamu will contribute its exchange infrastructure, security protocols, compliance frameworks, and operational expertise from running Upbit—South Korea's largest crypto exchange. MB Bank, with over 33 million customers and ties to Vietnam's Ministry of National Defence, will provide local regulatory navigation, banking integration, and institutional trust. The collaboration aligns with Vietnam's Digital Technology Industry Law, effective January 1, 2026, which formally recognizes digital assets and establishes legal exchange guidelines.
The exchange targets Vietnam's 20 million crypto holders and annual trading volumes exceeding $800 billion—one of the world's highest adoption rates. By combining Dunamu's technical capabilities with MB Bank's domestic reach, the platform aims to offer a secure alternative to offshore exchanges, enhance market integrity, and attract institutional investors. Analysts note this venture could position Vietnam as a Southeast Asian crypto hub and challenge global exchanges like Binance in the region.