Upbit and MB Bank Join Forces to Launch Vietnam’s First Crypto Exchange, Serving 33 Million Customers with $50B in Assets

Vietnam is preparing to launch its first domestic digital asset exchange through a strategic partnership between Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit. The collaboration was formalized during the Vietnam-Korea Economic Forum on August 12, 2025.

Military Bank, widely known as MB Bank, is a joint-stock commercial bank established in 1994 under the Ministry of National Defence. It is ranked among Vietnam’s five largest banks, serving over 33 million customers and managing total assets nearing $50 billion.

Dunamu CEO Oh Kyoung-suk emphasized: “Vietnam has over 20 million digital asset holders, with a transaction volume reaching $800 billion, and ranks fifth globally in blockchain adoption. When this potential is combined with Upbit’s model, this is not merely the launch of an exchange; it represents an opportunity to build a sustainable digital financial infrastructure grounded in trust.”

Strategic Partnership and Technology Deployment

Dunamu will serve as MB Bank's key strategic partner, sharing its technology and infrastructure while advising on regulatory compliance and operational best practices. Dunamu’s Upbit platform, known for its high-performance trading engine and robust security protocols, will form the backbone of the new exchange.

Additionally, Dunamu will guide the platform’s AML and KYC frameworks, investor protection measures, and talent development programs to ensure compliance with Vietnam’s emerging regulatory standards.

A Dunamu spokesperson commented, “The partnership is especially significant as Dunamu is exporting Korea’s exchange model and technology as part of an overseas state-led initiative.”

Catalyzing Growth in Vietnam’s Crypto Market

Vietnam’s cryptocurrency market has experienced rapid expansion in recent years, fueled by rising interest from both retail and institutional investors.

The new exchange is designed to meet this growing demand by offering a fully regulated platform that emphasizes security, transparency, and operational reliability. The initiative is expected to attract international investment and support financial innovation within the country.

MB Bank Chairman Lưu Trung Thái stated: “MB and Upbit will work closely, step by step, to develop a trusted and user-friendly digital financial market in Vietnam.”