Hanoi: South Korean cryptocurrency exchange operator Dunamu Inc. announced that it has signed a memorandum of understanding (MOU) with Military Commercial Joint Stock Bank, a Vietnamese financial institution. This partnership aims to establish a cryptocurrency exchange in Vietnam, marking a significant collaboration in the Southeast Asian financial landscape.
According to Yonhap News Agency, the agreement was finalized during a business forum that featured prominent business leaders from both South Korea and Vietnam. Under this MOU, Dunamu will provide support to the Vietnamese bank in creating the exchange, while also assisting in the development of legal frameworks concerning virtual assets.
Dunamu plans to share its technologies utilized in its cryptocurrency exchange, Upbit, and offer its expertise in infrastructure and human resources management. Oh Kyung-seok, Dunamu's CEO, expressed the company's dedication to supporting the Vietnamese government in building a stable digital finance ecosystem.
Vietnam's virtual asset market is notably active, with over 20 million individuals owning virtual assets and an estimated annual transaction volume exceeding US$800 billion. This collaboration aims to tap into this burgeoning market by leveraging Dunamu's experience and technology.