Vietnamese Blockchain Startup Utop Gets $3 Million From FPT Corporation & SBI Holdings

The major technology company FPT Corporation and the prominent financial services provider SBI Holdings are one of the names featured in the latest cryptocurrency news on our website, because of their $3 billion investment in a Vietnamese blockchain startup named Utop.

According to news coming from the local English language daily news outlet Viet Nam News reported on April 19, both FPT Corporation and SBI Holdings Inc. have signed a memorandum of understanding (MoU) to invest the $3 million in the Vietnamese blockchain startup Utop.

What the Utop startup brings to the table is a revolutionary technology that would allow users to gain and redeem loyalty points at merchants within the same network. As the news show, the project will purportedly enable small businesses registered on the network by reducing their costs and securing data through the akaChain platform.

As the chairman of FPT Truong Gia Binh said when asked about their investment in the Vietnamese blockchain startup:

“The development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models. We call it digital transformation.”

As featured on many best cryptocurrency news sites so far, SBI has managed in a number of ventures in the cryptocurrency sector such as its own exchange Vctrade alongside a series of investments in many businesses related to cryptocurrency infrastructures and services.

Last October, for example, SBI partnered with Ripple’s XRP powered payments app, MoneyTap, showing up in the altcoin news section and going live with the system whch helps account holders at selected Japanese banks. At the time, the app was designed to include a consortium of 61 institutions including more than 80% of all Japan’s banking assets in a single service.

Right now, the company has a massive interest in the Vietnamese blockchain startup Utop and is looking forward to the development of its infrastructure.

Previously, the company’s general director Ngo Vinh Quy talked about blockchain (during the partnership with the largest telecommunications operator in the country, Viettel Group) stating:

“Blockchain is an unlimited ecosystem. The most difficult task for Viettel is choosing the most effective blockchain technology that can be applied in daily life.”