Vietnamese tech giant FPT Corporation and Japan’s SBI Holdings have signed a memorandum of understanding to invest US$3 million in Utop, a blockchain startup in Vietnam.
According to news sources seen on the FPT’s website, Utop will apply the blockchain technology of FPT to connect enterprise networks and manage and exchange reward points. Utop will help users accumulate and use reward points in a new and creative way at connected stores and firms.
The convenience offered by Utop is expected to upgrade many firms’ operations and help these firms gain a better foothold in the local market.
Utop was developed based on FPT’s akaChain blockchain platform, which is being deployed in many countries and provides a range of services relevant to the finance, insurance and retail sectors.
Aside from expanding the reach of firms and small stores in the local market, Utop will support them in beefing up the efficiency of their promotional and customer care programs.
“SBI and FPT have cooperated effectively over the past few years. Given the success of akaChain, the technology capacity and the large customer base of FPT, SBI strongly believes this is the most suitable moment to launch Utop,” SBI Chairman and General Director Yoshitaka Kitao said, adding that the startup has high potential for gaining ground in the coming period.
Truong Gia Binh, FPT chairman, said, “Utop will help thousands of Vietnamese firms seize more business opportunities, offering convenient shopping experiences to millions of Vietnamese consumers.” Further, the startup is expected to boost the country’s digital economy development.
Utop had earlier been piloted as part of FPT’s activities in the finance, retail and insurance sectors in end-2018. The cooperation between FPT and SBI will shore up its operations in the future.
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