Vietnam’s blockchain startup Utop raises $3m from SBI Holdings, FPT

Representatives of FPT and SBI signed the $3 million deal in Tokyo.

Vietnamese tech company FPT Corporation and Japan’s SBI Holdings Inc have signed a memorandum of understanding (MoU) to invest $3 million in Utop, a Vietnamese startup that bridges loyalty point programmes among merchants, according to an official announcement.

Utop, which was developed based on FPT’s enterprise blockchain platform akaChain, claims to make it easy and convenient for users to garner and redeem loyalty points at retailers within the same network. It partners with small businesses to link their reward programmes with each other to reduce costs and keep data secure.

“This platform has been tested in FPT’s minimum viable ecosystem as well as sectors such as retail, insurance, and finance since last December. The funding from FPT and SBI would be a great kick start to help Utop solidify its foundation and take bolder steps in the future,” said Utop co-founder and CEO Pham Nguyen Vu.

In Vietnam, SBI and FPT have worked together for many years. A majority of SBI’s companies in Vietnam are either backed or jointly operated by FPT through its subsidiaries such as FPT Securities, Sendo, or TP Bank.

“FPT has defined digital transformation as our key strategy, accompanying our customers worldwide in their digital transformation journey, helping improve their business processes and leverage their position. Utop will play its part in growing thousands of Vietnamese businesses, bringing convenience and interesting shopping experiences for millions of Vietnamese consumers, thereby contributing to the development of Vietnam’s digital economy,” said FPT chairman Truong Gia Binh.

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