SBI Holdings, FPT Corporation back Vietnamese blockchain startup Utop

Vietnamese tech firm FPT Corporation and Japanese financial services giant SBI Holdings last week signed a memorandum of understanding (MoU) to invest $3 million into a blockchain-based joint venture Utop.

Based in Vietnam, Utop aims to bridge loyalty point programmes among merchants. The blockchain-based platform will make it easy for users to collect and redeem loyalty points at retailers within the same network, thereby enabling small businesses to grow faster.

According to the press release, Utop was developed based on FPT’s enterprise blockchain platform akaChain.

Through Utop, small businesses would be able to link their reward programms with each other to reduce costs and ensure data security. This is made possible through the multi-layered architecture of akaChain platform.

Furthermore, Utop also ensures high liquidity for end users by allowing them to redeem points at any merchants within the network. It helps improve discount and reward programs and, at the same time, enhances customer experiences.

“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,” Pham Nguyen Vu, co-founder and director of Utop.

FPT said that its enterprise blockchain platform akaChain has been implemented in many countries and across various sectors from finance, insurance, retail, to supply chain.

“Based on FPT’s enterprise blockchain platform akaChain, its technology capabilities, as well as strong network of customers, I am completely positive that this is the best time to launch Utop. I hope it has lots of potential to grow,” Yoshitaka Kitao, SBI’s President and Chief Executive Officer said.