Utop Blockchain Company Receives $3 Million Investment From SBI Holdings, FPT Corporation

SBI Holdings And FPT Corporation Invest $3 Million In Vietnamese Blockchain Company

Utop, a Vietnamese blockchain startup has recently revealed that they have signed a memorandum of understanding (MoU) with FPT Corporation and SBI Holdings Inc on investing $3 Million in the startup.

UTop proposes a blockchain-based loyalty platform to enable the conversion of customers’ accumulated loyalty into a pre-defined common point that can be used to exchange for a tangible reward in subsequent purchases. The use of smart contracts will facilitate the merchants to easily enter the coalition, decide rules without going through a lengthy negotiation process. When multiple loyalty programs are compatible, customer experience is magnified to a larger extent and companies achieve their optimal level of budget utilization.

It was developed based on FPT’s enterprise blockchain platform, akaChain, which has been implemented in many countries and various sectors. Through partnering with Utop, small businesses can link their reward programs to cut costs and keep their data secure thanks to akaChain’s multi-layered architecture.

Through the blockchain technology and its distributed data entry system, organizations can be guaranteed that there is a single and unalterable pool of data, open and accessible through the transparent nature of the distributed data approach. This saves cost associated with either having to set up centralized data systems inherently laden with its huge costs and the danger of a single point of failure. Through the use of the smart contract system, UTop is able to facilitate seamless merchants coalitions and rules decisions without having to go through a lengthy negotiation process.

“SBI and FPT have cooperated effectively in past years by leveraging the strengths of each side. The majority of SBI’s companies in Vietnam are either invested in or jointly operated by FPT, through subsidiaries such as FPT Securities, Sendo, or TPBank. Based on FPT’s enterprise blockchain platform akaChain, its technology capabilities, as well as its strong network of customers, I am completely confident that this is the best time to launch Utop. I hope it has lots of potentials to grow,” said Mr. Yoshitaka Kitao, President and CEO of SBI.

FPT Chairman Dr. Truong Gia Binh adds:

“The development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models. FPT has defined digital transformation as our key strategy, accompanying our customers worldwide on their digital transformation journey, helping improve their business processes and leverage their position.”