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FPT & SBI Holdings invest $3 mn in Utop

Released at: 11:20, 19/04/2019

FPT & SBI Holdings invest $3 mn in Utop

Photo: FPT

FPT Corporation and SBI Holdings Inc. sign MoU establishing blockchain startup.

by Minh Do

The FPT Corporation (FPT) and SBI Holdings Inc. (SBI) signed a memorandum of understanding (MoU) on April 17 in Tokyo on investing $3 million to establish Utop, a Vietnamese startup that will link loyalty programs between merchants.

Utop will make it easy and convenient for users to garner and redeem loyalty points at retailers within the same network, thereby enabling small businesses to grow faster.

It was developed based on FPT’s enterprise blockchain platform, akaChain, which has been implemented in many countries and various sectors, from finance and insurance to retail and supply chains. 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. Utop also ensures high liquidity for end-users by allowing them to redeem points at any merchant within the network, helping improve discount and reward programs and, at the same time, enhancing the customer experience.

“SBI and FPT have cooperated effectively in past years by leveraging the strengths of each side,” said Mr. Yoshitaka Kitao, President and CEO of SBI. “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 potential to grow.”

“The development of Industry 4.0 technologies has created breakthrough opportunities for businesses, mushrooming so many innovative business models,” said FPT Chairman Dr. Truong Gia Binh. “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.”

“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.”

According to Mr. Pham Nguyen Vu, Co-founder and Director of Utop, the 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 will be a great boost to help Utop solidify its foundation and take bolder steps in the future.

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