SBI Holdings invests $3 million in FPT’s blockchain startup

Representatives of FPT and SBI signed the three-million dollar deal in Tokyo on 17 April, 2019

TOKYO/HANOI, April 18th, 2019 – Tokyo-based SBI Holdings Inc. (“SBI”) yesterday signed a Memorandum of Understanding (MoU) with FPT Corporation (“FPT”) to invest $3 million dollars in Utop, a FPT blockchain startup that bridges loyalty point programs among merchants. Utop makes 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.

Utop was developed based on FPT’s enterprise blockchain platform akaChainTM, which has been implemented in many countries and across various sectors from finance, insurance, retail, to supply chain. Through partnership with Utop, small businesses could link their reward programs with each other to reduce costs and keep data secure thanks to the multi-layered architecture of akaChainTM platform. 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.

Mr. Yoshitaka Kitao, SBI’s President and Chief Executive Officer said “SBI and FPT have cooperated effectively in many past years by leveraging the strengths of both sides. A majority of SBI’s companies in Vietnam are either invested or jointly operated by FPT through its subsidiaries such as FPT Securities, Sendo, or TP Bank. Based on FPT’s enterprise blockchain platform akaChainTM, 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”.

FPT Chairman, Dr. Truong Gia Binh, noted: “The development of industry 4.0 technologies has created break-through opportunities for businesses, mushrooming so many innovative business models. We call it digital transformation. 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”.

According to Mr. Pham Nguyen Vu, co-founder and director of Utop, “this platform has been running a pilot with FPT’s minimum viable ecosystem as well as various 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”.

The deal helps transform customer loyalty programs through FPT’s blockchain platform

About FPT Corporation

FPT is the global leading technology and IT services provider headquartered in Vietnam with nearly US$2 billion in revenue and 33,000 employees. As a pioneer in digital transformation, FPT delivers world-class services in Smart factory, Digital platforms, RPA, AI, IoT, Enterprise Mobility, Cloud, AR/VR, Embedded Systems, Managed services, Testing, Platform modernization, Business Applications, Application Services, BPO, and more. FPT has served over 600 customers worldwide, a hundred of which are Fortune Global 500 companies in the industries of Aerospace & Aviation, Automotive, Banking and Finance, Logistics & Transportation, Utilities and more. For more information, please visit www.fpt-software.com.

About SBI Holdings Inc.

The SBI Group is Japan’s leading financial services company which was established in 1999 as a pioneer of Internet-based financial services, and currently has formed the world’s first Internet-based financial conglomerate, providing financial services in a broad range of fields including securities, banking and insurance. The SBI Group also globally manages a number of private equity and venture capital funds. As a pioneer in the Fintech industry and after years of actively investing in start-up companies in the sectors such as IT, mobile, bio-life science and Fintech, the SBI Group has now become a global leader in making active investments in the area of Fintech, artificial intelligence and Blockchain. With an aim to expand the Group’s footprint in Southeast Asia, SBI Group has invested in and added value to a number of technology and financial services companies in the region as well.

For media inquiries, please contact: Hue LE (Ms.) – hueltm@fsoft.com.vn – +846686 7745

Recent Posts

  • Automotive Tech Blog

How to Build a Successful App Roadmap in the Automotive Industry

There is a high demand for digital transformation in the automotive industry. Still, it doesn’t mean that any automotive digital…

1 day ago
  • Automotive Tech Blog

Why Automotive IT Consulting is Gaining More and More Popularity

Automotive IT consulting is no longer considered an optional service for those who can afford expert’s advice. On the contrary,…

1 day ago
  • Automotive Tech Blog

5 Reasons to Hire an Automotive IT Consulting Company

It may not always be apparent why you should hire a consulting firm. That is why, as an IT consulting…

4 days ago
  • News

FPT Software Launches GDPR – Compliant Data Protection Policy

In compliance with the General Data Protection Regulation (GDPR), FPT Software recently launched a Corporate Data Protection Policy on its…

1 week ago
  • Automotive Tech Blog

What You Need To Know about In-Vehicle Infotainment Cybersecurity in 2019

With all of the improvements in modern vehicles as they become more and more connected, all systems from safety to…

1 week ago
  • Automotive Tech Blog

Human Machine Interface (HMI) Trends Are on The Way to Intuitive Connected Vehicles

Dials and switches are used to control everything in modern vehicles. As the automotive industry evolves so do its norms.…

1 week ago