SBI spokesman Akihide Kimura said on April 18 that SBI will establish Utop JSC with the FPT subsidiary software company to launch the Utop point service by June this year. The local unit will be capitalized at USD 3 million, with SBI holding a majority stake.

The two groups have been piloting the Utop point rewards program since December 2018, promoting the use of points available at various retail outlets.

A signing ceremony between FPT and SBI Holdings Inc. on April 17 

The joint venture will initially provide services for the FPT group and its clients, later expanding to other firms. The group employs over 34,000 workers.

Many such loyalty programs have become popular among consumers across Vietnam, resulting in their spread across different types of cards and applications, according to SBI.

The Japan-Vietnam joint venture makes use of akaChain, the FPT group’s blockchain technology, to reduce the cost of operating the Utop program for member retailers.

SBI has invested in FTP’s other subsidiary arms, including securities, fund management, and banking units, as well as acquiring a 20.8 percent stake in Sen Do Technology JSC – the operator of an online marketplace under the FPT Corp.

Source: VNA