Blockchain-based startup Utop has received backing from Vietnamese tech firm FPT Corporation and Japanese financial services company SBI Holdings, as reported by TokenPost. Just last week, both companies signed a memorandum of understanding (MoU) to invest US$3 million into Utop.

Not only an investor, FPT also provided its enterprise blockchain platform akaChain to be implemented in Utop’s platform.

Utop aims to bridge the loyalty point program among merchants by making it easy for users to collect and redeem loyalty points at retailers within the same network.

Utop believes this approach will help small businesses to grow faster because they are enabled to link their reward programs with each other to reduce costs and ensure data security, as well as 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,” explained Pham Nguyen Vu, co-founder, and director of Utop.

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