Digital Assets Platform Zipmex Raises US$41 Million Led by Bank of Ayudha’s VC Arm
by Fintech News Singapore August 31, 2021Zipmex, a Singaporean digital assets platform, has raised US$41 million in its Series B funding round where Bank of Ayudhya’s venture capital arm Krungsri Finnovate was a lead investor.
The fundraise was also joined by Plan B Media Public Company Limited, Master Ad Public Company Limited, MindWorks Capital, and Jump Capital.
The investment into Zipmex marks Bank of Ayudhya’s move into the digital asset space.
This will enable the bank, which is a part of the Mitsubishi UFJ Financial Group (MUFG), to provide Zipmex with all the synergies it may need to tap into in Asia and the rest of the world
Zipmex is a digital assets platform licensed in Thailand which operates under regulatory supervision in Indonesia and Australia, and under a current notified regulatory exemption in Singapore.
Users get access to a variety of financial services such as interest-bearing accounts on their crypto-wallets. To date, the platform has reportedly processed over US$4 billion in gross transaction volume since its launch in late 2019.
In Singapore, Zipmex, through its subsidiary, Zipmex Pte Ltd, is currently in advanced stages of applying for a Major Payment Institution license application with the Monetary Authority of Singapore (MAS) for, among others, digital payment token services.
Marcus Lim
“This commitment from Krungsri Finnovate is a huge step forward for us. It represents not only the validation of our business model and approach to innovation, but also of the potential for digital assets to become a core part of our lifestyle.
A marriage of digital assets and traditional banking can provide new innovative use cases for money, which we have demonstrated through ZipWorld.”
said Marcus Lim, CEO of Zipmex.
Sam Tanskul
“The close cooperation between us and Zipmex is a strong indication that we are in full support of financial development and innovation through different technological means and a strong belief that Zipmex will play a crucial role in such developments not just in Thailand, but in the Asia-Pacific region.
Krungsri believes that this is an important opportunity for the Bank to dive into the digital assets industry and build a strong ecosystem that would provide solutions to our customers’ changing needs.”
said Sam Tanskul, Managing Director at Krungsri Finnovate.
