Update on moratorium proceedings

August 23, 2023

Zipmex – Receipt of Correspondence from Court

To all creditors of the Zipmex group

The Singapore Court has issued correspondences setting out the further directions for HC/OAs 757 and 758 of 2023 as made at the hearing on 21 August 2023. Copies of the Correspondences from Court dated 22 August 2023 can be downloaded here. 

Please note that the link for the Zoom webinar hearing on 29 September 2023, 4.00 pm is https://go.gov.sg/webinarhearing. Please also note the following:

Attendees will not be allowed to address the Court or turn on their cameras until and unless the Court approves a request that is typed into the webinar “chat” with a synopsis of what the attendee wishes to address the Court on;
watermarking technology will be used; and
any unauthorised recording or dissemination of video/audio footage of the hearing is prohibited and may be the subject of thorough investigations that can result in civil and/or criminal liability.

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RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.

ZipUp+ products are not defined as “deposits” under Section 4B of the Banking Act and hence there is no insurance by the Singapore Deposit Insurance Corporation Limited in the event if Zipmex Pte. Ltd. fails.