Update On Moratorium Application

March 30, 2023

30 March 2023

Update on Moratorium Applications in Singapore

The Zipmex Group’s solicitors in Singapore, Morgan Lewis Stamford LLC, attended the hearings of HC/OAs 250 to 252 of 2023 (“Sanction Applications”) and HC/SUMs 754 to 758 of 2023 earlier this morning.

The Singapore High Court has made the following orders:

  • The pre-packaged schemes of arrangement for Zipmex Asia Pte Ltd, Zipmex Pte Ltd, and Zipmex Australia Pty Ltd have been approved by the Singapore Court. The Singapore Court has granted orders in terms of prayers 1, 2 and 3 of the Sanction Applications under Section 71 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018.
  • The Singapore Court has approved the creation of an “Administrative Convenience Class” of creditors of whom the indicative value of their assets in the Z Wallet do not exceed USD 5,000 for the purposes of the schemes of arrangement of Zipmex Pte Ltd and Zipmex Australia Pty Ltd.
  • The Singapore Court has granted the request by the Zipmex Group for the moratoria in HC/OAs 381 to 385 of 2022 to be extended until 23 April 2023, or further order of Court.
  • The Singapore Court has directed that the Zipmex Group write to the Court and their creditors by 13 April 2023 to provide an update on the status of the Zipmex Group’s restructuring.

Thank you.

For further enquiries, reach out to Customer Support on Live Chat – we’re ready to help 24/7.

Singapore:

Email: [email protected]

Facebook: Zipmex Asia

Thailand:

Email: [email protected]

Facebook: Zipmex Thailand

Indonesia

Email: [email protected]

Facebook: Zipmex Indonesia

Australia:

Email: [email protected]

Facebook: Zipmex Asia

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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.