Zipmex SGD bank change – effective 28th April 2021

April 26, 2021

For SGD transactions only – effective 28 April 2021 :

Zipmex will be changing its Singapore Dollar (SGD) bank account from DBS to Xfers Direct for deposits and withdrawals – with a limit of SGD 20,000 per transaction.

We are closing our DBS bank account 0720060423. 27th April 2021 is the latest date for transactions to the DBS bank account 0720060423. Please do not deposit anything to this account from 28th April 00.00 (GMT+7) onwards.*

*Please also note that the deposits and withdrawals process will be changed but users will be able to conduct all transactions through Zipmex, which will be fully integrated with Xfers Direct. The new flow will be effective from 28th April onwards.
** The same transaction fees will still apply. Please see transaction fees here: https://www.zipmex.com/fee-schedule/.

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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.