Thursday, August 13, 2020

International digital asset exchange trading platforn Zipmex launches in Thailand

Jul 20. 2020
 Proud Limpongpan, chief strategy officer at Zipmex
Proud Limpongpan, chief strategy officer at Zipmex
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By The Nation

Leading licensed digital assets exchange, Zipmex, on Monday (July 20) launched its operations in Thailand via desktop and mobile.

The expansion comes after successful launches in Singapore, Indonesia, and Australia. 

 A screenshot of Zipmex’s mobile app.

The company said it continues to accelerate operations across Southeast Asia to fuel a rising demand for digital currency due to the recent regulation changes in the market. 

Zipmex said it offers traders a variety of investment opportunities in the digital assets space. Having received both licences for cryptocurrencies and digital tokens from the Ministry of Finance and being regulated by the Securities Exchange Commission, Zipmex is entering the Thai market with hopes to bring innovative financial products to all investors, the company said. 

The company is audited every quarter and works closely with the Anti-Money Laundering Office of Thailand to detect, prevent, and report any fraud or suspicious financial activities – just like a traditional financial institution.

The Southeast Asian market is experiencing a "crypto-boom" with the current global pandemic with Covid 19 which is fuelling a further shift for digital currencies and assets due to fiat currencies crashing. Pre-pandemic, this would typically result in a surge towards US currency, however the market is experiencing a shift due to the growing interest in government-backed national digital currencies, with China emerging as a leader, the company said. The global perception and acceptance of digital assets is changing swiftly with the current economic climate and indicates growing interest in crypto and digital assets across the region, and the emergence of a competitive market for new players, the company said.

Zipmex’s timely expansion into Thailand coincides with Project Inthanon by the Bank of Thailand, which is now entering maturing stages of development. Project Inthanon is a collaborative project between the central bank and financial institutions with the key objective of developing and testing a proof of concept for domestic wholesale funds transfer using a wholesale central bank digital currency. This initiative supports the notion that change is on the horizon pertaining to digital currency regulations and its acceptance in Thailand, the company said.

In Thailand, Zipmex has a registered capital of Bt52 million, and always keeps an internal Net Capital Rule of Bt27 million. Although Thailand will be the fourth market the company is operating in, the main base of operation has been and will continue to be in Bangkok. The company is the only one in the market that uses a custody solution with up to US$100 million insured per wallet, by one of the UK’s top financial institutions.

The company said pre-launch it has pre-signed up 1,000-plus customers, including Thaivivat Insurance Plc, The Sala Hospitality Group, Traveloka, and The Water Library Group. 

Exclusive prizes worth a total value of over Bt2 million has been given to the top 5 who successfully referred the most friends to register with Zipmex on its official website.

“Zipmex strives to become a wealth-generating platform through helping people save and invest wisely, increasing their wealth," Proud Limpongpan, chief strategy officer, said. "It is a platform for anyone to use to manage investments and wealth. People hear of digital assets and they think it’s something unreachable when in fact it’s fractionalised -- you can buy 0.0001 of a bitcoin -- which means anyone can start; the minimum is Bt30. Moreover, at Zipmex, we offer zero commission which means new investors can try trading digital assets with no additional charges," Proud said.

"Unlike existing players in the market, we are approved by regulators regionally, and we plan on curating the investment selection by only listing reputable digital assets instead of focusing on investing on so many alt-coins," Proud added.

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