Wed, August 10, 2022

business

Krungsri: We are not affected by Zipmex’s financial woes


Bank of Ayudhaya (BAY) announced on Thursday that it had not been affected by financial trouble impacting Zipmex Thailand after the latter’s customers saw their crypto coins disappear into thin air.

BAY said its subsidiary Krungsri Finnovate invested only 1 per cent of shares in Zipmex Thailand for about 66 million baht to study fintech technologies. The shares were purchased in September last year.

Zipmex had announced that its clients who deposited coins in partner Zipmex Global’s ZipUp+ saw their deposits frozen because Zipmex Global lost the coins to two crypto lenders that were hit by losses. But Zipmex Thailand said it would gradually return the coins to its clients once it received fresh funds.

BAY pointed out that the investment in Zipmex Thailand constituted only 3 per cent of all investments by Krungsri Finnovate.

As of June 30, the value of Krungsri Finnovate’s investment in Zipmex Thailand was a mere 0.0028 per cent of BAY’s total assets, the bank added.

Published : August 04, 2022

By : THE NATION