Thailand's Depository financial institution of Ayudhya (BAY) — in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.ix% pale — participated in the latest funding circular for the Asia-Pacific-focused crypto exchange Zipmex.

The $41 one thousand thousand raise, which saw the participation of two publicly traded Thai media firms and overseas venture capital letter (VC) funds — in improver to BAY — accounts for the lion'south share of Zipmex'due south full $52 million in funds raised to date.

BAY's corporate venture capital arm, Krungsri Finnovate, invests in startups across various fintech areas, including blockchain, lending, e-commerce and cross-border remittance. Commenting on the news of the Zipmex raise, its managing director stressed to Reuters that "if we don't stay close, technology volition be further away from the banking company" on Tuesday.

For the exchange, the plan is to apply the fresh funding to double its current user base to hitting 1 million over the adjacent six months. Zipmex, the only digital assets platform currently licensed in Thailand, operates under regulatory supervision in Indonesia and Australia, and has a notified regulatory exemption in Singapore. It is reportedly in the process of applying for a Major Payment Institution license with Singapore's de facto cardinal bank, the Monetary Authority of Singapore, which would enable it to provide digital payment token services in the city-state, among other offerings.

At present, the Singapore-headquartered exchange conducts roughly half its concern in Thailand, a fifth in Indonesia and the residue in Singapore and Australia, co-ordinate to CEO Marcus Lim.

The substitution also has its sights on expanding its technology and compliance teams to roll out new digital avails products in lending, payments and securities. It currently offers exchange users two earnings accounts, one flexible and i stock-still-term, and supports crypto spending through a partnership with Visa, with plans for its ain crypto card launch after this year.

Related: Digital nugget platform Zipmex partners with Visa in Asia-Pacific

In Thailand, Zipmex also recently partnered with the largest operator of movie theaters in the country, Major Cineplex Grouping, and digital payment startup RapidZ to permit some moviegoers to buy tickets with cryptocurrencies similar Bitcoin (BTC).