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Singapore-based fintech firm, Lightnet Pte. Ltd., has announced a formal partnership with Siam Commercial Bank (SCB), the second partnership initiative the company has embarked on on the heels of its collaboration with Swiss bank SEBA.
Lightnet Group leverages blockchain to provide remittance services across Southeast Asia for millions of workers. This service allows workers to bypass the global remittance industry, a trillion-dollar market characterized by high transaction fees, fragmentation, and unreliable payment paths. The Group intends to revolutionize this sector with a core team of global technology leaders such as Microsoft, Lenovo, Amazon, Google and Alibaba.
Suvicha Sudchai, Lightnet Group Chief Product Officer, says, “With this partnership in place, SCB will be Lightnet Group’s liquidation partner responsible for disbursing and clearing payments, facilitating electronic payment processing and enabling remittances. frictionless real-time in Thailand from anywhere in the world with lower fees. This will further expand the Lightnet Group’s money transfer network connecting to several trusted partners not only in South Korea, but throughout Southeast Asia. ” .
The partnership also makes transfers accessible to all Thai bank accounts and anyone who has signed up for PromptPay, a government-sponsored service that allows instant bank-to-bank transfers of funds. As of 2018, PromptPay has reached more than two thirds of the Thai population with 46.5 million registered users in a country of 69.5 million. This integration with PromptPay further extends the reach of the Lightnet Group in line with its mission to make banking more inclusive and enable participation for non-banks and under-banks.
On the new partnership, Lightnet Group CEO and Vice President Tridbodi Arunanondchai says, “We are very proud to work with SCB to facilitate cross-border remittances along with another trusted global provider of fintech solutions, SENTBE. SCB is one of the largest banks. renowned in Thailand and the technological investment that the bank employs has allowed us to optimize our platform and help us achieve our goals faster. “
As of 2019, South Korea is home to 1.4 million migrant workers, and Lightnet Group’s partnership with SCB and Sentbe offers the fintech startup a unique opportunity to grow. “The partnership with SCB offers further opportunities to collaborate with other banks and fintech startups,” adds Tridbodi.
In turn, this partnership offers SCB additional international money transfer options through Lightnet Group’s channels. “Siam Commercial Bank has long been a supporter of fintech startups in Thailand and our fintech investment arm, Digital Ventures Co. Ltd., is the largest venture capital fund in Thailand, with a total capital base of 100 million. dollars. Fintech plays an essential role in SCB’s digital transformation and we look forward to working with the Lightnet group to revolutionize the global remittance industry. ”Says Srihanath Lamsam, EVP, Payment Strategy and Disruptive Digital Technology
Earlier this year, Lightnet Group, co-founded by Chatchaval Jiaravanon, a family member of the CP Group and Tridbodi Arunanondchai, a serial entrepreneur, raised $ 31.2 million in a backed Series A funding round. by six Asian conglomerates, including prolific investors such as UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities. Lightnet Group made its first transactions on November 13 this year.
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