Singapore-based fintech firm, Lightnet Pte. Ltd., has introduced a proper partnership with Siam Industrial Financial institution (SCB), the second partnership initiative the corporate has taken on the heel of the collaboration with the Swiss SEBA Financial institution.
Suvicha Sudchai, Chief Product Officer of Lightnet Group, says “With this partnership in impact, SCB will likely be Lightnet Group’s settlement accomplice accountable for disbursing and clearing funds, facilitating the digital fee processing and enabling frictionless real-time remittances to Thailand from anyplace on this planet with decrease charges. This can even additional increase the Lightnet Group’s cash switch community that connects to a number of trusted companions not solely in South Korea, however all through Southeast Asia.”
The partnership additionally makes transfers accessible to all Thai financial institution accounts and anybody who has signed up for PromptPay, a government-sponsored service that permits instantaneous bank-to-bank fund transfers. As of 2018, PromptPay reached greater than two-thirds of Thailand’s inhabitants with 46.5 million customers registered in a rustic of 69.5 million. This integration with PromptPay extends the Lightnet Group’s attain additional in step with its mission of creating banking extra inclusive and enabling participation for the unbanked and underbanked.
On the brand new partnership, Lightnet Group’s CEO and Vice Chairman, Tridbodi Arunanondchai says, “We’re very proud to be working with SCB to facilitate cross-border remittances along with one other trusted international fintech answer supplier, SENTBE. SCB is among the most respected banks in Thailand and the expertise funding the financial institution employs has allowed us to optimize our platform and assist us attain our targets faster.”
As of 2019, South Korea performs host to 1.4 million migrant employees and Lightnet Group’s partnership with SCB and Sentbe supplies the fintech startup a novel alternative to scale up. “The partnership with SCB allows additional alternatives to accomplice with different banks and fintech startups,” provides Tridbodi.
In flip, this partnership presents SCB extra worldwide cash switch choices by Lightnet Group’s channels. “Siam Industrial Financial institution has been a longtime supporter of fintech startups in Thailand, and our fintech funding arm, Digital Ventures Co. Ltd., is the most important enterprise capital fund in Thailand, with a complete capital base of USD100 million. Fintech performs a vital position in SCB’s digital transformation, and we sit up for working with the Lightnet Group to revolutionize the worldwide remittances trade.” says EVP, Fee Technique and Digital Disruptive Know-how, Srihanath Lamsam
Earlier this yr, Lightnet Group, co-founded by Chatchaval Jiaravanon, a member of the family of the CP group and Tridbodi Arunanondchai, a serial entrepreneur have raised USD 31.2 million in a Sequence A financing spherical backed by six Asian conglomerates, together with prolific buyers corresponding to UOB Enterprise Administration, Seven Financial institution, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital, and Hanwha Funding and Securities. Lightnet Group carried out its first transactions on thirteenth of November this yr.