SINGAPORE, 27 November 2020 — Singapore-based fintech company, Lightnet Pte. Ltd., has announced a formal partnership with Siam Commercial Bank (SCB), the second partnership initiative the company has taken on the heel of the collaboration with the Swiss SEBA Bank.
The Lightnet Group leverages blockchain to provide remittance services across Southeast Asia for millions of workers. This service allows workers to bypass the global remittances industry, a trillion USD market characterized by high transaction fees, fragmentation and unreliable payment routes. The Group intends to disrupt this industry with a core team cultivated from global tech leaders such as Microsoft, Lenovo, Amazon, Google and Alibaba.
Suvicha Sudchai, Chief Product Officer of Lightnet Group, says “With this partnership in effect, SCB will be Lightnet Group’s settlement partner responsible for disbursing and clearing payments, facilitating electronic payment processing and enabling frictionless real-time remittances to Thailand from anywhere in the world with lower fees. This will also further expand the Lightnet Group’s money transfer network that connects 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 enables instant bank-to-bank fund transfers. As of 2018, PromptPay reached more than two-thirds of Thailand’s population with 46.5 million users registered in a country of 69.5 million. This integration with PromptPay extends the Lightnet Group’s reach further in line with its mission of making banking more inclusive and enabling participation for the unbanked and underbanked.From left to right — Tridbodi Arunanondchai, Lightnet Group’s CEO and Vice Chairman; Srihanath Lamsam, SCB’s EVP, Payment Strategy and Digital Disruptive Technology; Suvicha Sudchai, Lightnet Group’s Chief Pro...