Lightnet Group supports real-time transfers to Siam Commercial Bank


Singaporean fintech company Lightnet Group officially announced on the 27th that it has entered into a strategic partnership with Siam Commercial Bank (SCB). This partnership with SCB is Lightnet's second partnership initiative, following its collaboration with Swiss bank SEBA.

LightNet Group plans to provide remittance services across Southeast Asia to migrant workers who lack access to financial services by utilizing blockchain technology. LightNet Group is innovating the $1 trillion global remittance industry and is preparing universal financial services based on low fees, fast transaction speeds, and reliable network technology. The LightNet Group plans to achieve these goals through a core team composed of global technology leaders such as Microsoft, Lenovo, Amazon, Google, and Alibaba.

Suvicha Sudchai, CEO and CPO of LightNet Group Thailand, stated, "Through this strategic partnership, SCB will become LightNet Group's payment partner, enabling payment and settlement services and facilitating seamless real-time remittances anywhere in Thailand via a digital payment system. We plan to expand LightNet Group's remittance network with various partners not only in Korea but also across Southeast Asia, offering even lower fees."

This partnership also enables instant interbank fund transfers for all Thai bank accounts as well as for all users subscribed to PromptPay, a government-supported service. As of 2018, PromptPay had 46.5 million users, representing more than two-thirds of Thailand's total population of 69.5 million. Through integration with PromptPay, LightNet is now able to provide financial services to a wider range of users who previously had difficulty accessing banking services.

"We are very pleased to pioneer the international remittance market together with SCB and our Korean partner, the fintech solution company Sentbe. As SCB is one of Thailand's major banks, we intend to continuously develop our platform through its powerful technological capabilities to achieve our shared goals with SCB." Tridbodi Arunanondchai, CEO and Vice Chairman of LightNet Group, commented on the partnership in this way.

As of 2019, there are over 1.4 million migrant workers residing in Korea, and through this partnership with SCB and Sentbe, LightNet has gained the opportunity to rapidly expand its business scope as a fintech startup. Vice President Tridbodi stated that, starting with this partnership with SCB, they plan to establish partnerships and collaborations with other major banks and fintech companies as well.

Meanwhile, SCB has been able to expand its international remittance service area through this partnership with LightNet Group.

"SCB has long supported fintech startups in Thailand, and our fintech investment arm, Digital Ventures, is Thailand's largest venture capital fund with a total capital of $100 million. Fintech technology plays a crucial role in SCB's advancement of digital finance, and through this collaboration with LightNet Group, we aim to innovate the global remittance industry," said Srihanath Lamsam, SVP of Payment Strategy and Digital Innovation Technology at SCB Bank, regarding the partnership.

LightNet Group, co-founded in early 2020 by CP Group family member Chatchaval Jiaravanon and founder Tridbodi Arunanondchai, raised $31.2 million in a Series A financing round involving major Asian firms. LightNet Group's first live deal, invested in by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, Hashkey Capital, Hopeshine Ventures, Signum Capital, Du Capital, and Hanwha Investment & Securities, was completed on November 13 of this year.