SINGAPORE, Nov. 27, 2020 /PRNewswire/ -- Singapore-based fintech company, Lightnet Pte. Ltd. (Lightnet Group), has announced a partnership with Siam Commercial Bank (SCB). The partnership makes remittance services 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.
Suvicha Sudchai, Chief Product Officer of Lightnet Group, says "SCB will be Lightnet Group's settlement partner responsible for disbursing and clearing payments, facilitating the electronic payment processing and enabling frictionless real-time remittances to Thailand from anywhere in the world with lower fees."
This partnership offers SCB additional international money transfer options through Lightnet Group's channels. "Siam Commercial Bank has been a longtime 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 USD100 million. Fintech plays an essential role in SCB's digital transformation, and we look forward to working with the Lightnet Group to revolutionize the global remittances industry," says EVP, Payment Strategy and Digital Disruptive Technology, Srihanath Lamsam.
On the new partnership, Lightnet Group's CEO and Vice Chairman, Tridbodi Arunanondchai says, "We are very proud to be working with SCB to facilitate cross-border remittances together with another trusted global fintech solution provider, SENTBE. SCB is one of the most reputable banks in Thailand and the technology investment the bank employs allows us to optimize our platform and reach our goals."
Lightnet Group's partnership with SCB and Sentbe extends the Lightnet Group's reach further in line with its mission to promote financial mobility and inclusivity.
About Lightnet Group
Lightnet Group is a Singapore-headquartered fintech company with the mission of promoting financial mobility and inclusivity. Lightnet Group empowers unbanked populations and SME trade finance with an inclusive international remittance ecosystem. The Lightnet Group's international remittance ecosystem adopts the Velo Protocol as its blockchain protocol and positions itself as the premiere clearing and settlement network for the Asia Pacific region by connecting existing financial systems with its network of cash agents and wallets.
SCB was established on 30 January 1907 by Royal Charter as the first Thai bank. SCB was Thailand's largest commercial bank (in total asset value) as of 31 December 2018. King Vajiralongkorn is the largest single shareholder, owning 23.35 percent of SCB shares. SCB is well established in Thailand, Cambodia and Myanmar, with a heritage of over 110 years, leading financial services in Thailand with its deep expertise.
Founded in 2015, SENTBE is South Korea's first neo bank specialized in foreign exchange service. SENTBE has revolutionized overseas remittance services with low fees, fast transaction speeds, and simple user experiences to create frictionless cross-border financial services. SENTBE has processed more than 1 million remittance transactions, having acquired Overseas Remittance and Payment Gateway license in Korea, as well as Major Payment Institution License in Singapore.
SOURCE Lightnet Pte. Ltd.