Photo credit: Time Out
Thai company Lightnet Group, the operator of a blockchain-based remittance platform targeting to serve unbanked and underbanked, with headquarters in Singapore, signed an MoU with the Swiss bank SEBA Bank.
Lightnet Group is founded by Chatchaval Jiaravanon, whose family Charoen Pokphand Group 正大集团 is the richest in Thailand. He bought Fortune magazine and its related businesses for US$150 million in 2018.
In January 2020, Lightnet raised a record Series A round of $31.2M, investors including UOB (Singaporean United Overseas Bank) Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and South Korea’s Hanwha Investment and Securities. Some of them are the largest financial groups in Asia.
According to SEBA Bank's press release, "SEBA Bank signs Memorandum of Understanding (MoU) with the Singapore-based fintech company Lightnet Group to become the banking counterparty, enabling settlements, correspondences, and remittances. The collaboration strengthens SEBA’s Asset Tokenization Division in the field of Digital Treasury Products & Services and underlines the expert status which SEBA Bank prides itself on internationally. The offered remittance services bypass the traditional remittance industry and provides millions of unbanked migrant workers in Southeast Asia with a more favourable service.
To keep updated on the developments of blockchain & crypto assets in Asia, please subscribe to Blockchain Asia: https://blockchainasia.substack.com/