Sales League Table 2020 | Banking Technology Winners

Results Announced!

Stay up-to-date with the latest industry news and analysis.

Subscribe to BankTech Daily News today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

Core Banking Market Dynamics Report 2020

Global analysis of core banking system sales. Subscribe now

FinTech company Lightnet expands reach throughout APAC

Lightnet, Singapore, fintechSingaporean FinTech company Lightnet has formed a portfolio of partnerships to improve the lives of the unbanked and underbanked populations of Southeast Asia and other parts of the Asia Pacific region. The FinTech raised USD 31.2 million in its Series A financing round in January.

The partnerships of the company include a formal Technical Integration Agreement with Hanwha Investment and Securities, a consortium with MatchMove, Singapura Finance and OpenPayd to bid for a digital full bank license, and a Memorandum of Understanding (MoU) with KogoPAY.

Lightnet is co-founded by industry figurehead Chatchaval Jiaravanon, whose family controls Thai conglomerate Charoen Pokphand Group.

The partnership with Hanwha Investment and Securities, a South Korean provider of comprehensive asset management services, encompasses a technical integration agreement wherein Hanwha Investment Securities agrees to connect to and process transactions over Lightnet’s network.

Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet said, “Our partnership with Hanwha Investment and Securities is an important step towards creating an inclusive international remittance ecosystem. Lightnet is one step closer to providing migrant workers throughout Southeast Asia with access to real-time money transfers.”

As part of a consortium that includes Singapore-based digital payments firm MatchMove, digital Banking-as-a-Service platform OpenPayd, and 70-year-old Singaporean bank Singapura Finance, Lightnet has submitted a bid for a digital full bank license with the Monetary Authority of Singapore (MAS) where the bid has recently been shortlisted.

Singapore-based Lightnet signed a Memorandum of Understanding (MoU) with KogoPAY, a socially conscious mobile payments FinTech start-up, to share operations in electronic banking.

Chatchaval Jiaravanon, Chairman of Lightnet stated, “Lightnet is disrupting a trillion U.S. dollar global remittance market, starting with the millions of unbanked migrant workers who rely on outdated, costly and fragmented services in major Southeast Asian markets. We have assembled a world-class team to fix this problem.”

Related IBS Intelligence Research

Related Posts

BNY Mellon to boost real estate fund administration services for Deka Immobilien

BNY Mellon announced today that Deka Immobilien has selected the former’s services for the provision of global fund administration coordination and oversight for its Special Purpose Vehicles (SPVs). BNY Mellon is expected to coordinate accounting data from the SPVs around the world in which Deka funds invest, review the data, translate it into the required […]

This post is only available to members.

Read More »

PPRO study shows younger generations leading the UK alternative payment method adoption

A new study by PPRO has revealed that younger generations are spearheading the adoption of alternative payment methods (APMs), including bank transfers and e-wallets. The study showed that 42% of the Millennials and 35% of the Generation Z respondents have either used the above-mentioned methods of payments before or are confident using them. UK consumers […]

This post is only available to members.

Read More »