Lightnet expands payout services across SEA with MoneyGram
By Edil Corneille
Singapore-based FinTech company, Lightnet, today launched a collaboration with MoneyGram International, a global cross-border P2P payments and money transfers company. The successful integration and implementation of Lightnet’s technology with MoneyGram’s money transfer services provide customers with a wide selection of payout services across South East Asia (SEA).
This collaboration centers around Bridgenet, Lightnet’s first-layer solution, which connects Money Transfer Operators (MTOs) to MoneyGram’s money transfer services. Bridgenet creates true interoperability between existing banking rails and non-bank agent networks, while bridging the gap between different entities thereby enabling companies to deliver excellent services to their users.
Suvicha Sudchai, Chief Product Officer of Lightnet said, “Through Bridgenet, Lightnet helps provide an even wider selection of payout services across Southeast Asia to MoneyGram’s customers via MoneyGram’s participating Money Transfer Operators.”
“The success of this collaboration reflects Lightnet’s commitment towards improving the efficiency, convenience, affordability and accessibility of cross-border remittances. Lightnet is working tirelessly to make these kinds of services available to everyone,” added Tridbodi Arunanondchai, Group CEO and Vice Chairman of Lightnet.
Chatchaval Jiaravanon, Chairman of Lightnet said, “This successful integration is a reflection of Lightnet’s mission to promote financial mobility and inclusivity for the unbanked and underbanked populations of Asia. As we continue to empower institutions such as MoneyGram, we strive toward our vision of connecting all cash-in and cash-out points under one network, thereby enabling our partners to enjoy better margins and reduced costs.”
MoneyGram’s consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with 89 now digitally enabled.
“We are proud to work with Lightnet to increase financial inclusion and provide our customers with the best options for money transfer in ASEAN. We love to collaborate with companies whose visions align with ours, and we look forward to a continued successful collaboration with Lightnet,” said Grant Lines, Chief Revenue Officer at MoneyGram.