Lightnet Group, Velo Labs and Asia Digital Bank partner in Asia

By Edil Corneille

Singapore-based FinTech company Lightnet has entered into a strategic partnership with, among others, Malaysia-based Asia Digital Bank (Labuan Investment Bank), and British Virgin Island-based Velo Labs, to jointly develop cross-border business solutions.

With a Memorandum of Understanding (MoU) in effect between the parties, Lightnet, Asia Digital Bank and Velo Labs will collaborate on areas such as:

• Lightnet will provide Asia Digital Bank (Labuan Investment Bank) with solutions focused on cross-border transfer of value;
• Velo Labs will collaborate with Asia Digital Bank (Labuan Investment Bank) to conduct pilot projects relating to the adoption of digital assets in financial market activities; and
• Lightnet and Velo Labs will provide technology solutions to the collaborations.

Lightnet is dedicated to improving the lives of the unbanked and underbanked by building an inclusive international remittance ecosystem that will increase the efficacy of existing money transfer operators, financial institutions and other cross-border payment providers.

Tridbodi Arunanondchai, CEO of Lightnet Group says, “Lightnet and Asia Digital Bank (Labuan Investment Bank) both excel in terms of technology and business operations. The Lightnet Group adopts the Velo Protocol as its blockchain protocol and positions itself as the next generation clearing and settlement network across the Asia Pacific region by leveraging blockchain and connecting existing financial systems with its network of cash agents and wallets, while Asia Digital Bank (Labuan Investment Bank) focuses on cross-border asset operations that are powered by new financial technologies such as blockchain and digital payment methods that enable cross-border digital asset transfer. The partnership will combine the best of both parties and will undoubtedly improve the circulation of cross-border financial elements and the degree of market openness.”

By connecting legacy finance, CeFi and DeFi industries, Velo Labs’ Federated Credit Exchange Network positions Velo Labs as one of few blockchain projects with a clear path towards mass adoption.

Asia Digital Bank is committed to promoting the transformation from traditional financial services to digital finance by developing a digital asset trading platform for inclusive financial services, thereby realising its mission to become an operator for digital assets worldwide.

Chris Wang, CEO of Asia Pacific Investment Bank (Asia Digital Bank’s holding parent company) says, “China and Singapore have enjoyed a long history of financial cooperation. Malaysia and Singapore are also close neighbours. The collaboration between Asia Digital Bank and Lightnet on cross-border payment and settlement, as well as cross-border asset flow is bound to help improve the close collaborations of the international cross-border service network among China, Malaysia and Singapore, and even the entire “ASEAN + Greater China” region. We will carry out substantive cooperation in technology and business in core digital financial services such as offshore RMB business, digital assets business and global cash management business.”

In accordance with the agreement to apply digital finance solutions in the “ASEAN + Greater China” region, Lightnet Group, Velo Labs and Asia Digital Bank (Labuan Investment Bank) will start on technology communication and business adoption discovery at the beginning of 2021, thereby ensuring a steady landing of the partnership.