Lightnet & TransferMate to facilitate global payments experience

By Gloria Mathias

Payment Service Provider Lightnet has announced its agreement to enter a global partnership with TransferMate, the B2B global payments infrastructure-as-a-service provider.

Lightnet, a financial technology services entity with expansive operations across Southeast Asia and Europe, is recognised for its financial technology. Lightnet’s core mission is to offer comprehensive cross-border remittance and payment solutions, aiming to revolutionise the sector by ensuring expedited, cost-effective and simplified monetary transactions.

The company’s principal office is in Singapore, with significant regional operations established in Lithuania and Dubai, and it extends its services to key markets including Thailand, Indonesia, and the Philippines.

By integrating TransferMate’s global payments network within Lightnet’s platform, Lightnet will be able to enhance its services for a wider client base. This strategic partnership will enable Lightnet’s customers to establish virtual bank accounts in key regions such as the USA, Canada, UK, and Europe.

Consequently, customers will gain access to local banking rails, enhancing their capabilities in managing both domestic and international payables and receivables. This enhancement is particularly advantageous for traditional trading companies engaged in import/export activities, as it provides them with rapid, secure options for executing supplier/contractor payments.

Tridbodi Arunanondchai, Vice Chairman/Group CEO, Lightnet, said, “The partnership between Lightnet and TransferMate will be a significant milestone in expanding our remittance services to a wider client base.  We aim to enhance our customer experience and remove transaction barriers. This partnership is a positive step in achieving these objectives.”

Vijay Rao, Head of APAC, TransferMate, shared, “This partnership will deliver a better international payment experience for Lightnet’s customers across the region. We’ve built our payments and collections network so that partners can seamlessly leverage it for their own customers’ benefit. Plugging into Transfermate’s infrastructure saves our partners millions of dollars in terms of time and cost that would be spent acquiring their own licenses and building rails into multiple countries. We want to bring down barriers to international trade, reduce costs, and increase efficiencies for businesses around the world, and this partnership is a major step towards achieving that goal.”