Lightnet & WeLab team to establish virtual bank in Thailand

By Gloria Mathias

Lighthub Asset, a Thai FinTech, and WeLab, a pan-Asian FinTech platform, have announced that they have applied for a Virtual Banking licence with the Bank of Thailand (BOT). It is expected that the application result will be announced within the first half of 2025.

The consortium aims to empower Thailand’s financial future by revolutionising banking services and delivering an AI-powered, intelligent experience. Their combined expertise and ready-to-launch services are set to bring fresh solutions to the Thai banking sector.

The collaboration is dedicated to improving financial inclusion in Thailand by providing localised digital banking services to everyone, especially the underserved. The services will include features tailored to solopreneurs and MSMEs facing unstable incomes and limited financial access.

M.R. Chatu Mongol Sonakul, Advisor of the Consortium and Former Governor of the Bank of Thailand said, “I welcome BOT’s initiative to invite new market entrants to foster greater innovation and competition in the financial sector. I am confident that the consortium’s new virtual bank will bring fresh ideas and innovative solutions to advance financial inclusion for underserved communities and instill diversity in Thailand’s financial landscape.”

Hirankrit (Tridbodi) Arunanondchai, Director of Lighthub Asset and Co-founder and group CEO of Lightnet Group, said, “We appreciate BOT’s direction in association with Virtual Banking, marking an important milestone for the Thai Financial Industry. Our consortium aims to introduce a “Smart & Open Virtual Bank” in Thailand, leveraging international expertise in AI, data analytics, digital platforms, and innovative credit scoring to tailor financial products for unserved and underserved retail and MSME segments, fostering financial inclusion and sustainable economic growth.”

Simon Loong, Founder and Group CEO of WeLab, said, “We look forward to the opportunity to build our third virtual bank in Asia and make this Thailand’s leading virtual bank. Committed to open competition and interoperability, we’re truly ecosystem agnostic, with a strong track record of working with leading global brands like Apple, Tesla, Allianz, and CK Hutchison. We are passionate about seamlessly integrating tech and banking into daily life and contributing to the Thai economy.”