Country for PR: China
Contributor: PR Newswire Asia (China)
Friday, November 27 2020 - 21:55
Lightnet Group Forges Partnership with Siam Commercial Bank
SINGAPORE, Nov. 27, 2020 /PRNewswire-AsiaNet/ --

Singapore-based fintech company, Lightnet Pte. Ltd. (Lightnet Group), has 
announced a partnership with Siam Commercial Bank (SCB). The partnership makes 
remittance services accessible to all Thai bank accounts and anyone who has 
signed up for PromptPay, a government-sponsored service that enables instant 
bank-to-bank fund transfers.

Suvicha Sudchai, Chief Product Officer of Lightnet Group, says "SCB will be 
Lightnet Group's settlement partner responsible for disbursing and clearing 
payments, facilitating the electronic payment processing and enabling 
frictionless real-time remittances to Thailand from anywhere in the world with 
lower fees."

This partnership offers SCB additional international money transfer options 
through Lightnet Group's channels. "Siam Commercial Bank has been a longtime 
supporter of fintech startups in Thailand, and our fintech investment arm, 
Digital Ventures Co. Ltd., is the largest venture capital fund in Thailand, 
with a total capital base of USD100 million. Fintech plays an essential role in 
SCB's digital transformation, and we look forward to working with the Lightnet 
Group to revolutionize the global remittances industry," says EVP, Payment 
Strategy and Digital Disruptive Technology, Srihanath Lamsam.

On the new partnership, Lightnet Group's CEO and Vice Chairman, Tridbodi 
Arunanondchai says, "We are very proud to be working with SCB to facilitate 
cross-border remittances together with another trusted global fintech solution 
provider, SENTBE. SCB is one of the most reputable banks in Thailand and the 
technology investment the bank employs allows us to optimize our platform and 
reach our goals."

Lightnet Group's partnership with SCB and Sentbe extends the Lightnet Group's 
reach further in line with its mission to promote financial mobility and 

About Lightnet Group

Lightnet Group is a Singapore-headquartered fintech company with the mission of 
promoting financial mobility and inclusivity. Lightnet Group empowers unbanked 
populations and SME trade finance with an inclusive international remittance 
ecosystem. The Lightnet Group's international remittance ecosystem adopts the 
Velo Protocol as its blockchain protocol and positions itself as the premiere 
clearing and settlement network for the Asia Pacific region by connecting 
existing financial systems with its network of cash agents and wallets.

About SCB

SCB was established on 30 January 1907 by Royal Charter as the first Thai bank. 
SCB was Thailand's largest commercial bank (in total asset value) as of 31 
December 2018. King Vajiralongkorn is the largest single shareholder, owning 
23.35 percent of SCB shares. SCB is well established in Thailand, Cambodia and 
Myanmar, with a heritage of over 110 years, leading financial services in 
Thailand with its deep expertise.


Founded in 2015, SENTBE is South Korea's first neo bank specialized in foreign 
exchange service. SENTBE has revolutionized overseas remittance services with 
low fees, fast transaction speeds, and simple user experiences to create 
frictionless cross-border financial services. SENTBE has processed more than 1 
million remittance transactions, having acquired Overseas Remittance and 
Payment Gateway license in Korea, as well as Major Payment Institution License 
in Singapore. 

Source: Lightnet Pte. Ltd.

Image Attachments Links:


   Caption: Caption: From left to right - Tridbodi Arunanondchai, Lightnet 
Group's CEO and Vice Chairman; Srihanath Lamsam, SCB's EVP, Payment Strategy 
and Digital Disruptive Technology; Suvicha Sudchai, Lightnet Group's Chief 
Product Officer.