Fintech Agency Lightnet and Siam Business Financial institution to Assist Cross-Border Funds from South Korea to Thailand

Siam Business Financial institution (BKK:SCB) has partnered with Lightnet to supply cross-border fund switch companies from South Korea to Thailand.

As a digital banking service supplier, Siam Business Financial institution (SCB) is concentrated on constantly updating its Fintech capabilities. SCB will now be working with the Lightnet Group, a Fintech startup providing monetary companies that leverage blockchain or distributed ledger know-how (DLT).

SCB will work with the Lightnet Group in order that they will settle for worldwide funds from South Korea to Thailand by way of Sentbe, which is a serious South Korean cost companies agency and in addition one in every of Lightnet’s enterprise companions.

SCB will function a middle distributing funds in real-time to beneficiary accounts in Thailand. This may embody over 24 native banks within the nation which is able to obtain funds by means of SCB’s PromptPay service. This kind of service mannequin is anticipated to enhance transaction speeds whereas enabling reasonably priced and safe transactions. This initiative ought to assist cater to the rising demand for higher cross-border fund switch companies.

Srihanath Lamsam, Administration Govt Vice President for SCB Cost Product Options, famous:

“At current, demand for worldwide funds, particularly outgoing and incoming remittances, has [been growing.]  Banks have constantly embraced cutting-edge know-how as a core for creating new capabilities for monetary services. These efforts additionally embody increasing enterprise companions at each the worldwide and regional ranges to extend capabilities and scopes of companies, whereas guaranteeing that every one buyer teams, each Thai and overseas, have full entry to monetary companies.”

Lamsam confirmed that SCB lately had partnered with the Lightnet Group in order that they will expedite cross-border transfers. He defined that SCB will act as an middleman that can distribute cash to financial institution accounts for recipients in Thailand. The financial institution expects that “this new service mannequin will assist increase the service expertise bar for seamless cross-border transfers for our prospects and serve the rising demand for higher cross-border remittances,” Lamsam stated.

Tridbodi Arunanondchai, Lightnet Group Vice Chairman and Group CEO, remarked:

“[Our] purpose is to function a brand new cost heart for environment friendly, safe, low-cost, and speedy monetary companies, benefiting from [Stellar’s] blockchain know-how…. The system is an efficient innovation for decentralized information storage facilities that can remodel digital cost fashions sooner or later.” 

He added:

“[This solution will provide] cross-border transfers [that] are reasonably priced, permitting monetary inclusivity for [workers] positioned abroad, significantly these from Southeast Asia.” 

Lightnet has finalized a $31.2 million Sequence A funding spherical which incorporates contributions from UOB Enterprise Administration, Seven Financial institution, Uni-President Asset Holding, Hashkey Capital, Hopeshine Ventures, Signum Capital, DU Capital, and Hanwha Funding and Safety.

Lightnet is a Fintech agency based mostly in Singapore. It goals to function a brand new cost heart that’s targeted on supporting monetary mobility and inclusivity for unbanked and underbanked residents. Lightnet’s cross-border fund switch system makes use of the Velo blockchain working system, a “decentralized” information heart that goals to “remodel future on-line monetary transactions.”

The Lightnet Group intends to increase operations to serve cost markets in Southeast Asia, that are projected to be valued at greater than $150 billion per yr.