On November 27, 2020, Lightnet Group, a fintech company based in Singapore, announced that it was collaborating with Siam Commercial Bank. As part of the partnership, remittance services will be availed to all Thai bank accounts and anyone who uses the PromptPay service, which is a government service for instant interbank funds transfers.
What the Leaders Had to Say
While commenting on the partnership, the Chief Product Officer of Lightnet Group, Suvicha Sudchai, said that Siam Commercial Bank would act as their settlement partner. The bank would be in charge of clearing and disbursement of payments. SCB would process all electronic payments and enable real-time remittances to Thai accounts from any part of the globe at lower fees.
For Siam Commercial Bank, the partnership will help them expand their international money transfer options by utilizing the channels of Lightnet Group. According to Srihanath Lamsam, the executive VP for Payment Strategy and Digital Disruptive Technology at Siam Commercial Bank, the bank has been a longtime supporter of fintech startups in the nation. He noted that Digital Ventures Co. Ltd, their fintech investment arm, had established the biggest century capital fund in the country with a capital base of $100 million. The executive VP added:
“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.”
The Lightnet Group CEO, Tridbodi Arunanondchai, also had equally positive sentiments on the partnership. According to Arunanondchai, the group was proud to work with SCB to facilitate international remittances together with SENTBE, a trusted global fintech solution provider. He added that:
“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.”
About Lightnet Group
The Lightnet Group is a fintech company based in Singapore. Its mission is the promotion of financial inclusivity and mobility. The group empowers the unbanked and small market enterprises trade finance via its inclusive international remittances network. The network is powered by the Velo protocol, which is a blockchain protocol. By utilizing the blockchain, the company has positioned itself as the leading clearing and settlement network for the Asia Pacific region. To achieve its goal, it connects the legacy financial systems with its network of wallets and cash agents located throughout the region.
The Siam Commercial Bank has been around since January 20, 1907. As of December 31, 2018, it was the biggest commercial bank in Thailand, in terms of total assets. Today, its largest shareholder is the King of Thailand, who owns a 23.35 percent stake in the bank. It is well-established in Cambodia, Myanmar, and Thailand.
SENTBE was founded in 2015 as the first neo bank in South Korea. The bank specializes in foreign exchange services. SENTE has revolutionized international remittances with low fees and high transaction speeds. To date, it has processed over a million international remittance transactions.
The decision by Siam Commercial Bank to work with a company in the blockchain sector is quite significant. It is one of the biggest banks in the Asia Pacific region and other firms in the financial world closely watch its actions. It will lead to increased interest in the integration of the blockchain into the financial world. It is worth noting that it is not the first time SCB is working with a firm in the blockchain sector. The bank is already working with a firm in the DeFi sector.
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