Fintech Lightnet Partners Swiss Crypto Bank

The Singapore joint venture will serve both retail and institutional investors worldwide with a more transparent and secure settlement solution.

Bangkok-based fintech Lightnet’s partnership with SEBA will strengthen its remittance settlement capabilities and provide a transparent, secure and accessible bridge between digital and traditional assets, as it focuses on the remittances market. the region.

Under the memorandum of understanding signed by the two parties, SEBA will serve as a banking counterparty for the Lightnet group, enabling settlements, correspondence and remittances in fiat and digital currency, an announcement said on Tuesday. Zug-based SEBA will also act as an alternative settlement banking network, account and custodian as well as the settlement bank for digital currency money transfer operators (MTOs).

“Asia is a promising market not only because of its size but above all because of people’s affinity for digital services and digital assets,” Matthew Alexander, head of tokenization of Seba Bank’s assets, said of the partnership.

Focus on remittances

Lightnet said it would use a blockchain financial protocol developed by Velo Labs, a decentralized credit and settlement network in Asia, to transform remittance services for the millions of unbanked migrant workers across South Asia. -Is, which is currently characterized by high transaction costs, fragmentation and unreliability. payment methods.

The company said it also plans to introduce multi-currency virtual accounts to address inefficiencies in global trade finance.

Lightnet was co-founded in 2018 by Chatchaval Jiaravanon – a family member of the Charoen Pokphand group in Thailand – and tech entrepreneur and former investment banker Tridbodi Arunanondchai. Earlier this year, the startup raised $ 31.2 million in a Series A funding round led by UOB Venture Management, the private equity unit of UOB Bank.