Singapore – Singapore-based blockchain fintech company Lightnet Pte Limited has announced its latest partnership with Siam Commercial Bank or SCB, the second partnership that the company has taken after collaborating with the Swiss SEBA Bank.
According to sources, this partnership is responsible for clearing and disbursing payments quickly and enabling frictionless real-time remittances to Thailand from any parts of the world with more affordable fees. Also, Lightner revealed that it can further expand its money transfer network with its partnership since it can now connect to several countries in Southeast Asia.
With Lightnet and SCB working together, money transfers are more accessible to all Thai bank accounts and anyone who registered for PromptPay. This government service features instant bank-to-bank fund transfers. Currently, PromptPay reached over two-thirds of Thailand’s population of 69.5 million.
According to recent reports, the platform has over 46.5 million users. The PromptPay integration will surely extend the Lightnet Group’s reach further in line with its mission of making fund transfers more inclusive and participation for the underbanked and unbanked.
Furthermore, Lightnet Group’s CEO and Vice Chairman Tridbodi Arunanondchai said that the platform could better facilitate cross-border remittances with SCB. Since SCB is one of Thailand’s most reputable banks, it can help Lightnet in optimizing its platform and reach the goals quicker.
As of 2019, Lightnet has helped many migrant workers in South Korea through the fintech startup. It enables further opportunities with other banks, as well. Many blockchain enthusiasts are looking forward to Lightnet and SCB partnerships since they can surely revolutionize the global remittance industry.
Recently, news broke out that Lightnet is waiting for the Bank of Thailand to issue a license to 7-Eleven Thailand. With this possible project, more customers can make remittance payments at convenience stores and use domestic payment methods like PromptPay.