Singapore – Swiss licensed crypto-focused bank SEBA, one of Singapore-based fintech company Lightnet Pte’s partners, confirms its support for two new cryptocurrencies to its digital system: the USD coin (USDC) stablecoin and bitcoin cash (BCH).
According to SEBA’s official statement, the bank’s customers can now buy, sell, trade, store the cryptocurrencies mentioned above and make fiat lending against BCH collateral and earn interest through USDC.
From now on, Lightnet Pte’s partner will support various fiat and cryptocurrencies, including CHF, USD, GBP, SGD, BTC, ETH, BCH, and USDC. Earlier this year, SEBA bank signed the Memorandum of Understanding or MoU with Singapore’s Lightnet Pte.
With this partnership, the Lightnet Group allowed the Swiss crypto bank to serve as the banking counterparty, enabling more services to millions of unbanked migrant workers in Southeast Asia. Thanks to SEBA’s Asset Tokenization Division, people in Singapore can store funds and earn interests using virtual currencies.
The Singapore-based company and the FINMA-licensed Swiss Bank have provided seamless, secure, and accessible bridges between traditional and digital assets. This partnership has strengthened Lightnet Group’s remittance settlement capability.
With the MoU taking effect, the Swiss crypto bank process more settlements, correspondences, and remittances for money transfer operators (MTOs) in digital currencies.
According to the Swiss crypto bank, its system uses a blockchain financial protocol called Velo Protocol, which helps Lightnet provide more remittance services across Southeast Asia for millions of unbanked migrant workers. This year, Lightnet Group confirmed that they are also planning to introduce multi-currency virtual accounts to address the global trade finance’s inefficiencies.
SEBA’s bypass of the global remittance industry conversely provides lower fees, broader coverage, and faster transactions. Currently, most banks are characterized by high transaction fees, unreliable payment routes, and fragmentation.
With SEBA’s system, more companies like the Lightnet Group can enhance the interoperability and efficiency of settlements between the real world and digital currency. Partnership with SEBA Bank poizes to serve both institutional and retail investors worldwide with a more secure and transparent settlement solution.
