PR86907

SINGAPORE, Nov. 27, 2020 /PRNewswire=KYODO JBN/ --

Singapore-based fintech company, Lightnet Pte. Ltd. (Lightnet Group), has

announced a partnership with Siam Commercial Bank (SCB). The partnership makes

remittance services accessible to all Thai bank accounts and anyone who has

signed up for PromptPay, a government-sponsored service that enables instant

bank-to-bank fund transfers.

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Suvicha Sudchai, Chief Product Officer of Lightnet Group, says "SCB will be

Lightnet Group's settlement partner responsible for disbursing and clearing

payments, facilitating the electronic payment processing and enabling frictionless

real-time remittances to Thailand from anywhere in the world with lower fees."

This partnership offers SCB additional international money transfer options

through Lightnet Group's channels. "Siam Commercial Bank has been a longtime

supporter of fintech startups in Thailand, and our fintech investment arm,

Digital Ventures Co. Ltd., is the largest venture capital fund in Thailand,

with a total capital base of USD100 million. 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," says EVP, Payment

Strategy and Digital Disruptive Technology, Srihanath Lamsam.

On the new partnership, Lightnet Group's CEO and Vice Chairman, Tridbodi

Arunanondchai says, "We are very proud to be working with SCB to facilitate

cross-border remittances together with another trusted global fintech solution

provider, SENTBE. 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."

Lightnet Group's partnership with SCB and Sentbe extends the Lightnet Group's

reach further in line with its mission to promote financial mobility and inclusivity.

About Lightnet Group

Lightnet Group is a Singapore-headquartered fintech company with the mission of

promoting financial mobility and inclusivity. Lightnet Group empowers unbanked

populations and SME trade finance with an inclusive international remittance

ecosystem. The Lightnet Group's international remittance ecosystem adopts the

Velo Protocol as its blockchain protocol and positions itself as the premiere

clearing and settlement network for the Asia Pacific region by connecting

existing financial systems with its network of cash agents and wallets.

www.lightnet.io

About SCB

SCB was established on 30 January 1907 by Royal Charter as the first Thai bank.

SCB was Thailand's largest commercial bank (in total asset value) as of 31

December 2018. King Vajiralongkorn is the largest single shareholder, owning

23.35 percent of SCB shares. SCB is well established in Thailand, Cambodia and

Myanmar, with a heritage of over 110 years, leading financial services in

Thailand with its deep expertise.

www.scb.co.th

About SENTBE

Founded in 2015, SENTBE is South Korea's first neo bank specialized in foreign

exchange service. SENTBE has revolutionized overseas remittance services with

low fees, fast transaction speeds, and simple user experiences to create

frictionless cross-border financial services. SENTBE has processed more than 1

million remittance transactions, having acquired Overseas Remittance and

Payment Gateway license in Korea, as well as Major Payment Institution License

in Singapore.

www.sentbe.com

Source: Lightnet Pte. Ltd.

Image Attachments Links:

   Link: http://asianetnews.net/view-attachment?attach-id=378312

   Caption: Caption: From left to right - Tridbodi Arunanondchai, Lightnet Group's CEO and

Vice Chairman; Srihanath Lamsam, SCB's EVP, Payment Strategy and Digital

Disruptive Technology; Suvicha Sudchai, Lightnet Group's Chief Product Officer.