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.
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.