Singapore-based fintech firm Lightnet Group has joined forces with Siam Commercial Bank (SCB) to offer remittance services in Thailand.
Under the agreement, The Thai bank will act as Lightnet Group’s settlement partner. It will be responsible for disbursing and clearing payments.
The bank will also facilitate electronic payment processing and enable real-time remittances to Thailand from anywhere in the world.
The remittance services will be accessible to all Thai bank account holders.
It will also be available to those who have signed up for the government-sponsored instant bank-to-bank fund transfers service called PromptPay.
Siam Commercial Bank EVP of payment strategy and digital disruptive technology Srihanath Lamsam said: “Siam Commercial Bank has been a long-time supporter of fintech startups in Thailand, and our fintech investment arm, Digital Ventures, is the largest venture capital fund in Thailand, with a total capital base of $100m.
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“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.”
The blockchain startup also partners with SENTBE, a fintech money transfer service provider, in addition to SCB.
Lightnet Group CEO and vice chairman Tridbodi Arunanondchai said: “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.”
Last month, Rapyd entered the South Korean payment space, where SENTBE is the first company to access its Global Payment Network.