Lightnet Group strikes partnership with Thailand’s Siam Commercial Bank
Lightnet Group, a Singapore-based fintech company, has forged a partnership with Siam Commercial Bank (SCB) to make remittance services accessible to all Thai bank accounts and also to anyone who has signed up for PromptPay.
A Thai government sponsored service, PromptPay facilitates instant bank-to-bank fund transfers.
Suvicha Sudchai – Chief Product Officer of Lightnet Group said: “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.”
According to the Singaporean fintech company, the partnership gives Siam Commercial Bank additional international money transfer options through the former’s channels.
Srihanath Lamsam – Siam Commercial Bank Payment Strategy and Digital Disruptive Technology EVP said: “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.”