SINGAPORE, July 1, 2020 /PRNewswire/ -- Lightnet, a Singapore headquartered fintech company, since the beginning of 2020, has raised USD 31.2 million in a Series A financing round and created a portfolio of partnerships that put it in a stronger position than ever to improve the lives of the unbanked and underbanked populations of Southeast Asia and other parts of Asia Pacific. These partnerships include a formal Technical Integration Agreement with Hanwha Investment and Securities, a consortium with MatchMove, Singapura Finance and OpenPayd to bid for a digital full bank license, and a Memorandum of Understanding (MoU) with KogoPAY. Lightnet is co-founded by industry figurehead Chatchaval Jiaravanon, whose family controls Thai conglomerate Charoen Pokphand Group.
Lightnet is dedicated to improving the lives of the unbanked and underbanked populations throughout Asia Pacific, whom have been significantly impacted by the economic downturn caused by the COVID-19 pandemic. According to the World Bank's April 2020 Migration and Development Brief, existing remittance service providers have struggled and many cash-based services and remittance operators have been forced to close. While the importance of electronic transfers is surging, current digital instruments are beyond the reach of the poorest and most at-need migrant workers.
Lightnet recognizes the opportunity to provide a more inclusive international remittance ecosystem and has a number of business ventures aimed at expanding its reach throughout Asia Pacific.
Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet comments: "Our partnership with Hanwha Investment and Securities is an important step towards creating an inclusive international remittance ecosystem. Lightnet is one step closer to providing migrant workers throughout Southeast Asia with access to real-time money transfers."
Commenting on the partnership, Tridbodi Arunanondchai, says: "There are many synergies between our organisations beyond Singapore which we intend to explore and I believe we can develop a compelling proposition for the underbanked segment across the region."
Tridbodi Arunanondchai, continues: "KogoPAY's aspirations to create a versatile new operation are very much in alignment with our technology and we admire the advances that KogoPAY has made within the complex area of electronic banking."
Lightnet's core team comprises talent cultivated from global tech leaders like Microsoft, Lenovo, Amazon, Google and Alibaba. This team has diverse expertise across technology, corporate finance, fintech and remittance industries.
Chatchaval Jiaravanon, Chairman of Lightnet explains: "Lightnet is disrupting a trillion U.S. dollar global remittance market, starting with the millions of unbanked migrant workers who rely on outdated, costly and fragmented services in major Southeast Asian markets. We have assembled a world-class team to fix this problem."
Lightnet is a Singapore-headquartered fintech company dedicated to improving the lives of the unbanked and underbanked populations by building an inclusive international remittance ecosystem that increases the efficiency of existing money transfer operators, financial institutions and other cross-border payment providers. Lightnet's initial focus will be on Southeast Asia remittances, which it estimates to be in excess of USD 150 billion a year.
Following a USD 31.2 million Series A financing round in late January 2020, the company is now backed by eight Asian conglomerates, giving Lightnet access to a giant network of banks and retail outlets. Investors include UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital and Du Capital. Lightnet is co-founded by industry figurehead Chatchaval Jiaravanon, whose family controls Thai conglomerate Charoen Pokphand Group.
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SOURCE Lightnet Pte. Ltd.