Thailand’s Lightnet and Hong Kong-based fintech unicorn WeLab We helped them apply for a virtual banking license in Thailand.
The aim is to enhance financial access for underserved retail customers and small businesses.
Lightnet is co-founded by Chachaval Jiaravanont and Lightnet Group, and has a strong local presence reaching 46 million Thai customers in sectors such as agriculture, food & beverage, and e-commerce.
Through strategic partnerships, the company operates an extensive local network of 150,000 service channels.
A well-known business leader and co-founder of AEON Thana Sinsap and Finansia Syrus, Mr Jiaravanon has more than 30 years of experience in Thailand’s financial sector and is also the principal owner of global media brand Fortune Magazine.
Lightnet Group processes more than US$10 billion annually and provides global payment solutions, including cross-border remittances and digital wallets, in more than 150 countries.
The group is backed by leading investors including UOB Venture Management, Seven Bank and Hanwha Investment & Securities.
WeLab, which operates successful virtual banks in Hong Kong and Indonesia, aims to expand its digital banking services across Southeast Asia.
WeLab’s Indonesian virtual bank, Bank Saqu, has launched in partnership with Astra Financial. Number of customers reaches 1 million Within six months of release.
WeLab is backed by billionaire Li Ka-shing. Expand your user base By 2032, the population will reach 500 million.
The consortium holds more than 20 financial services licenses across five Asian markets and aims to create an AI-driven virtual bank that empowers underserved communities through advanced technology.
The Bank of Thailand will review applications for virtual bank licenses, with a decision expected in the first half of 2025.
If approved, the licensee must commence operations within one year from the date of approval.
Below is the list Candidates Companies that have previously expressed interest in obtaining virtual banking licenses.
Hirankrit (Tridbodi) Arunanandchai, Director of Lighthub Assets and Co-founder and Group CEO of Lightnet Group, said:
“Leveraging our international expertise in AI, data analytics, digital platforms and innovative credit scoring, our consortium aims to introduce a ‘smart and open virtual bank’ in Thailand, customising financial products for unserved and underserved retail and SME segments, and promoting financial inclusion and sustainable economic growth.”
Simon Loon, founder and group CEO of WeLab, said:
“We are excited about the opportunity to launch Asia’s third virtual bank and make it Thailand’s leading virtual bank.
“Our focus on open competition and interoperability makes us truly ecosystem agnostic, with a proven track record of working with some of the world’s leading brands, including Apple, Tesla, Allianz and CK Hutchison.”
Featured Image Credit: Free Pick
