The Singapore three way partnership will serve each retail and institutional traders from the globe with a extra clear and safe settlement resolution.
Bangkok-based fintech Lightnet’s partnership with SEBA will strengthen its remittance settlement capabilities and present a seamless, safe and accessible bridge between digital and conventional belongings, because it units its sights on the area’s remittance market.
Underneath the memorandum of understanding signed by each events, SEBA will function the banking counterparty for the Lightnet Group, enabling settlements, correspondences and remittances in each fiat and digital currencies, an announcement on Tuesday stated. Zug-based SEBA will even act as a substitute settlement banking community, account and custodian in addition to the settlement bank for cash switch operators (MTOs) in digital currencies.
«Asia is a promising market not solely due to its dimension however particularly due to the affinity of the folks in direction of digital providers and digital belongings,» Matthew Alexander, head of asset tokenization of Seba Bank, stated in regards to the partnership.
Give attention to Remittances
Lightnet stated it’s going to use a blockchain monetary protocol developed by Velo Labs, a decentralized credit score and settlement community in Asia, to remodel remittance providers for the thousands and thousands of unbanked migrant employees throughout Southeast Asia, which is at present characterised by excessive transaction charges, fragmentation and unreliable fee routes.
The corporate stated it additionally plans to introduce multi-currency digital accounts to deal with the inefficiencies of world commerce finance.
Lightnet was co-founded in 2018 by Chatchaval Jiaravanon – a member of the family of the Charoen Pokphand group in Thailand – and tech entrepreneur and former funding banker Tridbodi Arunanondchai. Earlier this yr, the startup raised $31.2 million in a collection A funding spherical led by UOB Enterprise Administration, the non-public fairness unit of UOB Bank.