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.
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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.
- Lightnet and Hanwha Investment and Securities, a leading South Korean provider of comprehensive asset management services, entered into a technical integration agreement wherein Hanwha Investment Securities agrees to connect to and process transactions over Lightnet’s network. Lightnet is responsible for developing the technology solution to integrate Hanwha Investment Securities into the Lightnet Network.
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