Siam Commercial Bank, Lightnet to collaborate on payments

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Valentina Vitali
Valentina Vitali
Research Analyst
Valentina is a Research Analyst and passionate about payments and fintech. Valentin enjoys analysing money transfer companies and the market. In her work, Valentina analyses payments data… Read more
  • Siam Commercial Bank has announced a new partnership with the financial technology company Lightnet, which is powered by blockchain and is designed to help firms improve their international payment processes.
  • The main development will be that Siam Commercial Bank can now take global payments using a process developed by South Korean firm Sentbe.
  • A leading figure at Siam Commercial Bank said that the move had happened amid the context of a growing need for remittance services – in both directions.

A leading bank in Thailand has announced a new partnership with a fintech firm.

Siam Commercial Bank said that it will work alongside the blockchain-powered firm Lightnet to improve the way that online money transfers are made across borders.

The partnership will mean that Siam Commercial Bank can take payments that originate in South Korea and are designated for Thailand.

This will be enabled using the services of the major firm Sentbe, which is based in South Korea and has a formal collaboration with Lightnet.

As part of the agreement, Siam Commercial Bank will take on the role of fund distribution across Thailand.

This can happen instantly, the company said, and the money will be directed straight to the accounts of the beneficiaries.

These accounts are held with over 20 regional banks in Thailand, and the payments will be made via Siam Commercial Bank’s PromptPay function.

In a statement, a senior leader at the company spoke about the broader remittance industry and how it was operating.

Srihanath Lamsam, who serves as the management executive vice president at Siam Commercial Bank’s Payment Product Solutions arm, acknowledged that the news had occurred in the context of a spike in demand for remittance services.

“At present, demand for international payments, especially outgoing and incoming remittances, has [been growing],” he said.

He went on to sing the praises of financial services institutions that were creating new, innovative solutions like these.

“Banks have continuously embraced cutting-edge technology as a core for developing new capabilities for financial products and services,” he said.

He concluded by looking at the role of banks in expanding financial inclusion for customers – including both in Thailand and further afield.

“These efforts also include expanding business partners at both the global and regional levels to increase capabilities and scopes of services, while ensuring that all customer groups, both Thai and foreign, have full access to financial services,” he added.

Lightnet is a fairly new name on the payments scene, though it is growing in stature following some investment.

It recently completed of a Series A investment round process that included various names in the investment sphere, such as Seven Bank and UOB Venture Management.

Lightnet’s stated aim is to move money across borders using a blockchain service known in the sector as ‘Velo’.

To learn more about the ways that cross-border payments firms like these are providing more excellent features for their customers, just head over to this page and read some reviews.


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