2 weeks Ago By Lauren Towner
September 19 2024 Lighthub Asset, a Thai fintech powerhouse, and WeLab , a leading pan-Asian fintech platform, today announced that they have submitted an application for a Virtual Banking licence with the Bank of Thailand (BOT). It is expected that the application result will be announced within the first half of 2025.[1] The consortium aims to empower Thailand’s financial future by revolutionizing banking services, delivering an AI-powered intelligent experience.
Their combined expertise, proven track record, and ready-to-launch services are set to bring fresh solutions to the Thai banking sector. Consortium strengths – technology driven mindset with 46 million ecosystem reach Lighthub Asset is a Thai fintech powerhouse co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group.
With a reach of 46 million Thai customers, it has a wide-ranging ecosystem reach to various sectors, including agriculture, F&B and e-commerce, touching every aspect of daily life. Lighthub Asset, in collaboration with strategic partners, supports this extensive influence with a robust local network of 150,000 service channels. Mr.
Chatchaval Jiaravanon is a prominent business leader and co-founder of AEON Thana Sinsap and Finansia Syrus. He has a distinguished track record with over 30 years of experience in the Thai financial sector and internationally, such as being the principal owner of global media brand Fortune Magazine. Lightnet Group is a Thai-homegrown global fintech leader dedicated to developing next-generation financial technology to enhance access, mobility, and efficiency for everyone.
Licensed by the Bank of Thailand and four other central banks in Asia and Europe, it processes over USD 10 billion in annual fund volume. Lightnet offers global payment solutions, including cross-border money transfers, digital wallets, and multi-currency virtual bank accounts across 150 countries, leveraging advanced AI and blockchain technologies. The company is backed by notable strategic investors like UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.
WeLab, a leading pan-Asian fintech platform, has over 65 million users in Asia, disbursing more than USD 15 billion of digital loans to date. It offers a comprehensive suite of digital financial services, including consumer financing, enterprise technology solutions, and digital banking – encompassing savings, payments, loans, and wealth management. With its successful virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu), WeLab is widely recognized as Hong Kong’s most innovative company and won the Virtual Bank of the year.
WeLab is backed by esteemed global investors such as CK Hutchison’s TOM Group, Allianz, the World Bank’s IFC, and Malaysian sovereign wealth fund Khazanah Nasional Berhad, amongst others. Bridging the Gap: From Financial Access to Financial Independence The consortium is dedicated to improving financial inclusion in Thailand by providing localized digital banking services to everyone, especially the underserved, with features tailored to solopreneurs and Micro, Small & Medium Enterprises (MSMEs) facing unstable income and limited financial access. Most of the consortiums existing 46 million customer reach, fall within these underserved categories.
The consortium adopts two key strategies: M.R. Chatu Mongol Sonakul, Advisor of the Consortium and Former Governor, Bank of Thailand said, “I welcome BOT’s initiative to invite new market entrants to foster greater innovation and competition in the financial sector.
I am confident that the consortium’s new virtual bank will bring fresh ideas and innovative solutions, to advance financial inclusion for underserved communities and instill diversity to Thailand’s financial landscape.” Mr. Hirankrit (Tridbodi) Arunanondchai, Director of Lighthub Asset, and Co-founder & Group CEO of Lightnet Group said , “We appreciate BOT’s direction in association with the Virtual Banking, marking an important milestone for Thai Financial Industry.
Our consortium aims to introduce a “Smart & Open Virtual Bank” in Thailand, leveraging international expertise in AI, data analytics, digital platforms, and innovative credit scoring to tailor financial products for unserved and underserved retail and MSME segments, fostering financial inclusion and sustainable economic growth.” Simon Loong, Founder and Group CEO of WeLab, said, “We look forward to the opportunity to build our third virtual bank in Asia and make this Thailand’s leading virtual bank. Committed to open competition and interoperability, we’re truly ecosystem agnostic, with a strong track record of working with global leading brands like Apple, Tesla, Allianz and CK Hutchison.
We are passionate about seamlessly integrating tech and banking into daily life, and contribute to the Thai economy.” Simon Loong WeLab Chatu Mongol Sonakul Bank of Thailand Hirankrit (Tridbodi) Arunanondchai Lightnet Group Bank of Thailand WeLab Lightnet Group Crypto Insurtech Fintech Fintech Fintech.
