UOB Invests in Thai Fintech
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The funds will be invested into the Stellar Network, the blockchain technology underlying Lightnet’s platform, as well as to build a «next-generation financial mobility network.»
Bangkok-based fintech Lightnet has raised $31.2 million in a Series A funding round led by UOB Venture Management, the private equity unit of UOB, the firm announced in a statement on Friday.
Other backers include Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.
According to its website, the company aims to disrupt the global remittance market by using smart contracts and distributed ledgers to replace the SWIFT system and underground banking. It is currently focusing on the millions of unbanked migrant workers in Southeast Asia, which rely on costly, slow, and fragmented services for cross-border remittances.
Lightnet was co-founded by Chatchaval Jiaravanon – a family member of the Charoen Pokphand Group in Thailand – and tech entrepreneur and former investment banker Tridbodi Arunanondchai.
«We project that within three years, Lightnet will facilitate over $50 billion worth of annual transactions through our industry-leading partner network,» Arunanondchai said.
Questions & Answers
Q.What is the primary objective of Lightnet's business model?
What is the primary objective of Lightnet's business model?
Lightnet aims to transform the global remittance market by using smart contracts and distributed ledgers. This technology is intended to replace existing systems and improve services for unbanked migrant workers in Southeast Asia.
Q.Which specific technology will receive the investment funds?
Which specific technology will receive the investment funds?
The investment funds will be directed towards the Stellar Network, which is the blockchain technology that underpins Lightnet's platform. Funds will also support the development of a 'next-generation financial mobility network'.
Q.Who are the key founders of Lightnet?
Who are the key founders of Lightnet?
Lightnet was co-founded by Chatchaval Jiaravanon, a family member of the Charoen Pokphand Group, and Tridbodi Arunanondchai, an experienced tech entrepreneur and former investment banker.
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