Thailand based blockchain startup Lightnet has raised $31.2 million to boost cross-border payments in Southeast Asian countries.
On Jan. 10 Business Insider Malaysia reported that the firm completed a Series A funding round led by major financial conglomerates in the region:
Singaporean United Overseas Bank (UOB)
South Korea’s Hanwha Investment & Securities
Plans To Replace Payment Systems Like SWIFT
The report notes that Lightnet plans to replace established payment systems like SWIFT in the Southeast Asian market by implementing- Stellar blockchain, a major blockchain protocol that is used to operate eponymous cryptocurrency Stellar Lumens (XLM).
Chatchaval Jiaravanon, chairman at Lightnet, says that Lightnet is designed to offer low-cost and instant financial inclusivity and mobility to the “four billion lives across the Asia Pacific.”
The report states that the firm is specifically planning to promote financial mobility and inclusivity for the unbanked and underbanked Asians.
As reported, other investors included:
Japanese Seven Bank
Hong Kong-based token fund company- HashKey Capital
Singaporean blockchain-focused venture capital firm- Signum Capital
Hong Kong-based investment holding firm Uni-President Asset Holdings
Plans To Integrate Popular Payment Partners
Alongside the potential 500,000 cash agents across the ecosystem, Lightnet plans to integrate a number of popular payment and remittance partners including American money transfer company MoneyGram.
Other potential partners include:
The company is projecting to facilitate over $50 billion worth of annual transactions through its network by 2023 according to Lightnet’s vice chairman Tridbodi Arunanondchai.