• Published on 19 September 2024
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Lightnet and WeLab partner to create Thailand's top virtual bank

Lighthub Asset, a Thai fintech powerhouse, and WeLab, a leading pan-Asian fintech platform announced that they have applied 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. The consortium aims to empower Thailand’s financial future by revolutionising banking services and 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.

Lighthub Asset is a Thai fintech powerhouse co-founded by Chatchaval Jiaravanon and Lightnet Group. With a reach of 46 million Thai customers, it spans 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.

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 $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 $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. 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.

From financial access to financial independence

The consortium is dedicated to improving financial inclusion in Thailand by providing localised digital banking services to everyone, especially the underserved, with features tailored to solopreneurs and micro, small and medium enterprises (MSMEs) facing unstable income and limited financial access. Most of the consortium's existing 46 million customer reach, fall within these underserved categories.

The consortium adopts two key strategies:

Access-Growth-Independence as a key value proposition: The consortium aims to provide underserved segments with immediate access to intuitive financial products, starting with access to credit and advanced AI planning tools. Over time, the focus shifts to helping individuals and MSMEs sustainably grow their wealth with tailored solutions, aiming for long-term financial independence and stability.

Technology and collaborative mindset to drive innovation: The consortium will utilise its fintech expertise and experiences, including AI, big data analytics, edge computing and credit risk technologies, to build the virtual bank. Linking up a strong end-to-end financial supply chain, the technology makes it more affordable to carry out transactions, easy to integrate and interoperable with many financial networks and banking infrastructure.

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 instil diversity in Thailand's financial landscape.”

Hirankrit (Tridbodi) Arunanondchai, director of Lighthub Asset, and co-founder and 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 and 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 contributing to the Thai economy.”

Re-disseminated by The Asian Banker