Thailand’s Lightnet and Hong Kong-based fintech unicorn WeLab have teamed up to apply for a virtual bank license in Thailand.
The aim is to enhance financial access for underserved retail customers and small businesses.
Lightnet, co-founded by Chatchaval Jiaravanon and Lightnet Group, has a strong local presence, reaching 46 million Thai customers across sectors like agriculture, F&B, and e-commerce.
The company, through its strategic partnerships, operates an extensive local network of 150,000 service channels.
Jiaravanon, a prominent business leader and co-founder of AEON Thana Sinsap and Finansia Syrus, brings over 30 years of experience in Thailand’s financial sector and is also the principal owner of global media brand Fortune Magazine.
Lightnet Group processes over US$ 10 billion in annual fund volume and offers global payment solutions, including cross-border money transfers and digital wallets, across 150 countries.
The group is backed by major investors like UOB Venture Management, Seven Bank, and Hanwha Investment & Securities.
WeLab, which operates successful virtual banks in Hong Kong and Indonesia, is looking to expand its digital banking services across Southeast Asia.
Bank Saqu, WeLab’s Indonesian virtual bank launched in partnership with Astra Financial, reached one million customers within six months of its launch.
WeLab is backed by billionaire Li Ka-shing and aims to grow its user base to 500 million by 2032.
The consortium, which holds over 20 financial service licenses across five Asian markets, aims to create an AI-driven virtual bank that empowers underserved communities through advanced technology.
The Bank of Thailand is expected to review their virtual banking license application, with results anticipated in the first half of 2025.
If approved, the licensee will have to commence operations within one year from the date of approval.
Here is a list of contenders who have previously expressed interest in obtaining virtual bank licenses.
Hirankrit (Tridbodi) Arunanondchai, Director of Lighthub Asset, and Co-founder & Group CEO of Lightnet Group said,
“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.”
Featured image credit: Edited from Freepik
