Lightnet and TransferMate to Enhance International Payments for Businessesby Fintech News Singapore December 12, 2023
Singapore-based fintech firm Lightnet has entered a global partnership with B2B global payments infrastructure-as-a-service provider TransferMate with the aim to enhance cross-border remittance and payment solutions.
TransferMate, part of CluneTech, operates an extensive payments network supporting transactions in over 200 countries and 140 currencies. The partnership with Lightnet is expected to expand the reach and efficiency of international payments for businesses.
Under the agreement, Lightnet will integrate TransferMate’s global payments network into its platform. This integration will allow Lightnet to offer its customers the ability to establish virtual bank accounts in key markets like the US, Canada, the UK, and Europe, facilitating easier management of domestic and international payments.
As a result, customers will gain access to local banking rails, facilitating easier management of domestic and international payments.
The partnership is anticipated to benefit traditional trading companies involved in import and export activities by providing faster and more secure options for to pay suppliers and contractor.
Tridbodi Arunanondchai, Vice Chairman/Group CEO, Lightnet said,
“The partnership between Lightnet and TransferMate will be a significant milestone in expanding our remittance services to a wider clients’ base.
We aim to enhance our customer experience and remove transaction barriers. This partnership is a positive step in achieving these objectives.”
Vijay Rao, Head of APAC, TransferMate said,
“Plugging into Transfermate’s infrastructure saves our partners millions of dollars in terms of time and cost that would be spent acquiring their own licenses and building rails into multiple countries.
We want to bring down barriers to international trade, reduce costs and increase efficiencies for businesses around the world and this partnership is a major step towards achieving that goal.”