Set to build Asia’s next-gen blockchain financial mobility network
BANGKOK,
THAILAND – Media OutReach – 10 January 2020 – Lightnet, the Bangkok-based fintech company
has received A round funding of US$31.2 million in fresh capital. With this
round completed, Lightnet is Asia’s first blockchain company to receive
financial backing from six large conglomerates, providing access to millions of
Asian users searching for improved financial mobility.
From left to right: Carlos Liu,Vice President, Uni-President Asset Holdings; Rae Deng, Managing Partner,Du Capital; Kenjiro Nishii, Team Leader,Seven Bank; Hee Baek Kwon, Chief Executive Officier, Hanwha Investment and Securities; Chatchaval Jiaravanon, Founder and Chairman,Lightnet; Tridbodi Arunanondchai, Founder and Vice Chairman,Lightnet; Mike Kennedy, Chief Executive Officier, Interstellar; Kian-Wee Seah; Chief Executive Officier and Managing Director, UOB Venture Management; John Ng Pangilinan, Managing Partner,Signum Capital; Chao Deng, Chief Executive Officier, HashKey Capital; Ng Yu Zhi,Managing Director, Hopeshine Ventures.
Lightnet
was co-founded by Chatchaval Jiaravanon — a family member of the Charoen
Pokphand Group in Thailand — and serial tech entrepreneur and former investment
banker Tridbodi Arunanondchai.
The financing round was led by UOB
Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital,
Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and
Securities. The proceeds from the latest fundraising will go towards
strengthening Lightnet’s investment in the underlying blockchain technology on
the Stellar Network, and to build a next-generation financial mobility network.
“We
launched Lightnet to offer low-cost and instantaneous financial inclusivity and
mobility to the four billion lives across Asia Pacific — all powered by
Stellar’s fast, scalable, and sustainable blockchain technology,” said
Chatchaval Jiaravanon, Lightnet’s chairman.
Lightnet
aims to disrupt a trillion U.S. dollar global remittance market, starting with
the millions of unbanked migrant workers who rely on outdated, costly and
fragmented services in major Southeast Asian markets. These services, valued at
$150 billion, are ripe for the advent of Lightnet’s smart contracts and
distributed ledgers, now well-positioned to replace the decades-old,
inefficient SWIFT system and unreliable underground banking.
“It’s
vital that we build an ecosystem to provide Lightnet access to our partners’
vast user base and facilitate deeper penetration into local markets. We project
that within three years, Lightnet will facilitate over $50 billion worth of
annual transactions through our industry- leading partner network,” says
Tridbodi Arunanondchai, Lightnet’s vice-chairman.
The
lead investors, UOB Venture Management and Hanwha Investment and Securities,
represent two of the largest financial conglomerates in Singapore and Korea,
respectively. In addition, Seven Bank (TKO: 8410), a group company of Seven
& I Holdings Co. Ltd, owns all the 7-Eleven stores in Japan and
approximately 69,200 convenience stores globally. Uni-President Asset Holdings
is the investment arm of Uni-President Enterprises Corp., which also owns over
9,000 7-Eleven and Starbucks across Taiwan, China and the Philippines. Hashkey
Capital is the investment arm of China’s automotive and financial conglomerate,
WanXiang Group.
“Lightnet is offering three innovative
solutions, BridgeNet, LiquidNet and SmartNet. The main platform has been
completed, and the first transaction is slated for Q1 2020. In addition to the
potential 500,000 cash agents across our ecosystem, Lightnet will integrate
with several renowned payment and remittance partners such as MoneyGram, Seven
Bank, Yeahka, Ksher across Japan, South Korea, and several other South East
Asia nations to ensure successful activation of our ecosystem,” said Lightnet
Chief Executive Officer, Suvicha Sudchai.
By
harnessing the combined strength of blockchain technology, local market
insight, Pan-Asia partnership and its proprietary ecosystem, Lightnet
accelerates the mass adoption of blockchain technology, delivering accessible
and efficient financial services for the many.
About Lightnet
Lightnet
is a Thailand-based fintech company that was established to promote financial
mobility and inclusivity for the unbanked and underbanked Asians with
blockchain technology. By connecting existing financial systems with its vast
network of non-bank agents and fiat-transaction network, the startup aims to
improve the efficiency, convenience and affordability of legacy remittance and
payment systems.
Co-founded
by a family member of the Charoen Pokphand Group, a leading conglomerate in
Asia, and Interstellar, utilizing the leading Stellar blockchain network aimed
at developing the future of financial services, Lightnet seeks to be a global
leader in next-gen financial services.
