Lightnet Group, a Singapore-based fintech company, has signed an agreement with SEBA Bank, a FINMA-licensed Swiss Bank, to provide a bridge between digital and traditional assets.
As part of the joint venture, SEBA Bank will serve as the banking counterparty for the Lightnet Group, enabling settlements, correspondences and remittances uniquely in both fiat and digital currencies.
In addition, SEBA Bank will act as an alternative settlement banking network, account and custodian as well as the settlement bank for money transfer operators (MTOs) in digital currencies.
Using the Velo Protocol, a blockchain financial protocol developed by Velo Labs, Lightnet Group will provide remittance services across Southeast Asia for millions of unbanked migrant workers.
Chatchaval Jiaravanon, co-founder and chairman of Lightnet Group, said: "Drawing on our complementary strengths with SEBA Bank, our new joint venture entity in Singapore will be poised to serve both retail and institutional investors from the globe with a more transparent and secure settlement solution.”
Matthew Alexander, head of asset tokenisation of SEBA Bank, commented: "We are delighted to forge this partnership with Lightnet Group and be part of the vibrant fintech landscape that Southeast Asia represents. Asia is a promising market not only because of its size but especially because of the affinity of the people towards digital services and digital assets."
