PR Newswire made a press release stating that there has been a merger between two companies: fintech Lightnet Group and Siam Commercial Bank (SCB). These Singapore based finance institutions joined to improve the quality of payment amenities offered by Lightnet.
SCB is one of the companies that is a member of RippleNet and is working on the tech the multibillion company provides. It was formed on the 30th Jan 1907 by the Royal Charter and was the first bank in Thailand and was its biggest bank as of 31st Dec 2018.
Lightnet made an affirmation of the reports that it has partnered with Siam Commercial Bank, a leading financial institution in Thailand.
As PR Newswire reports, this merger will see that all SCB clients will get all the services from any bank in the country and at PromptPay, a Thailand based money transfer service.
The state sponsors this program, which enables SCB to make a transaction from any banking company.
The organizations’ unification will also see to it that Lightnet gets aid from SCB to change its payment program, straighten imbursements, and also be able to do an undemanding real-time transfer of funds from all over the continent to the country.
Srihanath Lamsam, working under SCB, revealed that this was not the first time the bank is working with a fintech group as it has often been offering aid in terms of finance to local fintech growing firms. The bank has a fund pool totaling 100 million USD from which it sources the funds to aid these firms.
He further said that SCB is keen on keeping up to date with the new and developing tech world as it changes to accommodate these innovations.
Lightnet is working to improve banking and make other non-banking financial institutions get in on the banking sector. They do so through its worldwide payment program. The firm utilizes the Velo cryptocurrency code when offering its services. It is a top payment system in all of the Asia Pacific zone.