Hong Kong virtual bank WeLab forms consortium to apply for digital banking license in Thailand

2024-09-20 09:12:08

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ChainCatcher news, Hong Kong virtual bank WeLab announced a consortium with Thai fintech company Lighthub Asset and has submitted an application for a digital banking license to the Bank of Thailand, with the results expected to be announced in the first half of 2025.

It is reported that Lightnet Group has obtained licenses from the Bank of Thailand as well as four other central banks in Asia and Europe. It utilizes artificial intelligence and blockchain technology to provide global payment solutions in 150 countries, including cross-border remittances, e-wallets, and multi-currency digital bank accounts. The company has also received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.

WeLab founder and Group CEO, Ronny Tong, expressed his anticipation of the opportunity to establish the third digital bank in Asia and to make it the leading digital bank in Thailand.

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