Lightnet, a Stellar-based blockchain platform, is hoping to take a bite out of Southeast Asia's remittance market.
Bangkok-based Blockchain finance startup Lightnet and its Co-Founder and Chairman, Chatchaval Jiaravanon, the 57-year-old owner of Fortune magazine and a member of the billionaire family that is in control of one of Thailand’s largest conglomerates, is planning on expanding its Southeast Asian remittance platform with a series of Fintech acquisitions, according to a new report from the Bangkok Post.
Specifically, the company, which has been built on the Stellar blockchain, is initially aiming for underbanked migrant workers throughout the region, where the remittance market is estimated to be worth roughly $150 billion.
Jiaravanon that he wants Lightnet to be processing $50 billion dollars in transactions annually within three years.
"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,"https://t.co/MF8jDbhK0G@JedMcCaleb Is an adviser ?
The most efficient way to accomplish this, according to Jiaravanon, is to make acquisitions, a strategy that he described as “the quickest way for growth in a fast-changing environment.”
Citing Jiaravanon, the Post said that Lightnet--which announced the completion of a US$31.2 million Series A funding round last week-- might raise “fresh capital to pour into purchases.”
The Post predicts that Chatchaval and Lightnet are up for some steep competition from both blockchain industry startups and some of Asia’s largest technological and financial establishments.
But the company and its co-founder plan to act quickly--Chatchaval said he plans to open offices in Singapore, Hong Kong, and China in addition to the company’s established offices in Thailand and Vietnam. Chatchaval also plans to double Lightnet’s staff to 120 people
Recently completed fundraising round included a number of financial establishments and conglomerates
The $31.2 million Series A round that Lightnet completed last week was led by several established financial conglomerates, including Singapore’s United Overseas Bank (UOB) and the South Korean Hanwha Investment & Securities.
Other backers allegedly include a number of financial and blockchain industry firms, such as Japan’s Seven Bank, Hong Kong-headquartered HashKey Capital, Singapore-based Signum Capital, and Hong Kong’s Uni-President Asset Holdings.
In its coverage of the fundraising round, Business Insider Malaysia said that Southeast Asia’s remittance market is “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.”
Following the completion of the round, Lightnet chief executive officer Suvicha Sudchai said that Lightnet’s first transaction would take place sometime during the first quarter of this year.
Bangkok-based Blockchain finance startup Lightnet and its Co-Founder and Chairman, Chatchaval Jiaravanon, the 57-year-old owner of Fortune magazine and a member of the billionaire family that is in control of one of Thailand’s largest conglomerates, is planning on expanding its Southeast Asian remittance platform with a series of Fintech acquisitions, according to a new report from the Bangkok Post.
Specifically, the company, which has been built on the Stellar blockchain, is initially aiming for underbanked migrant workers throughout the region, where the remittance market is estimated to be worth roughly $150 billion.
Jiaravanon that he wants Lightnet to be processing $50 billion dollars in transactions annually within three years.
"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,"https://t.co/MF8jDbhK0G@JedMcCaleb Is an adviser ?
The most efficient way to accomplish this, according to Jiaravanon, is to make acquisitions, a strategy that he described as “the quickest way for growth in a fast-changing environment.”
Citing Jiaravanon, the Post said that Lightnet--which announced the completion of a US$31.2 million Series A funding round last week-- might raise “fresh capital to pour into purchases.”
The Post predicts that Chatchaval and Lightnet are up for some steep competition from both blockchain industry startups and some of Asia’s largest technological and financial establishments.
But the company and its co-founder plan to act quickly--Chatchaval said he plans to open offices in Singapore, Hong Kong, and China in addition to the company’s established offices in Thailand and Vietnam. Chatchaval also plans to double Lightnet’s staff to 120 people
Recently completed fundraising round included a number of financial establishments and conglomerates
The $31.2 million Series A round that Lightnet completed last week was led by several established financial conglomerates, including Singapore’s United Overseas Bank (UOB) and the South Korean Hanwha Investment & Securities.
Other backers allegedly include a number of financial and blockchain industry firms, such as Japan’s Seven Bank, Hong Kong-headquartered HashKey Capital, Singapore-based Signum Capital, and Hong Kong’s Uni-President Asset Holdings.
In its coverage of the fundraising round, Business Insider Malaysia said that Southeast Asia’s remittance market is “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.”
Following the completion of the round, Lightnet chief executive officer Suvicha Sudchai said that Lightnet’s first transaction would take place sometime during the first quarter of this year.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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