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Siam Commercial launches cross-border payments to Korea

Siam Commercial Lightnet_IFM_Image
Siam partnered with Lightnet to provide cross-border fund transfer services from South Korea to Thailand

Thailand-based Siam Commercial Bank has announced the launch of a new cross-border payment services from South Korea to Thailand, media reports said. In order to launch its services, Siam has partnered with fintech startup Lightnet.

Both parties will collaborate and accept international payments from South Korea to Thailand via Sentbe, which is a major South Korean payment services firm and also one of Lightnet’s business partners.

Srihanath Lamsam, Management Executive Vice President for SCB Payment Product Solutions told the media, “At present, demand for international payments, especially outgoing and incoming remittances, has [been growing.]  Banks have continuously embraced cutting-edge technology as a core for developing new capabilities for financial products and services. These efforts also include expanding business partners at both the global and regional levels to increase capabilities and scopes of services, while ensuring that all customer groups, both Thai and foreign, have full access to financial services.”

Recently, Lightnet Lightnet closed a $31.2 million Series A investment round led by investors such as UOB Venture Management, Seven Bank, Uni-President Asset Holding, Hashkey Capital, Hopeshine Ventures, Signum Capital, DU Capital, and Hanwha Investment and Security.

Tridbodi Arunanondchai, Lightnet Group Vice Chairman and Group CEO told the media,“Our goal is to serve as a new payment center for efficient, secure, low-cost, and speedy financial services, taking advantage of [Stellar’s] blockchain technology…. The system is an effective innovation for decentralised data storage centers that will transform digital payment models in the future.”

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