Lighthub Asset, a Thai Fintech firm, and WeLab, a pan-Asian fintech platform, have submitted a joint application for a virtual banking license with the Bank of Thailand (BoT).
The result of the application is expected in the first half of 2025, according to a statement released Thursday.
The consortium aims to reshape Thailand’s banking landscape by introducing AI-powered digital banking services that cater to underserved segments of the population.
Lighthub Asset, co-founded by Chatchaval Jiaravanon and Lightnet Group, has a wide-reaching influence in Thailand, serving 46 million customers across sectors like agriculture, food and beverage, and e-commerce.
With the backing of 150,000 local service channels, the company has created a robust network to support its fintech operations.
Lightnet Group, a global fintech leader with licenses from central banks in Thailand, Asia, and Europe, processes over $10 billion annually in fund transfers.
The group offers payment solutions, including cross-border remittances, digital wallets, and multi-currency virtual bank accounts in 150 countries, using AI and blockchain technologies.
WeLab, with more than 65 million users across Asia, has distributed over $15 billion in digital loans to date.
The platform offers a broad range of financial services, including consumer financing, enterprise technology solutions, and digital banking, covering savings, payments, loans, and wealth management.
WeLab’s success in launching virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu) positions the firm as a leader in the digital banking space in Asia. The consortium looks to replicate this success in Thailand with a localized approach.
The consortium’s core focus is on enhancing financial inclusion in Thailand, particularly for solopreneurs and Micro, Small, and Medium Enterprises (MSMEs), which often face challenges in accessing traditional banking services.
By leveraging AI, big data analytics, and credit risk technologies, the consortium plans to offer intuitive financial products, starting with access to credit and financial planning tools.
Over time, the focus will shift toward helping individuals and businesses achieve long-term financial independence through tailored solutions.
Lighthub Asset and WeLab are targeting the underserved segments of the Thai population, aiming to provide accessible financial services and promote sustainable economic growth.
With their combined expertise in digital platforms and financial technology, the consortium is poised to deliver fresh solutions to the Thai banking sector.
Former Bank of Thailand Governor Chatu Mongol Sonakul has been appointed as an advisor to the consortium, bringing additional expertise to the team.
The consortium’s application is part of a broader initiative by the Bank of Thailand to introduce more competition and innovation in the country’s financial services sector.
The application is the latest in a series of moves by both companies to expand their presence in the region and provide cutting-edge digital banking services to underserved markets.
