Singapore fintech Lightnet signs MOU with Swiss SEBA Bank

The company aims to carry out its first live transactions by Q4 2020.

Singapore-based fintech company Lightnet has signed a memorandum of understanding (MOU) with Swiss-based SEBA Bank, with the latter serving as the banking counterparty for Lightnet, the fintech announced in a press release.

The lender will enable settlements, correspondences, and remittances in both fiat and digital currencies.

SEBA Bank will also act as an alternative settlement banking network, account and custodian as well as the settlement bank for money transfer operators (MTOs) in digital currencies

Lightnet Group plans to provide remittance services across Southeast Asia for unbanked migrant workers using the Velo Protocol, a blockchain financial protocol developed US-based startup Velo Labs.

The group also plans to introduce multi-currency virtual accounts.

SEBA Bank´s partnership with Lightnet Group marks their first foray into Southeast Asian markets via Thailand.

Earlier in January, Lightnet Group raised $31.2m in a Series A financing round backed by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.

The group aims to carry out its first live transaction in Q4 2020.