Lighthub Asset and WeLab, both fintech platforms in Thailand and across Asia, have jointly submitted an application for a Virtual Banking license to the Bank of Thailand (BOT).
The result of the application is expected to be announced in the first half of 2025.
The consortium plans to introduce AI-powered banking services to enhance Thailand’s financial sector. Drawing on their combined experience, they aim to improve financial inclusion by offering localised digital banking services, focusing on underserved groups such as solopreneurs and Micro, Small, and Medium Enterprises (MSMEs) with unstable income and limited access to financial services.
A large portion of their existing 46 million customers falls within these underserved categories.
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Lighthub Asset, co-founded by Chatchaval Jiaravanon and Lightnet Group, serves 46 million customers through a network of 150,000 service channels across sectors such as agriculture, F&B, and e-commerce.
Lightnet Group, licensed by central banks in Asia and Europe, processes over US$10 billion annually and offers global payment solutions, including cross-border transfers and digital wallets in 150 countries. Its key investors include UOB Venture Management, Seven Bank, and Hanwha Investment & Securities.
WeLab, a pan-Asian fintech platform with over 65 million users, has disbursed over US$15 billion in digital loans. It provides various digital financial services, including consumer financing, enterprise technology, and digital banking for savings, payments, loans, and wealth management.
Operating successful virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu), WeLab is backed by investors such as CK Hutchison’s TOM Group, Allianz, the World Bank’s IFC, and Khazanah Nasional Berhad.
The consortium employs two key strategies:
- Access-growth-independence as a value proposition: The focus is on providing underserved segments with access to financial products, starting with credit and AI-based planning tools. Over time, the goal is to support the sustainable growth of wealth for individuals and MSMEs through tailored solutions, ultimately aiming for long-term financial independence and stability.
- Technology and collaboration to drive innovation: The consortium leverages its fintech expertise, including AI, big data analytics, edge computing, and credit risk technologies, to develop the virtual bank. By connecting a comprehensive financial supply chain, the technology aims to make transactions more affordable, easier to integrate, and compatible with various financial networks and banking infrastructures.
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