SEBA to enable remittance services across Southeast Asia

With the MoU in effect, SEBA Bank will serve as the banking counterparty for the Lightnet Group, enabling settlements, correspondences, and remittances uniquely 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.

After the Banque de France chose SEBA Bank for experiments with Central Bank Digital Currency a month ago, this new collaboration shows the acknowledged expert status of SEBA Bank internationally. By providing Lightnet Group with high-quality services, SEBA Bank showcases its pioneering role in the world of digital banking solutions for the new economy.

"The partnership with SEBA has significantly enhanced the efficiency and interoperability of settlements between digital currency and the real world,” comments Chatchaval Jiaravanon, Co-founder and Chairman of Lightnet Group. “Drawing on our complementary strengths with SEBA Bank, our new joint venture entity in Singapore will be poised to serve both retail and institutional investors from the globe with a more transparent and secure settlement solution.”

Blockchain-based service

Lightnet Group uses the Velo Protocol, a blockchain financial protocol developed by Velo Labs to offer its remittance services. Velo Labs, backed by ten leading Asian conglomerates, is the first decentralized credit and settlement network in Asia and one of the first “Federated Financial Networks” to bridge digital and real-world settlement. Lightnet Group will be able to offer its services without the users having to directly interact with the Velo Protocol or VELO tokens.