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SEBA Bank, Lightnet Group partner for joint venture

Tuesday 25 August 2020 11:27 CET | News

Switzerland-based FINMA licensed SEBA Bank has signed a Memorandum of Understanding with Lightnet, a Singapore-based fintech company.

With the MoU in effect, SEBA Bank will serve as the banking counterparty for the Lightnet Group, enabling 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.

Together with Lightnet Group, SEBA Bank will provide remittance services across Southeast Asia for millions of unbanked migrant workers. This will allow a bypassing of the global remittance industry – a trillion USD market characterised by high transaction fees, fragmentation, and unreliable payment routes, according to the official press release.

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Keywords: SEBA Bank, Lightnet Group, joint venture, Switzerland, FINMA, SEBA Bank, Memorandum of Understanding, Lightnet, Singapore, fintech, settlements, remittances, fiat currencies, settlement banking network, account, custodian, digital currencies, MTOs, money transfer operators, unbanked, fragmentation
Categories: Banking & Fintech | Payments General
Countries: World
This article is part of category

Banking & Fintech