- The consortium has applied for a virtual banking license in Thailand, aiming to enhance financial accessibility for underserved retail and MSMEs segments, leveraging deep local ecosystem reach of 46 million Thai customers
- Proven track record – successful virtual bank operator in Hong Kong and Indonesia. Collectively holding over 20 financial service licenses across 5 Asian markets including Thailand
- Technology driven – with ambition to build Thailand’s leading AI-powered intelligent Virtual Bank
Lighthub Asset, a Thai fintech powerhouse, and WeLab, a leading pan-Asian fintech platform, today announced that they have submitted an application for a Virtual Banking licence with the Bank of Thailand (BOT). It is expected that the application result will be announced within the first half of 2025.
The consortium aims to empower Thailand’s financial future by revolutionizing banking services, delivering an AI-powered intelligent experience. Their combined expertise, proven track record, and ready-to-launch services are set to bring fresh solutions to the Thai banking sector.
Consortium strengths – technology driven mindset with 46 million ecosystem reach
Lighthub Asset is a Thai fintech powerhouse co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group. With a reach of 46 million Thai customers, it has a wide-ranging ecosystem reach to various sectors, including agriculture, F&B and e-commerce, touching every aspect of daily life. Lighthub Asset, in collaboration with strategic partners, supports this extensive influence with a robust local network of 150,000 service channels.
Mr. Chatchaval Jiaravanon is a prominent business leader and co-founder of AEON Thana Sinsap and Finansia Syrus. He has a distinguished track record with over 30 years of experience in the Thai financial sector and internationally, such as being the principal owner of global media brand Fortune Magazine.
Lightnet Group is a Thai-homegrown global fintech leader dedicated to developing next-generation financial technology to enhance access, mobility, and efficiency for everyone. Licensed by the Bank of Thailand and four other central banks in Asia and Europe, it processes over USD 10 billion in annual fund volume. Lightnet offers global payment solutions, including cross-border money transfers, digital wallets, and multi-currency virtual bank accounts across 150 countries, leveraging advanced AI and blockchain technologies. The company is backed by notable strategic investors like UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.
WeLab, a leading pan-Asian fintech platform, has over 65 million users in Asia, disbursing more than USD 15 billion of digital loans to date. It offers a comprehensive suite of digital financial services, including consumer financing, enterprise technology solutions, and digital banking – encompassing savings, payments, loans, and wealth management. With its successful virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu), WeLab is widely recognized as Hong Kong’s most innovative company and won the Virtual Bank of the year. WeLab is backed by esteemed global investors such as CK Hutchison’s TOM Group, Allianz, the World Bank’s IFC, and Malaysian sovereign wealth fund Khazanah Nasional Berhad, amongst others.
Bridging the Gap: From Financial Access to Financial Independence
The consortium is dedicated to improving financial inclusion in Thailand by providing localized digital banking services to everyone, especially the underserved, with features tailored to solopreneurs and Micro, Small & Medium Enterprises (MSMEs) facing unstable income and limited financial access. Most of the consortiums existing 46 million customer reach, fall within these underserved categories.
The consortium adopts two key strategies:
- Access-Growth-Independence as a key value proposition: The consortium aims to provide underserved segments with immediate access to intuitive financial products, starting with access to credit and advanced-AI planning tools. Over time, the focus shifts to helping individuals and MSMEs sustainably grow their wealth with tailored solutions, aiming for long-term financial independence and stability.
- Technology and collaborative mindset to drive innovation: The consortium will utilize their fintech expertise and experiences, including AI, big data analytics, edge computing and credit risk technologies, to build the virtual bank. Linking up a strong end-to-end financial supply chain, our technology makes it more affordable to carry out transactions, easy to integrate and interoperable with many financial networks and banking infrastructure.
Mr. Chatu Mongol Sonakul, Advisor of the Consortium and Former Governor, Bank of Thailand said, “I welcome BOT’s initiative to invite new market entrants to foster greater innovation and competition in the financial sector. I am confident that the consortium’s new virtual bank will bring fresh ideas and innovative solutions, to advance financial inclusion for underserved communities and instill diversity to Thailand’s financial landscape.”
Mr. Hirankrit (Tridbodi) Arunanondchai, Director of Lighthub Asset, and Co-founder & Group CEO of Lightnet Group said, “We appreciate BOT’s direction in association with the Virtual Banking, marking an important milestone for Thai Financial Industry. Our consortium aims to introduce a “Smart & Open Virtual Bank” in Thailand, leveraging international expertise in AI, data analytics, digital platforms, and innovative credit scoring to tailor financial products for unserved and underserved retail and MSME segments, fostering financial inclusion and sustainable economic growth.”
Simon Loong, Founder and Group CEO of WeLab, said, “We look forward to the opportunity to build our third virtual bank in Asia and make this Thailand’s leading virtual bank. Committed to open competition and interoperability, we’re truly ecosystem agnostic, with a strong track record of working with global leading brands like Apple, Tesla, Allianz and CK Hutchison. We are passionate about seamlessly integrating tech and banking into daily life, and contribute to the Thai economy.”
About Lighthub Asset
Lighthub Asset is a Thai fintech powerhouse co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group. Lighthub Asset has an extensive ecosystem of 46 million local customers across both urban and rural areas in Thailand. Lighthub Asset focuses on serving unserved and underserved retail and MSME sectors, through over 150,000 local service channels.
Co-founded by Mr. Chatchaval Jiaravanon and Lightnet Group, Lighthub Asset combines local expertise with global experience. Mr. Jiaravanon, known for his roles in AEON Thana Sinsap and Finansia Syrus, brings over 30 years of experience in the financial sector, including international ventures like acquiring Fortune Magazine.
Lightnet Group, a global fintech leader from Thailand, is committed to advancing technology that enhances accessibility and efficiency, aiming to establish Thailand as a future hub for financial innovation. Licensed by the Bank of Thailand and four other central banks in Asia and Europe, Lightnet Group processes over USD 10 billion annually and offers a wide range of payment solutions in over 150 countries. The company is backed by notable strategic investors, including UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, Raffles Family Office.
About WeLab
WeLab, a leading pan-Asian fintech platform, operates two digital banks as well as multiple online financial services with leading positions in Hong Kong, Mainland China, and Indonesia, with more than 65 million individual users and over 700 enterprise customers. WeLab uses game-changing technology to help customers access credit, save money, and enjoy their financial journey.
Powered by proprietary risk management technology, patented privacy computing techniques, and advanced AI capabilities, WeLab offers mobile-based consumer financing solutions and digital banking services to retail individuals and technology solutions to enterprise customers.
WeLab operates in three markets under several key brands, including WeLend, and WeLab Bank in Hong Kong, various business lines in Mainland China, Maucash and Bank Saqu by Bank Jasa Jakarta in Indonesia.
WeLab is backed by the most renowned investors including Allianz, China Construction Bank International, International Finance Corporation (a member of the World Bank Group), Malaysian sovereign wealth fund Khazanah Nasional Berhad, CK Hutchison’s TOM Group, and Sequoia Capital.
