Bangkok-based blockchain finance startup Lightnet and its Co-Founder and Chairman, Chatchaval Jiaravanon, the 57-year-old proprietor of Fortune journal and a member of the billionaire household that’s accountable for one in every of Thailand’s largest conglomerates, is planning on increasing its Southeast Asian remittance platform with a sequence of fintech acquisitions, in keeping with a brand new report from the Bangkok Publish.

Particularly, the corporate, which has been constructed on the Stellar blockchain, is initially aiming for underbanked migrant employees all through the area, the place the remittance market is estimated to be price roughly $150 billion.

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Jiaravanon that he needs Lightnet to be processing $50 billion {dollars} in transactions yearly inside three years.

Probably the most environment friendly option to accomplish this, in keeping with Jiaravanon, is to make acquisitions, a method that he described as “the quickest approach for progress in a fast-changing atmosphere.”

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Citing Jiaravanon, the Publish stated that Lightnet–which introduced the completion of a US$31.2 million Collection A funding spherical final week–might elevate “recent capital to pour into purchases.”

The Publish predicts that Chatchaval and Lightnet are up for some steep competitors from each blockchain trade startups and a few of Asia’s largest technological and monetary institutions.

Lightnet Co-Founder and Chairman, Chatchaval Jiaravano.

However the firm and its co-founder plan to behave rapidly–Chatchaval stated he plans to open places of work in Singapore, Hong Kong, and China along with the corporate’s established places of work in Thailand and Vietnam. Chatchaval additionally plans to double Lightnet’s employees to 120 individuals

Lately accomplished fundraising spherical included a lot of monetary institutions and conglomerates

The $31.2 million Collection A spherical that Lightnet accomplished final week was led by a number of established monetary conglomerates, together with Singapore’s United Abroad Financial institution (UOB) and the South Korean Hanwha Funding & Securities.

Different backers allegedly embrace a lot of monetary and blockchain trade companies, comparable to Japan’s Seven Financial institution, Hong Kong-headquartered HashKey Capital, Singapore-based Signum Capital, and Hong Kong’s Uni-President Asset Holdings.

In its protection of the fundraising spherical, Enterprise Insider Malaysia stated that Southeast Asia’ remittance market is “ripe for the appearance of Lightnet’s good contracts and distributed ledgers, now well-positioned to exchange the decades-old, inefficient SWIFT system and unreliable underground banking.”

Following the completion of the spherical, Lightnet chief govt officer Suvicha Sudchai stated that Lightnet’s first transaction will happen someday throughout the first quarter of this yr.


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