Thu Sep 19 08:20:18 UTC 2024: ## Thai Fintech Powerhouses Team Up to Launch Virtual Bank

**Bangkok, Thailand** – Lighthub Asset, a prominent Thai fintech company, and WeLab, a leading pan-Asian fintech platform, have announced their joint application for a Virtual Banking license from the Bank of Thailand (BOT). The consortium aims to revolutionize banking services in Thailand by providing AI-powered, intelligent solutions.

**Combined Expertise and Reach:**

The consortium boasts a powerful combination of resources. Lighthub Asset boasts a vast ecosystem reach of 46 million Thai customers across various sectors, including agriculture, F&B, and e-commerce. WeLab brings over 65 million users across Asia and a proven track record in digital banking with virtual banks in Hong Kong and Indonesia.

**Bridging the Gap:**

The consortium’s primary focus is on improving financial inclusion in Thailand, particularly for underserved individuals and Micro, Small & Medium Enterprises (MSMEs). They aim to provide these groups with immediate access to credit, advanced planning tools, and tailored solutions for wealth growth, ultimately contributing to long-term financial independence.

**Technology-Driven Innovation:**

The consortium will leverage its combined expertise in AI, big data analytics, and credit risk technology to build a robust virtual bank. This technology-driven approach promises more affordable transactions, seamless integration, and interoperability with existing financial networks.

**Key Stakeholders:**

* **M.R. Chatu Mongol Sonakul**, Advisor of the Consortium and Former Governor of the Bank of Thailand, expressed confidence in the consortium’s ability to enhance financial inclusion and diversity within the Thai financial landscape.
* **Mr. Hirankrit (Tridbodi) Arunanondchai**, Director of Lighthub Asset and Co-founder & Group CEO of Lightnet Group, highlighted the consortium’s commitment to introducing a “Smart & Open Virtual Bank” that leverages international expertise in AI and data analytics.
* **Simon Loong**, Founder and Group CEO of WeLab, emphasized the consortium’s commitment to open competition and interoperability, aiming to create Thailand’s leading virtual bank.

The consortium’s application is expected to be reviewed by the BOT within the first half of 2025. If approved, their new virtual bank promises to significantly impact the Thai financial landscape by offering innovative and accessible solutions for a wider range of customers.

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