The Thai banking sector could have a new key player in the first half of 2025 as Lighthub Asset, a Thai fintech and WeLab, a pan-Asian fintech platform submit an application for a virtual banking licence with the Bank of Thailand.
Lighthub Asset and WeLab’s venture (the consortium) will improve financial inclusion in Thailand. It will provide localised digital banking services to everyone, including the underserved. Its features will be tailored to solopreneurs and micro, small and medium enterprises (MSMEs) facing unstable income and limited financial access.
The consortium will be made up of the strengths of both Lighthub Asset and WeLab. Lighthub Asset was co-founded by Chatchaval Jiaravanon and Lightnet Group and has 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.
This will be combined with the support of WeLab’s platform which has over 65 million users in Asia. It has disbursed more than $15billion 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.
WeLab is backed by 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. It also has successful virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu).
Chatu Mongol Sonakul, advisor of the consortium and former governor, Bank of Thailand said, “I welcome the Bank of Thailand’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.”
Key strategies
The consortium adopts two key strategies for success: access-growth-independence as a key value proposition and technology and collaborative mindset to drive innovation.
Firstly, the consortium aims to provide underserved segments with immediate access to intuitive financial products. This starts 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.
Secondly, it will utilise its 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, the technology makes it more affordable to carry out transactions, easy to integrate and interoperable with many financial networks and banking infrastructure.
Hirankrit (Tridbodi) Arunanondchai, director of Lighthub Asset and co-founder and group CEO of Lightnet Group said: “We appreciate the Bank of Thailand’s direction in association with the virtual banking, marking an important milestone for Thai financial industry. Our consortium aims to introduce a ‘smart and 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.”
Understanding the support of Lighthub Asset
Chatchaval Jiaravanon is a business leader and co-founder of AEON Thana Sinsap and FinansiaSyrus. He has 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 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 $10billion 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. It can do so by 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.
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