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Lightnet Targets Moving $50bn Of International Payments, Annually, On The Stellar Blo

Lightnet, a Bangkok-based fintech company, has raised US$31.2 million in its latest “Series A” financing round led by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.

The firm is taking on the global remittance market, focusing on Southeast Asia. It’s a market which is dominated by millions of unbanked migrant workers that send money back home to their families yet have to contend with the high fees and slow service provided by the decades-old SWIFT system and fragmented correspondent banking network. The high cost of this network has forced many to pursue underground payment routes which are risky and unreliable. Remittance is a large market in the region according to Lightnet, with these services valued at $150 billion a year.