Lighthub Asset, a Thai fintech company, and WeLab, a pan-Asian fintech platform, announced on Thursday 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, according to a statement.

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.

Lighthub Asset is a Thai fintech company co-founded by 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.

Lighthub Asset, in collaboration with strategic partners, supports this extensive influence with a robust local network of 150,000 service channels.

Lightnet Group is a Thai-homegrown global fintech firm. Licensed by the Bank of Thailand and four other central banks in Asia and Europe, it processes over $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 pan-Asian fintech platform, has over 65 million users in Asia, disbursing more than $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 Bhd, amongst others.

The consortium aims 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, according to the statement.

The consortium also 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.

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.

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.”

Hirankrit (Tridbodi) Arunanondchai, Director of Lighthub Asset, and Co-founder & Group CEO of Lightnet Group said, “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, “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. ”