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Partnership between Singapore-based payment solutions provider, Lightnet, and TransferMate, the world’s foremost non-bank licensing payments infrastructure will facilitate market expansion for Lightnet and its customers
Payment Service Provider, Lightnet, today announced its agreement to enter a global partnership with TransferMate, the world’s leading B2B global payments infrastructure-as-a-service provider.
Lightnet, a prominent financial technology services entity with expansive operations across South-East Asia and Europe is recognized for its innovative financial technology. The company is affiliated with the Charoen Pokphand Group (the “C.P. Group”) under the leadership of its Chairman, who is an integral part of the Thailand-based CP Group.
Lightnet’s core mission is to offer comprehensive cross-border remittance and payment solutions, aiming to revolutionize the sector by ensuring expedited, cost-effective and simplified monetary transactions. The company’s principal office is located in Singapore, with significant regional operations established in Lithuania and Dubai, and extends its services to key markets including Thailand, Indonesia, and the Philippines.
TransferMate, a subsidiary of CluneTech, has built the world’s most comprehensive and advanced payments network, allowing businesses and individuals to make cross-border payments as easily as if making a domestic funds transfer. Supporting trade in more than 200+ countries and across 140+ currencies, TransferMate works faster and more securely than traditional banking methods and with complete transparency of the transaction through to the point of final reconciliation.
By integrating TransferMate’s global payments network within Lightnet’s platform, Lightnet will be able to enhance its services to a wider client base. This strategic partnership will enable Lightnet’s customers to establish virtual bank accounts in key regions such as the USA, Canada, UK and Europe. Consequently, customers will gain access to local banking rails, enhancing their capabilities in managing both domestic and international payables and receivables. This enhancement is particularly advantegous for traditional trading companies engaged in import/export activities, as it provides them with rapid, secure options for executing supplier/contractor payments.
Tridbodi Arunanondchai, Vice Chairman/Group CEO, Lightnet, said: “The partnership between Lightnet and TransferMate will be a significant milestone in expanding our remittance services to a wider clients’ base. We aim to enhance our customer experience and remove transaction barriers. This partnership is a positive step in achieving these objectives.”
Vijay Rao, Head of APAC, TransferMate, said: “This partnership will deliver a better international payment experience for Lightnet’s customers across the region. We’ve built our payments and collections network so that partners can seamlessly leverage it for their own customers’ benefit. Plugging into Transfermate’s infrastructure saves our partners millions of dollars in terms of time and cost that would be spent acquiring their own licenses and building rails into multiple countries. We want to bring down barriers to international trade, reduce costs and increase efficiencies for businesses around the world and this partnership is a major step towards achieving that goal.”
To talk to TransferMate and learn about our solutions for the Singapore region, contact the team here.
