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Lightnet Group to offer remittance services

Singapore-based fintech company Lightnet has concluded a MoU with SEBA Bank, a FINMA-licensed Swiss Bank to provide a seamless, secure and accessible bridge between digital and traditional assets. This is expected to strengthen the Lightnet Group’s remittance settlement capability. SEBA Bank will serve as the banking counterparty for the Lightnet Group, enabling settlements, correspondences and remittances uniquely in both fiat and digital currencies. SEBA Bank will also act as an alternative settlement banking network, account and custodian as well as the settlement bank for money transfer operators in digital currencies. Lightnet Group will use the Velo Protocol, a blockchain financial protocol developed by Velo Labs, to provide remittance services across Southeast Asia for millions of unbanked migrant workers. This will allow a bypassing of the global remittance industry – a trillion USD market characterised by high transaction fees, fragmentation and unreliable payment routes – conversely providing lower fees, faster transactions and broader coverage. Lightnet Group has also planned to introduce multi-currency virtual accounts to address the inefficiencies of global trade finance.

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