Gold Finance reported that Hong Kong virtual bank WeLab has announced the formation of a consortium with Thai fintech company Lighthub Asset and has submitted an application for a digital banking license to the Bank of Thailand. The application result is expected to be announced in the first half of 2025.

It is understood that Lightnet Group has obtained licenses from the Bank of Thailand and four other Asian and European central banks. They provide global payment solutions in 150 countries using AI and blockchain technology, including cross-border remittances, e-wallets and multi-currency digital bank accounts. The company has also received strategic investment from UOB Venture Management, Seven Bank, Hanwha Investment Securities, Uni-President and Raffles Family Office.

WeLab Founder and Group CEO Simon Lo said he looks forward to the opportunity to establish a third digital bank in Asia and make it a leading digital bank in Thailand.