WeLab Partners with Lighthub Asset to Apply for Digital Banking License in Thailand

Hong Kong-based virtual bank WeLab announced that it has formed a consortium with Thai fintech company Lighthub Asset and submitted an application for a digital banking license to the Bank of Thailand. The application is expected to be reviewed and a decision is anticipated in the first half of 2025.

Lightnet Group, a company already licensed by the Bank of Thailand and four other central banks in Asia and Europe, is a key partner in the consortium. Lightnet leverages AI and blockchain technology to offer global payment solutions in 150 countries, including cross-border remittances, e-wallets, and multi-currency digital bank accounts. The company has received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment & Securities, Uni-President, and Raffles Family Office.

WeLab Founder and Group CEO Simon Lo expressed excitement about the opportunity to establish a third digital bank in Asia and make it a leading digital bank in Thailand.