Swiss neobank SEBA and Singapore fintech Lightnet sign MoU for settlement in fiat and digital currencies

SEBA Bank, a FINMA licensed Swiss Bank has signed a Memorandum of Understanding with Lightnet Group, a Singapore-based fintech company. With the MoU in effect, 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 (MTOs) in digital currencies. Together with Lightnet Group, SEBA Bank will provide remittance services across Southeast Asia for millions of unbanked migrant workers.

Guido Bühler, CEO SEBA Bank, said in a statement: “Asset Tokenization is an important pillar of SEBA Bank – the combination of Asia and stablecoin is a fantastic constellation. We are proud to help offering remittance services to millions of people who are cut-off from the traditional banking system. This is a big step towards the future of banking.”

“The partnership with SEBA has significantly enhanced the efficiency and interoperability of settlements between digital currency and the real world,” said Chatchaval Jiaravanon, co-founder and chairman of Lightnet Group, in a statement. “Drawing on our complementary strengths with SEBA Bank, our new joint venture entity in Singapore will be poised to serve both retail and institutional investors from the globe with a more transparent and secure settlement solution.”

Lightnet Group uses the Velo Protocol, a blockchain financial protocol developed by Velo Labs to offer its remittance services. Velo Labs, backed by ten leading Asian conglomerates, is the first decentralized credit and settlement network in Asia and one of the first “Federated Financial Networks” to bridge digital and real-world settlement. Lightnet Group will be able to offer its services without the users having to directly interact with the Velo Protocol or VELO tokens.

Read the full release

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