Funding Boost for a Bold Mission

Thai blockchain startup Lightnet, headquartered in Bangkok, has made waves in the fintech ocean, raising a staggering $31.2 million to supercharge cross-border payments within Southeast Asia. In a Series A funding round, the company caught the attention of major financial players, including Singapore’s United Overseas Bank and South Korea’s Hanwha Investment & Securities.

Replacing SWIFT with Stellar

Lightnet is implementing the Stellar blockchain, the same platform that powers the cryptocurrency Stellar Lumens (XLM). This daring endeavor aims to yank the rug out from under outdated payment systems like SWIFT. As it stands, SWIFT is known for its inefficiencies—let’s face it, it might as well be sending carrier pigeons at this point!

Championing Financial Inclusivity

Chatchaval Jiaravanon, Lightnet’s chairman, has big dreams: providing low-cost and instantaneous financial solutions to the unbanked across the Asia-Pacific region. In his words, the goal is to bring financial mobility to the “four billion lives” that are often left out of conventional banking. This statement is bold enough to inspire a superhero movie, or at least a really riveting Netflix series!

High-Profile Investors Join the Fray

The formidable roster of investors includes Japanese Seven Bank, known for keeping those 7-Eleven stores stocked and caffeinated, and Hong Kong’s HashKey Capital. Also on board are Singaporean venture firms like Signum Capital. It’s a star-studded affair that could give the Avengers a run for their money!

Projecting Massive Growth

Lightnet isn’t just playing around—they’re projecting over $50 billion in annual transactions through their network by 2023. The vice chairman, Tridbodi Arunanondchai, pointed out that a staggering 70% of the ASEAN population still rely on cash or underground banking for transactions. In a smackdown for the ages, he quipped that “SWIFT would never touch them.” 

Lightnet vs Ripple: Battle for Cross-Border Supremacy

But Lightnet isn’t on this quest alone. Ripple, the name behind the cryptocurrency XRP, recently partnered with Thailand’s oldest bank, Siam Commercial Bank, to develop a system for swift and cost-effective cross-border payments. As competition heats up, we might witness the financial equivalent of a heavyweight boxing match—with lots of jabs at SWIFT!

Conclusion: A Game-Changer on the Horizon

The first transaction on Lightnet’s platform is slated for January 2020, and if their projections hold true, they might just change the way Southeast Asia handles money. Move over, SWIFT; there’s a new contender in town with a mission to flatten the fee structure and ease the transactional bottlenecks that have plagued the region for decades.