appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

Bloomberg

A financial technology start-up co-founded by the owner of Fortune magazine plans to widen the reach of its Southeast Asian remittance platform through acquisitions.
Lightnet, which describes its blockchain-based service as quicker and cheaper compared with traditional banks, may raise fresh capital to pour into purchases, said chairman Chatchaval Jiaravanon.
The Bangkok-based company announced a US$31.2 million funding round last week.
“Acquisitions will be the quickest way for growth in a fast-changing environment,” Jiaravanon, 57, said in an interview.

Jiaravanon is a member of the billionaire family that controls Charoen Pokphand Group, one of the biggest Thai conglomerates. He bought Fortune magazine and its related businesses for US$150 million in 2018.
The Thai tycoon will face intense competition in the blockchain arena from a host of start-ups as well as some of Asia’s largest technology firms and traditional financial institutions.
Bangkok-based Lightnet is initially targeting millions of underbanked migrant workers in Southeast Asia, a remittance market it estimates at US$150 billion. Jiaravanon said he plans to open offices in Singapore, Hong Kong and mainland China – adding to current footprints in Thailand and Vietnam – and double staff strength to 120.
Lightnet’s financing round was led by companies including United Overseas Bank’s venture unit and Hanwha Investment & Securities Co. Jiaravanon said he wants his platform to process at least US$50 billion worth of annual transactions in three years.

Purchase the China AI Report 2020 brought to you by SCMP Research and enjoy a 20% discount (original price US$400). This 60-page all new intelligence report gives you first-hand insights and analysis into the latest industry developments and intelligence about China AI. Get exclusive access to our webinars for continuous learning, and interact with China AI executives in live Q&A. Offer valid until 31 March 2020.



DeepSeek unveils next-gen AI model as Huawei vows ‘full support’ with new chips

Beijing moves to clean up online ad ecosystem in first-of-its-kind campaign

Why China’s cash-rich AI firm DeepSeek is still shopping for funding: sources

‘State-of-the-art’ models can struggle with basic enterprise tasks: AI unicorn executive

Start-ups

Thai tycoon who owns Fortune magazine plans fintech acquisitions

Thai start-up Lightnet, operator of a blockchain-based remittance platform, is targeting millions of underbanked migrant workers in Southeast Asia, a remittance market it estimates at US$150 billion. Photo: Shutterstock

Image of of Thai tycoon Chatchaval Jiaravanon, chairman of start-up Lightnet. HANDOUT PHOTO/ lightnet.io

Tech

Big Tech

Business

Companies


Chatchaval Jiaravanon is co-founder and chairman of Lightnet, operator of a blockchain-based remittance platform
The Thai fintech start-up raised US$31.2 million in new funding this January



Chatchaval Jiaravanon, chairman of fintech start-up Lightnet and a member of the billionaire family that controls Thai conglomerate Charoen Pokphand Group, plans to open new offices in Singapore, Hong Kong and mainland China.


Thai tycoon who owns Fortune magazine plans fintech acquisitions

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;} Chatchaval Jiaravanon is co-founder and chairman of Lightnet, operator of a blockchain-based remittance platform The Thai fintech start-up raised US$31.2 million in new funding this January

Chatchaval Jiaravanon is co-founder and chairman of Lightnet, operator of a blockchain-based remittance platform

The Thai fintech start-up raised US$31.2 million in new funding this January