According to ChainCatcher, Hong Kong virtual bank WeLab announced that it has formed 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 reported that Lightnet Group has obtained licenses from the Bank of Thailand and four other Asian and European central banks. It uses artificial intelligence and blockchain technology to provide global payment solutions in 150 countries, including cross-border remittances, e-wallets and multi-currency digital bank accounts. The company has also received strategic investments from UOB Venture Management, Seven Bank, Hanwha Investment Securities, Uni-President and Raffles Family Office.

WeLab founder and group CEO Simon Loong said he looks forward to the opportunity to establish the third digital bank in Asia and make it the leading digital bank in Thailand.