SEBA Bank, a FINMA licensed Swiss Bank, has signed a Memorandum of Understanding (MoU) with a Singapore-based fintech company Lightnet Pte.
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With the partnership, SEBA will serve as the banking counterparty for the Lightnet Group, enabling services to millions of unbanked migrant workers in Southeast Asia with through SEBA’s Asset Tokenization Division.
The bank says the collaboration will allow a bypassing of the global remittance industry – a trillion USD market characterized by high transaction fees, fragmentation and unreliable payment routes.
SEBA Bank Chief Executive, Guido Bühler, says the financial institution is proud "to help offering remittance services to millions of people who are cut-off from the traditional banking system."
Head of Asset Tokenization at SEBA Bank, Matthew Alexander, points out that Asia is a profitable market for the crypto industry not only because of its scale "but especially because of the affinity of the people towards digital services and digital assets."
"We are delighted to forge this partnership with Lightnet Group to provide a Digital Payments & Treasury solution and be part of the vibrant fintech landscape that Southeast Asia represents," Alexander added.
In March, Switzerland-based financial institution Hypothekarbank Lenzburg AG also entered into a partnership with crypto-focused startup TokenSuisse to "expand its position in the area."
Hypothekarbank Lenzburg AG is one of the oldest Swiss banks founded back in 1868 and since then has been providing various banking services and products to private, corporate, and investor clients.
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