Lighthub-WeLab consortium among virtual bank applicants

A consortium of Lighthub Asset, a Thai fintech powerhouse, and WeLab, a leading pan-Asian fintech platform, has applied for the Bank of Thailand’s (BoT) virtual bank licence, with results expected in the first half of 2025.
The alliance has appointed Mom Ratchawongse Chatumongol Sonakul, a former central bank governor, as an adviser to the consortium, one of five groups that submitted applications as of the deadline on Sept 19.
Co-founded by Chatchaval Jiaravanon and Lightnet Group, Lighthub serves 46 million Thai customers across various sectors, including agriculture, food and beverage, and e-commerce. 
“The consortium aims to empower Thailand’s financial future by revolutionising banking services, delivering an AI-powered intelligent experience. Their combined expertise, proven track record, and ready-to-launch services are set to bring fresh solutions to the Thai banking sector,” Lighthub said in a statement.
Mr Chatchaval is a prominent businessman and a co-founder of AEON Thana Sinsap and Finansia Syrus, with over 30 years of experience in the financial sector, both in Thailand and internationally. He is also the principal owner of the global media brand Fortune Magazine.
Lightnet Group is a Thai-homegrown global fintech leader dedicated to developing next-generation financial technology to enhance access, mobility, and efficiency for everyone. Licensed by the BoT and four other central banks in Asia and Europe, it processes over US$10 billion in annual fund volume. 
Lightnet offers global payment solutions, including cross-border money transfers, digital wallets and multi-currency virtual bank accounts across 150 countries, leveraging advanced AI and blockchain technologies.
WeLab has over 65 million users in Asia, disbursing more than $15 billion of digital loans to date. It offers digital financial services, including consumer financing, enterprise technology solutions and digital banking – encompassing savings, payments, loans and wealth management.
With its successful virtual banks in Hong Kong (WeLab Bank) and Indonesia (Bank Saqu), WeLab is widely recognised as Hong Kong’s most innovative company, the statement said.
“The consortium is dedicated to improving financial inclusion in Thailand by providing localised digital banking services to everyone, especially the underserved, with features tailored to solopreneurs and micro, small and medium Enterprises (MSMEs) facing unstable income and limited financial access.”
The consortium aims to provide the underserved segments with immediate access to intuitive financial products, credit and advanced-AI planning tools, it added.
“I welcome the Bank of Thailand’s initiative to invite new market entrants to foster greater innovation and competition in the financial sector,” said MR Chatumongol.
“I am confident that the consortium’s new virtual bank will bring innovative solutions to advance financial inclusion for underserved communities and instil diversity to Thailand’s financial landscape.”