Fortune Magazine Owner Launches Lightnet Exchange
Lightnet Finance, a blockchain-firm based in Bangkok, announced that they’re expanding the Southeastern Asian Remittance Platform. Included with this expansion will be multiple new fintech acquisitions, with this information being confirmed by the Bangkok Post, after interviewing Chatchaval Jiarayanon. This individual is a part of the billionaire Jiarayanon family, which owns Fortune Magazine. The largest corporations in Thailand are held and operated by this family. When they announced Lightnet Finance, it was confirmed that the exchange worked through the Stellar Blockchain. Aimed for the lower-class in Southeastern Asia, this market is estimated at $150 billion in valuation. Lightnet Finance hopes to maintains 33.33% of the market, earning an annual $50 billion in profit.
The strategical plan to obtain this market share will require an influx of acquisition. Chatchaval noted that an increased presence in the industry with subsidiaries would enable Lightnet to grow in a continuously changing environment. It should be noted that this announcement comes after this exchange had earned $31.2 million for it’s Series A Funding Round. This new capital will enable them to increase their resources. However, Lightnet will experience substantial competition in the coming months. It’s anticipated that the most significant financial establishments for Asia will compete against Chatchaval.
Combating the Competition
Lightnet Finance will combat competition by starting the acquisition proceedings immediately. This will follow with new offices being opened across Asia. Hong Kong, Singapore and Shanghai will acquire new offices. Extension plans for 2021 include additional offices in Vietnam and Thailand. Lightnet plans to employ more than 500 individuals with this new office. It should be noted that this exchange will have to consult with their financial investors being any of these offices can be officially opened. Lightnet’s investors include Seven Bank, Hash Key Capital, Signum Capital and Uni-President Holdings.
Those wondering which products will be maintained through the Lightnet Exchange were provided detailed information last week. The Malaysian Business Insider noted that Lightnet would maintain smart contracts, distributed ledgers and contracts-for-difference. Those products could extend to Indices and Bonds by 2021. This exchange will become operation starting in the first quarter of 2020, with profits estimated to be $100 million or more by Q4.