Hong Kong-based virtual bank WeLab has announced a consortium with Thai fintech company Lighthub Asset, and has submitted an application for a digital banking license to the Central Bank of Thailand. The results of the application are 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 Lung Pei-chi said he is looking forward to the opportunity to establish a third digital bank in Asia and make it a leading digital bank in Thailand.