Swiss crypto-bank Seba has signed an agreement with a fintech based in Singapore. Together, the two companies will offer what they see as a more favorable service for migrant worker money transfers.
Seba Bank and Lightnet Group signed a memorandum of understanding that covers the provision of banking services, according to a statement released on Tuesday. Seba will become the banking counterparty, enabling settlements, correspondences and remittances.
The remittance service offered by the companies will bypass the traditional remittance industry and provide millions of unbanked migrant workers in Southeast Asia with a more favorable service. The remittances will be offered in both fiat and digital currencies, the Swiss company said.
Digital Currency Transfers
Seba will also act as an alternative settlement banking network, account and custodian as well as the settlement bank for money transfer operators in digital currencies.
«Asset tokenization is an important pillar of SEBA Bank – the combination of Asia and a stable coin is a fantastic constellation,» said Guido Buehler, CEO of Seba Bank. «We are proud to help to offer remittance services to millions of people who are cut-off from the traditional banking system. This is a big step towards the future of banking.»
