Fortune Magazine Owner Targets Banks, Fintechs To Address Underbanked Asian Population

Chatchaval Jiaravanon, owner of Fortune magazine, aims to address the underbanked Asian population by widening Lightnet — a fintech that leverages the Stellar blockchain to replace incumbent payments systems like SWIFT — through acquisiti

Benzinga · 01/13/2020 20:59

Chatchaval Jiaravanon, owner of Fortune magazine, aims to address the underbanked Asian population by widening Lightnet — a fintech that leverages the Stellar blockchain to replace incumbent payments systems like SWIFT — through acquisitions.

Lightnet is a cross-border payments startup that aims to facilitate over $50 billion worth of financial transactions by 2023, partnering with other financial services disruptors like MoneyGram, according to Cointelegraph.

In a statement to Bloomberg on the development, Jiaravanon said acquisitions will be the quickest way for growth in a fast-changing environment.

Jiaravanon aims to open offices in Singapore, Hong Kong and China and to provide Lightnet a platform to compete with emerging competitors like Ripple, the firm behind the XRP cryptocurrency.