Raffles Family Office (Raffles FO) has made a strategic investment in Singapore-based fintech firm Lightnet Group.
Lightnet did not reveal the size of the investment when disclosing Raffles FO’s investment, although it noted that as part of the transaction, Lightnet will secure a strategic stake in Raffles FO’s digital asset wealth management platform, Revo, as well.
The partnership will allow Lightnet to expand its payment system to cover institutional funds transfer, a major component of Raffles FO’s service offering to support ultra-high-net-worth families, Lightnet said.
“We are delighted to participate in the strategic investment in Lightnet which focuses on the next generation financial infrastructure. At Raffles Family Office, we are committed to driving the development of a wealth management platform built for the digital future and synergies with like-minded innovators in a collaborative ecosystem to enable and optimise digitalization in finance,” said Raffles FO CEO Chi-man Kwan.
“This agreement will see more adoption of Lightnet’s next generation financial infrastructure. This is key to expanding our payments and remittance services. We are very excited to be able to join forces with Raffles Family Office and hope this agreement will bring meaningful growth for our payments infrastructure and the asset-based platform,” said Lightnet Co-Founder and Chairman, Chatchaval Jiaravanon.
