Raffles Family Office (Raffles FO) has made a strategic investment in Singapore-based fintech firm Lightnet Group.

The investment will be used by Lightnet to carry out its existing operations as well as accelerate the development of its products and tools.

Under the agreement, Lightnet will receive a strategic stake in Revo, which is Raffles FO’s digital asset wealth management platform.

Lightnet will enhance its payment network to include institutional funds transfer, which forms a key part of Raffles FO’s products to help ultra-high-net-worth (UHNW) families in the region via Revo.

Through the deal, Lightnet seeks to improve the payments and remittance across various categories, including unbanked and underbanked spaces as well as wealthy individuals and family offices.

Raffles FO group CEO Chi-man Kwan said: “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 digitalisation in finance.

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“We will continue to play our part in revolutionising the world of finance, working together with partners to unlock the potential of blockchain technology.”

Last month, Raffles FO launched a digital asset platform to provide ultra-high net worth (UHNW) families with access to and help invest in digital assets.

Lightnet co-founder and chairman Chatchaval Jiaravanon said: “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.”