PUBG Lite has kicked off as a free to play open beta in Thailand and the game currently looks like an upscaled version of PUBG mobile. It, therefore, has way lower system requirements, but it's unknown if it will come to the western market.
According to the official website, PUBG Lite has been specifically tailored for the players who are having issues with running the regular PUBG, due to high system requirements. Developers are admittedly aware of the lower graphics quality, but they stated that they wanted to capture the thrill of playing a battle royale and extend the opportunity to enjoy it to players who are not able to play the Steam version.
Currently, PUBG Lite is available only in Thailand, but there are intentions of bringing it to other, currently unspecified countries. This lite version may end up being an Asian market exclusive, although this is just speculation at this point, as PUBG Corp haven't officially confirmed it.
On the other hand, players from other areas can play PUBG Lite right now, but that would require fiddling with VPNs in order to get into the beta and trick the game into registering you as a user from Thailand. Then, there would be the lag issues due to servers being so far away, so it's up to you to decide whether it's worth the hassle. In case you're just curious on how it looks and plays, you can check the extensive gameplay video embedded above.
PUBG Lite doesn't include all of the regular PUBG content either, as the only two available maps are Erangel and Miramar, along with the training mode. The game's recommended system requirements are close to the minimum requirements of the regular PUBG, and you can check them out on the official announcement.
While a new version of PUBG releasing in Thailand may not be of particular interest for other players around the globe, the implications of this should be. PUBG Corp's official statement is that "The test is limited to select countries in Southeast Asia and will help us determine if this is a viable product for other regions".
Therefore, if PUBG Lite proves successful, it is hard to imagine Bluehole passing up on the opportunity to release it worldwide, especially because one of the main advantages Fortnite has over PUBG is that the game is free to play, so it has no monetary entry barrier.