The launch of LINE Bank in Indonesia shows that LINE’s fintech business has expanded significantly after the successful launch of LINE BK in Thailand and LINE Bank in Taiwan.
LINE Corporation today launched LINE Bank, a digital banking platform by Hana Bank in Indonesia, which is a collaboration between PT Bank KEB Hana Indonesia, a subsidiary of Hana Bank in South Korea, and LINE Financial Asia, an affiliated company. Announced. LINE Co., Ltd. With the start of the service that started operations on June 10, Indonesia will become the third LINE Bank business market after Thailand and Taiwan.
The strategic partnership between LINE and Hana Bank Indonesia began in October 2018, with LINE Financial Asia acquiring 20% of Hana Bank Indonesia through a stock subscription agreement.
LINE Bank is targeting the Indonesian financial market by combining the technical expertise of LINE, Asia’s leading mobile platform company, with the accumulated financial know-how of Hana Bank to provide convenient digital banking services. I will. Starting with the start of savings and deposit services, LINE Bank plans to introduce various financial products and fintech services that meet the needs and interests of each region.
“The demand for digital transformation in the banking industry is growing rapidly around the world, especially in Indonesia, where the geographical characteristics of this market allow people to provide banking services to their mobile phones, thereby increasing mobile phone availability. We believe it will be a significant improvement in convenience, “said Young Eun Kim, Chief Operating Officer of LINE Financial Asia. “By collaborating with LINE and Hana Bank, we will do our best to help Indonesian people use LINE Bank to lead a more convenient financial life.”
LINE Bank offers several products designed to facilitate banking operations and increase access to financial services.
- Savings Account: eKYC (electronic Know Your Customer) allows customers to easily open a savings account without having to go to the bank. Each account does not offer free transfers and withdrawals, and monthly management fees. Customers can receive automatic deposit and withdrawal notifications through LINE Messenger. You can also withdraw cardless cash from ATMs of Korea Exchange Bank.
- Time deposits: LINE Bank offers time deposits starting from IDR 1 million (about US $ 70), and confirms payment in real time.
- Debit Cards: LINE Bank offers debit cards that you can choose from four colors: LINE Friends Brown, Connie, and Sally. Customers can also receive special cashback rewards through various promotions.
- Bill Payment: Customers can use the LINE Bank app to pay phone, internet, and electricity bills.
In the future, LINE Bank plans to expand the range of products it offers and provide Indonesian consumers with services such as loans, partnership loans, and QR payments.
LINE and PT Bank KEB Hana Indonesia launches LINE Bank in Indonesia
Source link LINE and PT Bank KEB Hana Indonesia launches LINE Bank in Indonesia