Friday, 28 January 2022

LINE and Hana Bank launch LINE Bank in Indonesia

5 min read

JAKARTA,Indonesia, 11 June 2021 –  LINE Corporation today announced the launch of the digital banking platform LINE Bank by Hana Bank in Indonesia, a collaboration between PT Bank KEB Hana Indonesia (a subsidiary of South Korea’s Hana Bank), and LINE Financial Asia (an affiliate of LINE Corporation). Indonesia will be the third market LINE Bank operates in, following Thailand and Taiwan.

The strategic partnership between LINE and Hana Bank Indonesia began in October 2018, when LINE FinancialAsia acquired 20 percent of Hana Bank Indonesia through a Share Subscription Agreement.

LINE Bank will offer several products designed to make banking simpler and more inclusive:

  • Saving accounts: With eKYC, customers can easily open savings accounts without having to go to the bank. Accounts offer no-fee transfers, withdrawals, or monthly admin fee. Customers receive automatic deposit/withdrawal notifications through the LINE messenger app, and leverage cardless cash withdrawals from Hana Bank’s ATMs.
  • Time deposits: LINE Bank offers time deposits starting from as little as 1 million rupiah (about US$70), in addition to checking their returns in real-time.
  • Debit cards: LINE Bank provides customers with debit cards in four colors featuring the LINE Friends characters Brown, Cony and Sally. Customers can also receive special cashback rewards.
  • Bill payment: Customers can pay their phone, internet and electricity bills using the LINE Bank app.

In the future, LINE Bank is planning on expanding the range of products it offers, bringing Indonesian consumers services as loans, partnership loans, and QR payments.


Re-disseminated by The Asian Banker


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