SINGAPORE – March 8, 2021 – LINE Corporation today announced that LINE BK, Thailand's first social banking service, surpassed 2 million users as of February 23, just four months after starting operations.
Since launching in October 2020, LINE BK has exceeded expectations in terms of transaction volume, loan applications, and the number of new users. As many as 50,000 new savings accounts are opened on a single day, and the total amount of financial transactions on the platform over the first four months has surpassed 21 billion baht (about US$700 million).
As of late February, LINE BK had issued personal loans with an outstanding balance of over 5 billion baht (about US$165 million), and during peak periods, LINE BK saw more than 40,000 loan applications on a single day — and 30% of those approved had never received a loan before. Those numbers clearly demonstrate how Thailand has a strong need for an all-in-one, fully digital financial services app.
LINE BK offers a wide range of integrated financial solutions—including special rate accounts with interest rates of up to 1.5% annually and debit cards—all within the LINE app so users do not have to switch between apps or memorize bank account numbers. Through LINE BK Credit Line, our personal loan service, customers can easily apply for personal loans anywhere, at any time, and get approved instantly, at which point the funds become immediately available.
“We are very pleased to see how quickly LINE BK has been accepted by the Thai people,” said Young Eun Kim, Chief Operating Officer of LINE Financial Asia and Chairman of the Board of Directors of KASIKORN LINE. “We opened LINE BK on the principle of ‘Banking in Your Hand’, offering people greater convenience and accessibility for their main banking services. Moreover, additional benefits like cashback deals and low interest rates on loans have also helped users embrace LINE BK.”
Moving forward, LINE BK will offer more financial solutions, expanding its portfolio to cover insurance and financial investment products.
LINE BK is a collaboration between KASIKORNBANK (or KBank), through its subsidiary KASIKORN Vision Company Limited (or KVision), and LINE Corporation, through its subsidiary LINE Financial Asia, with the objective of creating synergy between KBank’s digital banking leadership in Thailand and LINE’s 47 million digital users. As the first comprehensive “social banking” platform in Thailand, LINE BK aims to be accessible for everyone and ensure a better financial experience for people’s daily lives.
LINE is currently developing plans to expand banking services into other countries, including Japan, Taiwan, and Indonesia.
Re-disseminated by The Asian Banker