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Line Corp. launches banking service in Thailand

(Line Corp.)
(Line Corp.)

Line Corp. announced Tuesday that the company has launched messenger-based banking platform Line BK in Thailand, together with one of the largest banks in the nation.

The platform will be operated by joint venture Kasikorn Line, forged by Line Corporation’s subsidiary Line Financial Asia and Thai bank Kasikornbank’s subsidiary Kasikorn Vision Company Limited.

Line BK is Line Corporation’s first-ever banking service that allows messenger users to easily transfer money, manage savings accounts, apply for loans, and make payments.

The newly launched platform is also the first banking solution that is connected to the nation’s popular social media platform, the company added.

There are around 47 million people using messenger application Line in Thailand, according to Line Corp.

Line BK will allow users to handle several banking features via messenger application. Users can make financial transactions and receive in-app notifications. Customers can also check their account information and balances on a real-time basis.

Customers can share their receipts through messages and split bills with other individuals. The application also allows customers to withdraw money at ATMs without physical cards.

Customers who open bank accounts on Line BK are eligible for saving accounts with interest rates of up to 1.5 percent.

Line BK also offers debit card and credit card services, through which customers can benefit from various Line services and those from Line’s partner companies, including Line Man Wongnai, Rabbit Line Pay, Lazada, and Agoda.

Existing Kasikornbank’s customers can use their existing K Plus account to easily sign up for Line BK, according to Line Corp.

Line Corporation said the company plans to introduce the messenger-based banking service in Japan, Taiwan, and Indonesia in the future.

By Shim Woo-hyun (ws@heraldcorp.com)

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