LINE launches third digital bank in South East Asia, eyes further growth

Karthik Subramanian

LINE Corporation, a Tokyo-based subsidiary of Softbank Group and Naver Corporation, has announced the launch of a digital bank in Indonesia in association with PT Bank KEB Hana Indonesia.

Michael Bourke now Managing Partner of Bannockburn Global Forex

More banks are joining the digital banking bandwagon as users go online much more than they used to. The pandemic has also forced many users, who were initially reluctant to go online for their banking and payment needs, to go online as they were forced to be indoors. Now that the pandemic has started receding, these users continue to use the online services due to the convenience that it offers.

The banks have also been forced to shift their legacy systems into the new digital age and with more use of smartphones among the younger generation, digital payments and banking have really taken off over the last couple of years.

“The demand for digital transformation in the banking industry is growing rapidly all around the world. In Indonesia in particular, due to this market’s unique geographical characteristics, we believe bringing banking services to people’s mobile phones will greatly increase their availability and convenience,” said Young Eun Kim, Chief Operating Officer of LINE Financial Asia. “Through LINE and Hana Bank working together, we will do our best so the Indonesian people can use LINE Bank to enjoy a more convenient financial life.”

The partnership between the 2 financial firms had begun in 2018 itself when Line Financial had acquired 20% of Hana Bank through a share agreement. This is the next stage of their partnership where the new digital bank will be able to offer savings accounts, bill payments, etc for its existing users with new loan products also being planned in due course of time.

Line Financial would be hoping that this new bank would get the same grand welcome that its new bank in Thailand had obtained. The new bank in Thailand had managed to notch up two million users within the first few months of its opening. Digital and smartphone banking is the way forward for the industry as the average age of the users becomes lesser and more and more young people start using banking. They spend a large part of their time online and they expect that the financial systems that they use are also online or on their phone and are easy and reliable to use as well. This is the race between the various banks to get such users on board.

 

Read this next

Executive Moves

Crculus taps Michael Idzkowski as head of sales

Michael Idzkowski has joined Crculus, a UK-based startup that describes itself as a multi-custody middleware infrastructure for financial institutions, in the post of its head of sales.

Retail FX

ActivTrades jumps on fractional stock trading bandwagon

CFDs and FX broker, ActivTrades has updated its trading offering to provide its clients with the opportunity to trade fractions of stocks.

Digital Assets

BitMEX to list its native token by end of 2023

BitMEX CEO Alexander Hoeptner said the crypto exchange is planning to list its native token, called BMEX, on the spot market by the end of the year.

Market News

Forex investments take over popular sentiment as a worthy global trend

Quite the confusion is afoot in the financial markets. Tighter regulation, rising inflation, energy sector disruptions, social unrest and wars have taken a toll on the world’s economies. How come Forex, as a means of investment, has come up on top as a global trend in 2022? Against the backdrop of current events, the international broker’s expert team at OctaFX has gathered some answers.

Crypto Insider, Metaverse Gaming NFT

How Hiding Crypto’s Influence Will Be Key To Unlocking Its Success

In past years, cryptocurrency has advanced well beyond the technophiles responsible for its initial success to reach widespread name recognition. Crypto has found its way into news, music, culture, and other relevant facets of daily life. 

Digital Assets

SCRYPT Digital taps Enclave Markets to mirror dark pool trading in crypto

“A service like this has been sorely lacking in the crypto space. There hasn’t been a solution that provides the security or privacy that institutions require with these kinds of trades.”

Institutional FX

FXSpotStream reports record monthly volume at $1.613 trillion

Trading volumes on institutional FX platforms surged in September after fears over the impact of recent developments around Russia’s military invasion of Ukraine sent speculative asset classes reeling.

Industry News

OKX adds four-time Olympian snowboarder Scotty James as brand ambassador

‘What is OKX?’ is the name of the new multi-milion dollar brand campaign launched by crypto exchange OKX as part of its efforts toward world expansion.

Industry News

Circle buys Elements and announces beta version of Crypto Payments API

“Lowering barriers of entry for payments and financial services and establishing dollar payments utility are core to Circle’s mission.”

<