Messaging app provider Line’s banking unit unveiled plans to establish a digital bank in Indonesia by the end of the month, building on previous moves in Thailand and Taiwan as the division targets a leading position in Asia’s digital finance sector.
A representative told Mobile World Live the Indonesian banking service will be launched in cooperation with the local division of South Korea-based KEB Hana Bank.
Line Bank activated social media channels and a dedicated website for the service this week, in preparation for the move.
The company explained in a statement it began collaborating with the Indonesian bank in October 2018 when they teamed to expand the reach of Line Bank and tap the “large potential market” for digital financial services in the nation, where it said there was a paucity of banking options.
Line Bank is also targeting its home market, Japan, with plans to deploy a smartphone-based service by the end of 2022.Subscribe to our daily newsletter Back