The launch of LINE Bank in Indonesia signals a significant expansion in LINE’s fintech business, following the successful launch of LINE BK in Thailand and LINE Bank in Taiwan
LINE Corporation today announced the launch of the digital banking platform LINE Bank by Hana Bank (hereafter “LINE 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. With the start of service, which began operations on June 10, Indonesia becomes the third market in which LINE Bank is operating, following Thailand and Taiwan.
The strategic partnership between LINE and Hana Bank Indonesia began in October 2018, when LINE Financial Asia acquired 20 percent of Hana Bank Indonesia through a Share Subscription Agreement.
LINE Bank aims to target the Indonesian financial market by providing convenient digital banking services, combining the tech expertise of Asia’s leading mobile platform company LINE and the accumulated financial know-how of Hana Bank. Starting with the launch of savings and deposit services, LINE Bank plans to introduce a variety of financial products and fintech services tailored to each locality’s specific needs and interests.
“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.”
LINE Bank is offering several products designed to make banking easier and expand access to financial services:
- Saving accounts: With eKYC (electronic Know Your Customer), customers can easily open savings accounts without having to go to the bank. Each account offers no-fee transfers and withdrawals, and no monthly admin fee. Customers can receive automatic deposit/withdrawal notifications through the LINE messenger. In addition, cardless cash withdrawals from Hana Bank’s ATMs are available.
- 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 offers customers debit cards in a choice of four colors, featuring the LINE Friends characters Brown, Cony and Sally. Through various promotions, 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 such services as loans, partnership loans, and QR payments.