KBank and LINE form “KASIKORN LINE” providing social banking
KASIKORNBANK and LINE announce to establish a brand-new company “KASIKORN LINE Co. Ltd” with an aim to take 44 million LINE users in Thailand even closer to more user-friendly and accessible financial services. Product and services are planned to launch in 2nd half of next year, targeted to be the top five lending service provider within 5 years.
Mr. Patchara Samalapa, President, KASIKORNBANK said KASIKORN LINE Co., Ltd. marks the first-ever attempt of the Thai commercial banking sector, at a regional scale – KBank (thru KVision) has set up a new KGroup company together with international conglomerate like LINE (thru LINE Financial Asia). This is the strategic movement to meet the fast-growing demands of today’s vibrant, digitally savvy and social customers. I believe LINE’s advanced digital technology and KBank’s retail banking experience will prove to be the future of banking industry, demonstrating a new financial model that begins in Thailand.
“The addressable market is 44 million LINE users in Thailand. We aim to capture those who are mobile-friendly and digital savvy, especially the Millennial segment – the smartphone generation. Through this partnership, KBank and LINE will create a new social banking brand that is extremely easy to use and fun. Customers will enjoy instant banking service within the LINE platform, such as, simple step to apply banking products, fund transfer, and personal loan with fast approval process.”
“With a mission to acquire new customers, make the company profitable from lending business and occupying position as one of the top five lending provider in Thailand within 5 years, both of KBank and LINE are committed to provide not only investment capital but resources and knowledge sharing as well.” Patchara said.
Young Eun Kim, Chief Operating Officer, LINE Financial Asia said: Currently, there are about 44 million LINE users in Thailand, a dominant platform with a massive user base. With the LINE platform, “Closing the Distance” is our mission to bring together information, services and people.
KASIKORN LINE Co.,Ltd. will offer a variety of financial services, including new lending products and more convenient fund transfer from the LINE platform in the near future and we plan to achieve a leading position in the financial industry as the world moves increasingly towards a cashless wallet-less society.
KASIKORN LINE is a joint venture company with a business goal to acquire new customers, make the company profitable from lending business and occupying position as being as one of
the most innovative lending providers in Thailand. At the initial stage, both KBank and LINE have assigned a dedicated task force to work together, while teaming up to recruit talents to join newly established company.