The Indonesian corporation Line launched the digital banking platform LINE Bank. The partnership between South Korea’s Hana Bank, PT Bank KEB Hana Indonesia, and LINE Financial Asia began the operations on the 10th of June, making Indonesia the third in the digital banking services.
In February, Line bank received approval from Taiwan’s Financial Supervisory Commission granting operating license for launching the internet-only bank. The bank offers services like deposit, transfer, debit card, and personal loan. The company has nearly 21 million monthly active users (MAU) in Taiwan.
The partnership between the two companies commenced in 2018 after LINE Financial Asia completed the acquisition of 20 percent of Hana Bank Indonesia through a Share Subscription Agreement.
The first conceived line corp, a mobile messaging service, is presently building new avenues by targeting new financial markets. It aims to offer convenience to its customers by combining AI and virtual banking in the digital platform. The customers can enjoy a wide range of products and services from the specialties of both Line and Hana Bank.
The rapid digitization in the banking sector drives new and unique financial services that enable the customers to fulfill their needs conveniently. Indonesia has been evolving in adapting to the new digital markets. With nearly 100 million unbanked population yet more than 50% of it has smartphones that show a massive untapped market for companies to explore.
Services by LINE Bank are; Saving accounts; with eKYC (electronic Know Your Customer, Time deposits, Debit cards and services in the future are; loans, partnership loans, and QR payments.
The savings account has no charges for withdrawal, transfers, and administrative fees.
With recent acquisitions like the Gojek and Indonesia’s Bank Jago, they strategically built the first fully digital bank in the country.
In December 2020, the Sea Group, the parent company of Shopee, received a digital banking license in Singapore. In addition, Shopee is hiring local talent in talent management, tax, and funding relations management at “SeaMoney Bank” in Jakarta and Bandung.
Southeast Asia has become the largest market to tap for growth and business expansion by tech giants from all over the world.