Hana Financial Group and LINE 'Joint Venture'... Launch of 'LINE Bank' in Indonesia

Banks and Big Tech, First Case of Establishing Overseas Digital Banking Service

[Asia Economy Reporter Kiho Sung] Hana Financial Group announced on the 11th that it has launched the digital banking service 'Line Bank' in Indonesia in collaboration with the global mobile platform Line.

Line Bank is the first case of a domestic bank partnering with a big tech company to start financial services in Southeast Asia, offering features such as ▲account opening through non-face-to-face real-name verification ▲time deposits ▲debit cards ▲cardless withdrawals ▲utility bill payments.

Previously, to launch Line Bank, Line acquired a 20% stake in Hana Bank's Indonesia subsidiary in October 2018 and established a strategic partnership. Since then, both companies have built a dedicated team composed of financial and platform business experts as well as locally hired digital specialists to prepare for the service launch.

Kim Jung-tae, Chairman of Hana Financial Group, stated, "By providing digital banking services together with the global mobile platform Line, we expect to expand the local customer base and enhance the bank's brand awareness," adding, "We will expand service areas such as launching personal loan products so that more customers can experience differentiated digital services."

Meanwhile, Line Bank has prioritized launching deposit services first in accordance with recommendations from local financial authorities and plans to continue expanding services in the future, including ▲loan products ▲expanding loan-related partnerships.

This content was produced with the assistance of AI translation services.