Taiwan Line Bank Surpasses 1.1 Million Customers Within One Year of Launch

5.7 Million Banking Service Customers in Taiwan, Thailand, and Indonesia

[Asia Economy Reporter Minwoo Lee] The number of customers of 'LINE Bank,' an internet-only bank launched by Naver affiliate LINE in Taiwan, has surpassed 1.1 million within one year of its launch.

LINE announced on the 20th that the number of customers of LINE Bank, which was launched on April 22 last year, has exceeded 1.1 million. Accounts, deposits, and check cards are all progressing smoothly. According to the Taiwan National Credit Card Center (NCCC), LINE Bank's check card ranked first in both transaction amount and volume among check cards in Taiwan. Based on data published by the Taiwan Financial Supervisory Commission, the number of LINE Bank digital deposit accounts grew at the fastest pace in the industry for three consecutive quarters in Q4 last year. As of the end of last month, LINE Bank's total deposits increased by about 45% compared to the previous quarter, and loans increased by about 115%.

Operating without separate offline branches and based on mobile platforms, it appears to be popular among the 20s and 30s age group. 75% of LINE Bank customers were aged 20 to 39. The most active users of the service were office workers, retail employees, and students.

Hwang Injun, Chairman of Taiwan LINE Bank and Chief Financial Officer (CFO) of LINE, said, "As an internet-only bank providing a new form of financial service, we were able to build a convenient mobile platform stably based on LINE's technological expertise and experience, allowing us to approach customers more familiarly." He added, "We have received great responses from the MZ (Millennial + Z) generation customers who want more convenient and intuitive financial activities in their daily lives, causing significant changes in the way financial services are used and the main user base within just one year of launch."

Users are increasing not only in Taiwan but also in Southeast Asian regions such as Thailand and Indonesia. The total number of banking service customers in these three regions exceeded 5.7 million as of last month. Previously, LINE launched its first mobile banking service, ‘LINE BK,’ in Thailand in October 2020, followed by the launch of Taiwan LINE Bank and Indonesia LINE Bank last year. There are plans to launch banking services in Japan in the near future.

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