LINE Launches “Social Banking” Platform with Thailand’s KASIKORNBANKby Fintech News Singapore October 20, 2020
Social media platform and messaging app LINE has launched LINE BK which is powered by KASIKORNBANK, for the first “social banking” platform in Thailand. LINE’s push into financial services in Thailand is far from its first, in Taiwan, LINE was among one of the three approved by the Financial Supervisory Commission of Taiwan to operate a virtual bank.
This new platform allows customers to transfer money, open savings accounts, apply for loans as well as make payments from the LINE app.
LINE BK can be found under the Wallet Tab in the LINE app where users can sign up, open as many as five savings accounts powered by KASIKORNBANK and apply for a debit card without having to install any additional apps.
Without having to switch back-and-forth between apps, customers can perform all their financial transactions and receive automatic deposit or withdrawal notifications within the LINE app.
Customers are able to check their account balances in real-time and will no longer need to memorise account numbers in order to transfer funds.
Additional features include the automatic sharing of e-slips or bank transfer receipts between parties, bill splitting for group expenses, Request to-Pay services, and cardless cash withdrawals from KASIKORNBANK’s ATMs.
LINE BK also offers interest rates up to 1.5% per year for saving accounts and unlocks a range of banking services. This includes personal loans for freelancers and individuals without fixed incomes where they can choose between 6-month and 12- month terms.
LINE BK offers three types of debit cards; an online debit card which is a virtual card that customers can apply for instantly within the LINE app, a physical debit card with three distinct designs, each containing a LINE Friends character as well as a debit card with credit LINE which is a physical debit card with overdraft protection, offering a line of credit when an account has insufficient funds.
LINE plans to expand banking services into other countries, including Japan and Indonesia. LINE BK is operated by KASIKORN LINE, a joint venture between LINE’s subsidiary – LINE Financial Asia and KASIKORN Vision Company Ltd., a subsidiary of Thailand’s KASIKORNBANK.