• Marks the first attempt of the Thai commercial banking sector to operate at a regional scale
• 44 million LINE users in Thailand to enjoy instant banking services, all from within the LINE platform for a more accessible financial experience
• Products and services to be launched by 2H 2019
BANGKOK – December 12, 2018 – Thailand’s KBank (via KASIKORNVISION Company Limited) and LINE (via LINE Financial Asia) have announced the establishment of KASIKORN LINE Company Limited, a joint venture that aims to provide Thailand’s 44 million LINE users with more convenient and easy-to-use financial services. Products and services are to launch in the second-half of next year, with the ambition of becoming a top-five lending service provider within five years.
KASIKORNVISION Co. Ltd. is the technology investment holding company belonging to the KASIKORNBANK (or KBank), the leading financial conglomerate in Thailand, while LINE Financial Asia is the fintech subsidiary of the popular mobile platform LINE.
Mr. Patchara Samalapa, President of KASIKORNBANK, said the establishment of KASIKORN LINE Co., Ltd. — by teaming up KBank (via KVision) and LINE (via LINE Financial Asia) — marks the first attempt of the Thai commercial banking sector to operate at a regional scale.
“This deal represents a strategic move to meet the fast-growing demands of today’s vibrant, digitally savvy, social customers,” said Patchara. “I believe LINE’s advanced digital technology and KBank’s retail banking experience will prove to be the future of banking, demonstrating a new financial model that begins in Thailand.”
“With a market of 44 million LINE users in Thailand, we aim to capture those who are unbanked, especially the Millennial segment, the smartphone generation,” Patchara continued. “Through this partnership, KBank and LINE will create a new digital banking brand that is extremely easy to use and fun. Customers will enjoy instant banking services within the LINE platform, such as being able to apply for banking products, the transfers of funds, or personal loans, with an easy approval process.”
“As we aim to become a top-five lending provider in Thailand within five years, both KBank and LINE are committed to providing not only investment capital but resources and knowledge sharing as well,” Patchara said.
“Today’s announcement establishing KASIKORN LINE Co., Ltd. aims to revolutionize the financial experience in Thailand,” said Young Eun Kim, Chief Operating Officer of LINE Financial Asia. “We will work together to create a unique ‘social banking’ experience – more user-friendly, accessible and lifestyle-driven.”
“LINE intends to use KASIKORN LINE Co. Ltd. as a base as we proceed with rolling out a variety of financial services,” said Kim, “including new lending products and a more convenient funds transfer process from the LINE platform. We also plan to achieve a leading position in the financial industry as the world moves increasingly toward becoming a cashless, wallet-less society.”
KBank and LINE have assigned a dedicated task force for establishing KASIKORN LINE Co. Ltd., while also teaming up to recruit a wide range of new talents for the joint venture.