LINE Bank Taiwan Launches 'Fast Financial Platform' for 23 Million Residents
Why it matters: On its second anniversary, LINE Bank Taiwan launched the "Fast Financial Platform" to streamline digital financial services for approximately 23 million Taiwanese residents.
The Key Points
- The platform leverages LINE's ecosystem and partnerships to offer financial services such as insurance, co-branded credit cards, and fund management.
- This month, LINE Bank Taiwan partnered with Union Bank of Taiwan and Standard Chartered Bank to launch a co-branded credit card.
- In 2022, the LINE Wallet tab on the LINE app was updated, making it easier for users to check balances and make transfers. Currently, the bank has 1.57 million users.
- A survey by LINE Bank shows that 85% of users are interested in investment management services, and 72% would use their LINE Bank account for securities settlement.
- In response, LINE Bank partnered with Fubon Securities in July to introduce new services.
The Big Picture: LINE Bank Taiwan's launch of the Fast Financial Platform reflects its strategy to expand and integrate its services to meet the changing needs of the digital generation.
What's more, LINE's presence is not limited to Taiwan; it is also growing in Southeast Asia, with units such as LINE BK in Thailand and LINE Bank by Hana Bank in Indonesia.
By March 2023, LINE's global online banking services will serve approximately 7.5 million users.