LINE Corporation’s LINE BK, Thailand's first social banking service, has surpassed two million users after starting operations in October 2020, exceeding expectations in terms of transaction volume, loan applications, and the number of new users.
As many as 50,000 new savings accounts are opened on a single day, and the total amount of financial transactions on the platform over the first four months has surpassed 21 billion baht (US$700 million).
As of late February, LINE BK had issued personal loans with an outstanding balance of over 5 billion baht (about US$165 million), and during peak periods, LINE BK saw more than 40,000 loan applications on a single day — and 30% of those approved had never received a loan before. Those numbers clearly demonstrate how Thailand has a strong need for an all-in-one, fully digital financial services app.
The service offers a wide range of integrated financial solutions so users do not have to switch between apps or memorize bank account numbers. Through LINE BK Credit Line, customers can apply for personal loans at any time and get approved instantly, at which point the funds become immediately available.
“We opened LINE BK on the principle of ‘Banking in Your Hand’, offering people greater convenience and accessibility for their main banking services,” says Young Eun Kim, chief operating officer of LINE Financial Asia and chairman of the board of directors of Kasikorn Line. “Moreover, additional benefits like cashback deals and low interest rates on loans have also helped users embrace LINE BK.”
Moving forward, LINE BK, a collaboration between Kasikorn Bank and LINE Corporation, will offer more financial solutions, expanding its portfolio to cover insurance and financial investment products.