(By courtesy of Kasikornbank)
BANGKOK, NNA - Messaging app provider Line Corp. will launch an online retail banking service in Thailand by the second half of 2019, teaming up with Kasikornbank Public Co., a leading local commercial lender.
Kasikorn Line Co., established this month and capitalized at 4.99 million baht ($152,600), will offer personal loans, nano financing, insurance and mutual funds through its platform. Line boasts 44 million users in Thailand.
K Vision Co., Kasikornbank’s investment arm, holds “no less than a 50 percent stake” in Kasikorn Line, and Hong Kong-based Line Financial Asia Corp., a subsidiary of Line Financial Corp., owns the remaining shares, the bank said Wednesday.
This is a strategic move to meet fast-growing demand from digital-savvy consumers, especially the millennials segment, Patchara Samalapa, president of Kasikornbank, said in a statement.
The new unit aims to rank in Thailand’s top five lenders within five years by creating an instant banking service, he said.