LINE Corporation announced on Tuesday the launch of LINE BK, which is a “social banking” platform in Thailand. According to Line, LINE BK will connect Thailand’s “most popular” social media platform and one of Thailand’s leading banks. LINE BK was launched under the Wallet Tab in the LINE app in Thailand.
“Under the slogan ‘Banking in Your Hand,’ LINE BK lets customers transfer money, open savings accounts, apply for loans, and make payments easily and conveniently from the LINE app.”
LINE BK’s initial financial products and services include:
- Savings Accounts (Powered by KBank): Without having to switch back-and-forth between apps, customers can perform all their financial transactions and receive automatic deposit/withdrawal notifications within the LINE app.
- Special Rate Accounts (Powered by KBank): LINE BK’s savings accounts offers interest rates of up to 1.5% per year. Customers can choose between 6-month and 12-month terms.
- Debit Cards (Powered by KBank): Customers will receive 0.5% credit cashback from online purchases made with LINE BK’s Debit Card by VISA (minimum 100 baht spending). LINE BK offers three types of debit cards:
- Online Debit Card – a virtual card that customers can apply for instantly within the LINE app
- Debit Card – a physical card with three distinct designs, each containing a LINE Friends character
- Debit Card with Credit LINE – a physical debit card with overdraft protection, offering a line of credit when an account has insufficient funds
- Credit Line: Customers can easily apply for personal loans anywhere, at any time, and get approved instantly, at which point the funds become immediately available.
Line also noted that LINE BK customers may receive special promotions and offers from various LINE services and partners such as LINE MAN Wongnai, Rabbit LINE Pay, Lazada, and Agoda. Existing KASIKORNBANK customers can use their existing K PLUS account to easily sign up for LINE BK.
Line added it plans to expand banking services into other countries, including Japan, Taiwan, and Indonesia.