TAIPEI (Taiwan News) – Software company LINE Corporation, who are best-known for the free communications app announced on July 25 the establishment of a new holding company, LINE Financial, as a precursor for the company to provide online financial services in Taiwan.
LINE Financial will team up with local banks to provide services including funding, life insurance, property insurance, and other financial services.
LINE Corporation's Japan division announced plans for the new venture on January 31, 2018, as an extension to LINE Pay, a mobile money transfer service and to deepen its position in financial services, according to a corporate announcement.
The Japan announcement said that LINE Financial will include provisions for exchange of digital currencies, but such features were not mentioned during the Taiwan announcement.
LINE Financial is intended to integrate and work in conjunction with established financial institutions and their existing range of services, reported INSIDE.
The company has already applied for an online banking license in Taiwan, according to the Liberty Times.
Liu I-cheng (劉奕成) head of LINE Financial in Taiwan said that the consumer experience and LINE's product design will be their competitive advantage, according to the Liberty Times.
During the announcement on July 25, LINE stressed that it will not set up a credit card, the sale of new financial products or establish a securities company.