2018.07.25 LINE Pay
● LINE Pay aims to expand the services further and improve accessibility in Taiwan
Tokyo – July 25, 2018 – LINE Corporation today announced that the Board of Directors approved the resolution for LINE BIZ+ Taiwan Limited to perform a third-party allocation of new shares underwritten by Taipei Fubon Bank and Union Bank of Taiwan.
LINE BIZ+ Taiwan Limited operates LINE Pay, a smartphone payment service, in Taiwan, and it is a wholly-owned subsidiary of LINE Pay Corporation, a subsidiary of LINE Corporation. LINE Pay is number one in Taiwan in terms of both brand recognition and use.* The service has been growing steadily with a high number of users, boasting over 10 million monthly transactions since April 2018.
LINE BIZ+ Taiwan has been proactive in expanding its service. In December 2016, through a partnership with Chinatrust Commercial Bank Corp., the company began issuing credit/debit cards, CTBC LINE Pay Cards. In December 2017, the company entered into a capital alliance with iPASS Corporation, the only company in Taiwan that issues stored value cards.
＊Source: MIC, research report published on Jan. 12th, 2018
LINE BIZ+ Taiwan aims to further expand its services and improve convenience for LINE Pay users through the third-party allocation of new shares to Taipei Fubon Bank (a major bank in Taiwan that has relationships with a large number of merchants, including momo shop – the largest e-commerce service in the country) and Union Bank of Taiwan (known for its advanced technological potential as the only bank in Taiwan to have built its own banking platform, and which has a tech company as its subsidiary).
The third-party allocation of new shares will be executed in fall 2018 with the total amount of approximately JPY 17.5 billion. The ratio of allocation is as follows: Taipei Fubon Bank 19.9%, Union Bank of Taiwan 10%.
Under LINE's mission of Closing the Distance, LINE Pay aims to lead the mobile FinTech world in anticipation of a cashless, walletless society, and build a world in which all monetary transactions can be handled entirely through LINE.
[Company Overviews]
LINE Corporation
Location of Head Office: JR Shinjuku Miraina Tower 23F, 4-1-6 Shinjuku, Shinjuku-ku, Tokyo
Established: September 4, 2000 (Changed trade name from NHN Japan Corporation to LINE Corporation on April 1, 2013)
Representative: Takeshi Idezawa, Representative Director, President, Chief Executive Officer
Capital: JPY 92.728 billion (As of March 31, 2018)
LINE BIZ+ Taiwan Ltd.
Location of Head Office: 10F., No. 610, Rui-Guang Road, Neihu District, Taipei City 114, Taiwan
Established: March 3, 2015
Representative: Jeong Woongju, Chairman
Capital: TWD 383 million (As of March 31, 2018)
Taipei Fubon Bank
Location of Head Office: No.169, Sec. 4 Ren Ai.Road Da'an District, Taipei City 106,Taiwan
Established: 1969
Representative: Cheng, Yao Hui, President
Capital: TWD 106.518 billion (As of March 31, 2018)
Union Bank of Taiwan
Location of Head Office: 1&2F, No. 109, Sec. 3, Minsheng E. Rd., Songshan District, Taipei 105
Established: March 29, 1989
Representative: Shiang-Chang Lee, Chairman
Capital: TWD 48.701 billion (As of March 31, 2018)