■ ‘Fast Financial Platform’ leverages LINE's ecosystem and collaborates with leading industry partners to introduce a streamlined pathway for digital financial services
■ LINE Bank users will gain access to a wider range of financial services, in a convenient, one-stop shop
TAIPEI, Taiwan – July 19, 2023 – Marking its second anniversary, LINE Bank Taiwan announced the launch of the “Fast Financial Platform,” an innovative strategy designed to enhance financial accessibility for 23 million Taiwanese residents. The Fast Financial Platform strategy aims to leverage LINE's diverse ecosystem to streamline traditionally complex financial services, creating a one-stop shop to provide a diverse array of financial services, making banking more enjoyable and user-friendly.
The LINE Bank Fast Financial Platform is unique in its integration of the vast resources and user community within the LINE ecosystem, enabling users to access a rich variety of financial services, including insurance, co-branded credit cards, securities settlements, daily payments, installment loans, and fund management services through innovative technology and collaborations with top-tier partners across financial and non-financial sectors. For example, on July 10, LINE Bank Taiwan, Union Bank of Taiwan, and Standard Chartered Bank launched the LINE Bank Co-Branded Credit Card, offering customers dual benefits and services in one card from each of the issuing banks and LINE Bank.
This new strategy is another example of the deepening integration between LINE and LINE Bank Taiwan, increasing the convenience for both LINE and LINE Bank users. For instance, in the second half of 2022, users gained the ability to instantly view their account balances and access transfer shortcuts via the LINE Wallet tab in the LINE app. As of today, LINE Bank Taiwan reaches 1.57 million users, the highest user base among pure internet banks in Taiwan.
A LINE Bank Taiwan’s survey found that nearly 85% of its users hope to have investment management service for their bank accounts, and 72% are willing to set up their LINE Bank account as a securities settlement account. To cater to this demand, LINE Bank Taiwan partnered with Fubon Securities in July to launch the LINE Bank Taiwan securities settlement account. As the first internet-only bank in the country to collaborate with a securities company, LINE Bank enables users to open both securities settlement and securities account in as little as 3 minutes and manage funds 24/7 via LINE Bank on LINE. LINE Bank Taiwan plans to expand its service portfolio to include wealth management products like fund management and foreign exchange. Collaborations with the AFTEE “Buy Now, Pay Later” service and LINE TAXI are also underway.
"The young generations around the world are driving change towards a simpler and quicker financial services direction,” said In Joon Hwang, chairman of LINE Bank Taiwan. “Our Fast Financial Platform reveals our commitment to broadening our ecosystem, offering a more streamlined and efficient way to manage and experience financial services.”
"LINE Bank is more than just a bank – it's a super-fast shortcut to financial services,” said Morris Huang, general manager of LINE Bank Taiwan. “Our aim with the Fast Financial Platform is to create an enriched ecosystem where the new generation of users can quickly access services, meeting their digital financial needs better than ever.”
In addition to these major plans with LINE Bank Taiwan, LINE is extending its commitment to enhancing financial convenience across Southeast Asia, operating LINE BK in Thailand and LINE Bank by Hana Bank in Indonesia. As of the end of March 2023, the number of global customers for all its online banking services is about 7.5 million users. As part of its ongoing drive to innovate, LINE is revolutionizing the financial landscape, offering user-centric solutions that bring financial services closer to people's lives, embodying its corporate mission of “Closing the Distance."