LINE launches ‘LINE BK’, Thailand’s First ‘Social Banking’ Platform

LINE Corporation has announced the launch of LINE BK, the first “social banking” platform in Thailand, connecting Thailand’s most popular social media platform and one of Thailand’s leading banks.

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 Corporation said in an announcement.

LINE BK is operated by KASIKORN LINE, a joint venture between LINE subsidiary LINE Financial Asia and KASIKORN Vision Company Ltd., a subsidiary of Thailand’s KASIKORNBANK.

Beginning October 15, LINE BK was launched under the Wallet Tab in the LINE app in Thailand. Users in Thailand can sign up for LINE BK, open as many as five savings accounts, and apply for a debit card, without having to install any additional apps. LINE BK also offers high interest rates for saving accounts and unlocks a range of banking services including personal loans for freelancers and individuals without fixed incomes, reports LINE.

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. Customers are able to check their account balances in real-time and will no longer need to memorize account numbers in order to transfer funds. Additional features include the automatic sharing of e-slips (or bank transfer receipts) between parties, bill splitting for group expenses, Request-to-Pay services, and cardless cash withdrawals from KASIKORNBANK’s ATMs.
  • 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. Customers with a monthly income of at least 7,000 baht, freelancers, and those without fixed salaries and pay slips, such as small business owners, will now be able to access a trustworthy source of funds through LINE BK’s loan services.

LINE BK customers can also enjoy special promotions and offers from various LINE services and partners such as LINE MAN Wongnai, Rabbit LINE Pay, Lazada, and Agoda, the firm reports. Existing KASIKORNBANK customers can use their existing K PLUS account to easily sign up for LINE BK.

KASIKORN LINE will continue to develop new services and innovations to meet the financial needs and empower the Thai people through simple and streamlined banking services.

LINE plans to expand banking services into other countries, including Japan, Taiwan, and Indonesia, the firm reports.