Hana Financial Group announced on June 11 that it launched LINE Bank in Indonesia, a digital banking service provided in cooperation with LINE Corp., a Tokyo-based global mobile platform founded by Korean Naver Corp.
LINE Bank is the first financial service that a Korean bank offers in Southeast Asia in cooperation with a large technology company. The bank offers various banking services such as opening accounts via non-face-to-face real name verification (e-KYC), term deposits, debit cards, cardless cash withdrawals and payment of invoices.
LINE Corp., which is currently a subsidiary of SoftBank Group and Naver Corp., previously acquired a 20% stake in the Indonesian subsidiary of Hana Bank in October 2018 to launch LINE Bank and formed a strategic partnership with Hana Bank.
Hana Financial Group aims to expand its digital business in Indonesia based on the brand power and LINE’s digital business experience in the local market. It will provide financial products tailored to local characteristics and differentiated customer experiences.