Kasikornbank and mobile application Line have established Kasikorn Line Co Ltd to offer Line’s 44 million users in Thailand better access to financial services.
Products and services will be introduced in the second half of next year and the company is targeted to be among the top five lending-service providers within five years.
Kasikornbank president Patchara Samalapa said Kasikorn Line marked a first for the Thai commercial banking sector on a regional scale.
“I believe Line’s advanced digital technology and KBank’s retail banking experience will prove to be the future of the banking industry, demonstrating a new financial model that begins in Thailand,” Patchara said.
“We aim to capture those who are mobile-friendly and digitally savvy, especially the millennial segment, the smartphone generation. KBank and Line will create a new social-banking brand that is extremely easy to use and fun. Customers will enjoy instant banking service within the Line platform, such as simple steps to apply for banking products, fund transfers and personal loans with a fast approval process.”