Hana Financial, LINE launches internet-only bank in Indonesia

Hana Financial Group and Line Corp. launched internet-only lender Line Bank in Indonesia. (Hana Financial Group)

Hana Financial Group said Friday it had launched an internet-only bank in Indonesia through a partnership with Line, Naver-affiliated Japanese messaging app provider.

Hana Financial became the first banking group to operate internet-only banking services in Southeast Asia.

Branded Line Bank, it offers contactless banking, including savings account opening, subscription to deposit savings products, utility bill payment and cash withdrawals. 

The newly launched digital lender will expand its business portfolio in the near future, involving various loan programs, officials said. 

Since October 2018, when Line Financial Asia -- the financial subsidiary of Line Corp.-- acquired a 20 percent stake in PT. Bank KEB Hana Indonesia --the Indonesian corporate entity of Hana Bank -- the two companies have worked to establish a digital banking platform there by setting up divisions in charge of digital finance, the group said. 

“The newly launched digital banking platform in Indonesia, jointly developed by Line, will not only widen Hana Financial’s customer base, but also enhance the group’s brand image,” said Hana Financial Group Chairman Kim Jung-tai.

“We will continue to expand business areas of Line Bank so that more customers can enjoy differentiated digital banking services through Hana Financial.”

By Choi Jae-hee (cjh@heraldcorp.com)

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