In a groundbreaking move to enhance financial accessibility for 23 million Taiwanese residents, LINE Bank Taiwan is celebrating its second anniversary with the launch of the “Fast Financial Platform.” This innovative strategy aims to revolutionize the traditional banking landscape by leveraging LINE’s diverse ecosystem and cutting-edge technology.
The Fast Financial Platform is designed to create a seamless one-stop shop for a diverse array of financial services, making banking more enjoyable and user-friendly. Through the integration of the vast resources and user community within the LINE ecosystem, users can now access a rich variety of financial services. These services include insurance, co-branded credit cards, securities settlements, daily payments, installment loans, and fund management services, all in one place.
One of the key highlights of the Fast Financial Platform is the collaboration with top-tier partners across financial and non-financial sectors. Notably, LINE Bank Taiwan, Union Bank of Taiwan, and Standard Chartered Bank recently launched the LINE Bank Co-Branded Credit Card. This card offers customers dual benefits and services from each of the issuing banks and LINE Bank, creating a truly unique and rewarding experience.
Since its inception, LINE Bank Taiwan has seen remarkable growth, currently boasting a user base of 1.57 million users, the highest among pure internet banks in Taiwan. A recent survey conducted by LINE Bank revealed that nearly 85% of users expressed a desire for investment management services for their bank accounts. Furthermore, 72% of users are eager to set up their LINE Bank account as a securities settlement account. In response to this demand, LINE Bank Taiwan partnered with Fubon Securities to launch the LINE Bank Taiwan securities settlement account. This makes LINE Bank the first internet-only bank in the country to collaborate with a securities company, providing a quick and efficient way for users to manage their funds.
“The Fast Financial Platform demonstrates our commitment to broadening our ecosystem and offering a more streamlined and efficient way to manage and experience financial services,” said In Joon Hwang, Chairman of LINE Bank Taiwan. “We are catering to the digital financial needs of the new generation of users, driving change towards a simpler and quicker financial services direction.”
Morris Huang, General Manager of LINE Bank Taiwan, further emphasized their vision, stating, “LINE Bank is more than just a bank – it’s a super-fast shortcut to financial services. 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 their efforts in Taiwan, LINE is extending its commitment to enhancing financial convenience across Southeast Asia with LINE BK in Thailand and LINE Bank by Hana Bank in Indonesia. As of the end of March 2023, the total number of global customers for all its online banking services is about 7.5 million users.