LINE, offer the most used communication application “LINE” in Japan, start to make great progress in FinTech and eventually InsurTech.
And, they signed a strategic agreement with Softbank Group.
Please keep an eye on their movement.
LINE Financial Corporation
10th January 2018, LINE established LINE Financial Corporation in order to enhance the financial business of LINE.
Achievement in LINE of previous financial business
LINE has offered “LINE Pay”, the application of mobile money transfer and payment on the application “LINE”.
Up to date, its annual transaction volume worldwide has increased to 450 billion yen and the number of registered users to 400 million people.
The establishment of this new company aims at building and offering further innovative financial services following the success “LINE Pay”.
From now, LINE Financial Corporation will be the center of the financial business.
Development of financial services will be based on this new company.
Looking to the future cashless and walletless society, this new company aim to be a leader in the world of FinTech.
Development of service in LINE Financial Corporation
This new company is preparing to offer the following services on the application “LINE”.
- Cryptocurrency trading
- Cryptocurrency exchanges
- Loan
- Insurance
Regarding cryptocurrency business, they have already begun procedures for registering cryptocurrency exchanges company to the Financial Services Agency of Japan, which is under review.
“LINE Mobile” wholly owned subsidiary of LINE and Softbank Group basically agreed on a strategic alliance.
31st January 2018, “LINE Mobile” wholly owned subsidiary of LINE and Softbank Group basically agreed on a strategic alliance. This alliance aims to grow “LINE Mobile” business, MVNO(Mobile Virtual Network Operator) business by LINE Mobile.
They are planning to operate the business utilizing knowledge as Softbank, wireless communications service provider.
The content of this strategic alliance is as follows;
- Capital tie-up: Softbank receives a third-party allotment of capital through LINE Mobile
- Business tie-up for promotion of MVNO business
This transaction is due to be completed around March 2018. The shareholding ratio at completion will be LINE 49%, Softbank 51%.
-This article is based on the press release of LINE.
Japanese version is here.
