Kasikornbank (KBank) will offer financial services through the Line app in the second half of this year in a bid to tap the large user base of the online giant.
The new service will come from the bank's joint venture Kasikorn Line Co Ltd, which is in the process of nominating high-ranking posts such as chief executive, chief financial officer, managing director and other specialists, said KBank co-president Kattiya Indaravijaya.
Kasikorn Line will roll out compre- hensive financial products with a focus on consumer finance, spanning deposits, loans, mutual funds and insurance.
In the initial stage, the company will offer digital loans to Line Thailand users, who number more than 40 million, Ms Kattiya said.
The social media platform will provide greater opportunities to acquire new customers and expand business in the digital era, she said.
The digital channel will also aid the bank's marketing and selling to respond to customer requirements under an open architecture strategy for several financial products, especially mutual funds and bancassurance.
"The partnership model will speed up KBank's upgrade to a comprehensive digital banking platform and widen business opportunities in the digital era," Ms Kattiya said.
KBank, the country's second-largest lender by assets and the largest provider of mobile banking service in terms of users, has held at least 50% of Kasikorn Line through a subsidiary, Kasikorn Vision Ltd, since last December.
Under the partnership model between KBank and Line, the two will collaborate on personal loans, nano loans and co-branding, provide a channel for products and services such as loans offered by KBank, and serve as an open architecture broker for insurance and mutual funds.
KBank co-president Patchara Samalapa said Kasikorn Line will help the bank access new customers and generate new income from digital lending.
The bank aims to become a top-five digital lending provider in the country over the next five years.
Know-how cooperation, particularly in technology, is another key objective of the joint venture company.
