LINE, Mizuho announce additional investment, ahead of launching a smartphone bank

Monday 22 February 2021 12:27 CET | News

LINE Financial and Mizuho Bank have jointly agreed to make an additional investment and a change to the management structure of LINE Bank Preparatory Company.

Both companies are taking these necessary steps as they proceed with preparations to establish a user-friendly ‘smartphone bank’ connected to the LINE app, with the aim of establishing a new bank in Japan within fiscal year 2022, subject to approval by relevant authorities.

Established in May 2019, LINE Bank Preparatory Company strives to provide financial services via smartphone to meet the needs to users of all ages, as the need for services has grown with the wider use of cashless payments since the spread of COVID-19, and the acceleration of digital transformation.

To further accelerate system development prior to launching the banking service, LINE Financial and Mizuho Bank will make an additional JPY 12 billion investment in LINE Bank Preparatory Company, increasing its capital reserve to JPY 16.5 billion.

LINE Bank Preparatory Company plans to develop a ‘smartphone bank’ connected to the LINE app by building on LINE’s foundation of its 86 million users in Japan and Mizuho Bank’s extensive know-how in banking.

Following the launch of LINE BK in Thailand in 2020, LINE has further plans in 2021 to expand banking services into other countries, including Taiwan and Indonesia.

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Keywords: Line, Mizuho, partnership, banking, LINE app
Categories: Banking & Fintech
Countries: Japan
This article is part of category

Banking & Fintech