LINE BK, Thailand’s first social banking platform in Thailand, reported its overview of business performance in the first half of 2023 that demonstrated growth in line with expectations, with the number of active users increasing by more than 1 million YOY. The company is confident that its loan business will continue to thrive and employs an AI system to assist with more precise customer filtering. For the second half of the year, LINE BK unveils plans to penetrate the market and target consumers in upcountry. There are partnership programs in place to initiate campaigns to encourage customers to use LINE BK’s services, including loan and social banking, as well as a plan to launch the insurance broker business in the third quarter of this year.
Tana Pothikamjorn, Chief Executive Officer of KASIKORN LINE Co., Ltd., revealed, “In the first half of 2023, LINE BK’s overall business operations continued to grow as planned. This is reflected in the increase of more than 1 million active users compared to the previous year. Currently, we have more than 5.7 million active users. The number of accounts categorized by service type: 7.4 million savings accounts, 190,000 special rate accounts, and 3.2 million debit cards. The loan service, meanwhile, has a continuous and positive growth trajectory, part of this is due to the AI (Artificial Intelligence) system in the back end that accurately screens customers. The total amount of loan disbursement since LINE BK has launched the service surpassed 60,000 million baht. (Updated as of June 30, 2023)
Partnering with leading companies such as Srisawad Corporation Public Company Limited, or SAWAD who offers express cash loans with collateral and Aurora Design Public Company Limited, leading gold jewelry retailer, who provides gold pawning services under the name “Gold for Cash” (Thong Ma Ngern Pai), has helped LINE BK’s clients to access legitimate sources of fund easier. Through this initiation, more than 12,000 LINE BK customers have participated in the campaigns.
In addition, LINE BK has joined forces with new partners to promote the use of LINE BK and offer special privileges to customers. For instance, we have partnered with TAO BIN to offer a 5-baht cashback for customers who pay for their refreshments at TAO BIN’s vending machines by using LINE application to scan PromptPay’s QR code. We also offer a 100-baht discount code for Shopee purchases using a LINE BK debit card. Promotion period for both Tao Bin and Shopee are eligible for LINE BK’s customers from today until August 31, 2023.
Apart from this, during the first half of 2023, LINE BK won a total of six prestigious global awards for its financial products and services. The following are the three winners of the Retail Banker International Asia Trailblazer Awards 2023:
- Winner of the Best Open Banking Initiative Award: for being a social banking platform that enable customers to open savings account and special rate accounts directly within their LINE apps.
- Winner of the Most Dynamic Third-Party Collaboration Award: for LINE BK’s partnership in various industries and leveraging the data points from our partners for service efficiencies.
- Highly Commended – Best Loan Offering Award: for a loan service that is designed to serve the underserved target segment, who cannot access to the conventional banking system, by utilizing alternative data.
two additional awards from the Digital CX Awards 2023 Winners as follows: - Winner of The Best Fintech for Digital CX – Consumer Lender Award: a result of LINE BK’s collaboration with partners to provide LINE BK customers with alternative financing sources, such as collateral loans and gold pawning services etc.
- Winner of Best Digital Bank for Digital CX in Thailand Award: for LINE BK’s social banking service can incorporate financial services into the LINE app for users’ utmost convenience.
And the last one from The Asian Banker Thailand Awards 2023: - Best Digital-Only Bank Award: LINE BK with its digital-only platform and robust credit model, combining app usage data with financial score assessment, has taken a leap in creditworthiness assessment in digital banking.
