The LINE Bank mobile bank is expected to launch during 2022.
The developer of the Japanese messenger LINE and the banking holding Mizuho Financial Group will increase investments in the mobile bank LINE Bank. Finextra reports that the parties will invest an additional 12 billion yen ($ 113.59 million) in the joint venture, increasing its capital to 16.5 billion yen ($ 156.177 million).
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- In May 2019, LINE Corporation and Mizuho started developing a mobile bank that will be integrated into the LINE app. LINE Bank is expected to be launched during 2022, subject to regulatory approval.
- To strengthen the cooperation between LINE and Mizuho, the parties decided to change the management structure of the mobile bank. In addition to the current CEO, there will be a co-CEO position to be taken over by a Mizuho representative. The bank’s board will consist of four directors and auditors appointed by LINE and four directors from Mizuho.
- More than 86 million people use LINE messenger in Japan. The partners believe that Mizuho’s extensive user base and advanced banking technology will enable LINE to meet the needs of a wide pool of customers.
- Recall that LINE Corporation owns its own cryptocurrency exchange BITMAX. In October last year, the platform began offering loans to its clients in bitcoin, ethereum and other popular cryptocurrencies. LINE also has its own cryptocurrency – LINK. In September 2020, the messenger launched an incentive program, whose members can receive rewards in the form of cryptocurrency tokens.