KBank teams up with Line
Services expected in early 2020
published : 19 Sep 2019 at 04:01
newspaper section: Business
writer: Somruedi Banchongduang
Kasikornbank (KBank), the country's largest mobile banking service provider, plans to roll out money transfer, payment and deposit services on the Line platform in the first quarter of 2020, with digital lending scheduled for the second half of that year.
KBank and Line Thailand formed a joint venture, Kasikorn-Line (K-Line), offering money transfers, payments and deposits via the super app, said Wirawat Panthawangkun, senior executive vice-president of KBank.
After gathering sufficient data to analyse customer behaviour, the service will expand to digital loans, set to launch in the middle of next year.
The bank aims to acquire 1 million new customers from 40 million Line users in the first year of operations, he said.
With more than half of KBank's 14 million depositors also users of the Line app, the new channel is expected to allow the bank's customers more convenient access to financial services.
"The new channel could lead to lower transactions on our mobile banking app, K-Plus, because of overlapping users, but that won't matter as we can meet their demand," said Mr Wirawat.
Moreover, he said KBank has developed digital loan services on the Grab platform, the bank's other app partner.
Grab's taxi and motorcycle taxi drivers are the bank's initial customers for digital lending services before expanding to passengers and merchant partners in the next phase.
Under the collaboration with Grab, KBank also rolled out Grab wallet in June, with 100,000 users. Given the positive growth, the bank expects Grab wallet users will reach 300,000 by the end of the year, said Mr Wirawat.
KBank aims for digital lending through the Grab platform to reach 100 million baht by year-end after lending more than 50 million since the beginning of the year.
Yesterday, KBank launched a knowledge centre called MADHUB to educate online merchant customers about e-commerce business. It also introduced two new debit cards that offer several privileges and benefits to customers.
KBANK shares closed on Wednesday on the SET at 164 baht, up 3.50 baht, in trade worth 1.76 billion baht.
- Keywords
- digital lending
- bank
- customers
- digital








