LINE Bank Taiwan Clocks More Than 1 Million Users Within First Year of Launchby Fintech News Hong Kong April 20, 2022
LINE Bank Taiwan announced that it has already exceeded 1.1 million customers in the first year of its operations.
The neobank was among the three entities to receive a virtual banking license from Taiwan’s Financial Supervisory Commission in June 2019.
Since its official launch in April 2021, the internet-only bank said that its LINE Bank debit cards have topped all industry peers in terms of transaction volume. This was according to data from the National Credit Card Center (NCCC), in both dollar amount and the number of transactions per card in relation to cards in circulation.
The bank added that it has continued to grow rapidly — according to 4Q 2021 data published by Taiwan’s Financial Supervisory Commission. The LINE Bank savings accounts is said to have recorded the fastest growth in the industry for the third consecutive quarter.
As of the end of March 2022, the growth rate for LINE Bank’s total deposits reached 45%, with loans growing 115% compared to the previous quarter.
LINE launched its first mobile banking services in October 2020 in Thailand, followed by Taiwan and Indonesia in 2021.
As of the end of March 2022, the bank reported that the number of global customers it has in Thailand, Taiwan, and Indonesia are now about 5.7 million.
In addition, LINE is also aiming to launch banking services in Japan in the near future.
“As a challenger to the traditional banking industry, LINE is using its experience and knowhow as a technology platform to develop convenient and innovative financial services faster and on a larger scale, and can reach end-users directly via mobile devices.
In just one year of operations, we’re already seeing changing in how financial services are being used and who is using them, as Millennials and Gen Z users expect their app platform to solve their everyday financial needs in a convenient and intuitive way.”
said In Joon Hwang, Chairman of LINE Bank Taiwan.
“Since LINE Bank Taiwan began operations in April 2021, we have been at the center of an amazing change, as technology has transformed what banking means. We have launched several innovative services exclusive to LINE Bank that have built a foundation for delivering digital and interactive financial services.
We are incredibly grateful for the trust and support from our users everywhere. We hope to create even more unique service experiences using innovative technologies in the future.”
said Morris Huang, general manager of LINE Bank Taiwan.