“LINE Bank,” a digital banking service launched by Hana Financial Group and the global mobile platform LINE in Indonesia. (Photo: Hana Financial Group)

Hana Financial Group and LINE, a global mobile platform, announced on June 11 that they released LINE Bank, a digital banking service, together in Indonesia.

This marked the first time a Korean bank has launched financial services in Southeast Asia by partnering with a big tech company.

LINE Bank will provide services such as opening a new account through non-face-to-face real-name verification (e-KYC), regular deposits, debit cards, the cardless withdrawal of money and the payment of utility bills.

LINE previously formed a strategic partnership with Hana Bank by acquiring a 20 percent stake in Hana Bank's Indonesian subsidiary in October 2018.

Hana Financial Group aims to expand its digital business to local-oriented strategies by utilizing LINE's brand power and digital business experience in the Indonesian market, while providing Indonesian people with financial products tailored to local characteristics and differentiated customer experiences.

Prior to the launch of LINE Bank’s official services, pre-registration events were also held for LINE customers from May 31 to June 9.

During the event, customers who pre-registered as customer of LINE Bank were provided with free limited-edition stickers that can be used on LINE Messenger Application.

If customers meet simple requirements such as opening accounts after the start of the official services, they will be given 300,000 rupiahs.

“By providing digital banking services with LINE, a global mobile platform, we expect to expand our customer base and increase bank brand awareness,” Hana Chairman Kim Jung-tae said. “We will enable more customers to enjoy differentiated digital services in the future.”

LINE Bank will first launch only receiving services according to local financial authorities' recommendations and continue to expand its services in the future, including loans and loan-related packages, which includes products and service from its partners. Hana Financial Group has the largest global network among all Korean financial institutions.

“We will move on to become a leading player in the new global financial market as well as a financial company that represents Korea on the world stage,” said an official at Hana Financial Group. “We will transform Hana Financial Group into a truly global power player through a glocalization strategy that accepts and adapts to local culture and works toward win-win growth.”

LINE Corporation was established in September 2000 as NHN Japan, and is regarded as a global subsidiary of Naver Corporation, based in Korea.

The firm manages various services centering on its core product, the LINE Messenger, a free communication service.

In the meantime, Hana Financial Group announced on June 3 that it officially launched the Stump Youth Support Foundation, a professional non-profit foundation to address social issues facing the youth of today and give support to them so they will be able to grow into constructive member of society, for the first time in Korea.

The Foundation will promote three core projects - educational and self-reliance support for facilities for trouble young people, discovering and supporting marginalized young people and developing programs to prevent youth suicide and addictions.

The Educational and Self-Reliance Support for Facilities for Trouble Young People Project will help teenagers who are scheduled to leave facilities for trouble young people get on their feet and help elementary and middle school students at such facilities not to lag behind in their study and education by offering one-on-one mentoring services.

Moreover, the foundation will give support to teenagers of marginalized families and will help teenagers who suffered crimes and violence return to healthy and normal everyday lives by providing psychological and emotional support for them through the Discovering and Supporting Marginalized Young People Project.

The Stump Youth Support Foundation will develop suicide and addiction prevention programs suitable for young people through collaboration with a group of experts in youth problems.

“We will continue to make various efforts to attempt to make a positive change for our future generations, maximize synergies out of various efforts for the implementation of ESG management and solve teenagers’ social problems and help them grow healthily,” Chairman Kim said in the launching ceremony of the foundation.