LINE BK Reports Strong Growth in First Half of 2023 Company Sets Sights on Provincial Market Expansion and Insurance Broker Market Entry in Q3
LINE BK, Thailand's first social banking platform in Thailand,reported its overview of business performance in the first half of2023 that demonstrated growth in line with expectations, with thenumber of active users increasing by more than 1 million YOY.The company is confident that its loan business will continue tothrive and employs an AI system to assist with more precisecustomer filtering. For the second half of the year, LINE BKunveils plans to penetrate the market and target consumers inupcountry. There are partnership programs in place to initiatecampaigns to encourage customers to use LINE BK's services,including loan and social banking, as well as a plan to launch theinsurance broker business in the third quarter of this year.Tana Pothikamjorn, Chief Executive Officer of KASIKORN LINECo., Ltd., revealed, "In the first half of 2023, LINE BK's overallbusiness operations continued to grow as planned. This is reflected inthe increase of more than 1 million active users compared to theprevious year. Currently, we have more than 5.7 million active users.The number of accounts categorized by service type: 7.4 millionsavings accounts, 190,000 special rate accounts, and 3.2 million debitcards. The loan service, meanwhile, has a continuous and positivegrowth trajectory, part of this is due to the AI (Artificial Intelligence)system in the back end that accurately screens customers. The totalamount of loan disbursement since LINE BK has launched the servicesurpassed 60,000 million baht. (Updated as of June 30, 2023)Partnering with leading companies such as Srisawad CorporationPublic Company Limited, or SAWAD who offers express cash loanswith collateral and Aurora Design Public Company Limited, leadinggold jewelry retailer, who provides gold pawning services under the
name "Gold for Cash" (Thong Ma Ngern Pai), has helped LINE BK'sclients to access legitimate sources of fund easier. Through thisinitiation, more than 12,000 LINE BK customers have participated inthe campaigns.In addition, LINE BK has joined forces with new partners to promotethe use of LINE BK and offer special privileges to customers. Forinstance, we have partnered with TAO BIN to offer a 5-baht cashbackfor customers who pay for their refreshments at TAO BIN's vendingmachines by using LINE application to scan PromptPay's QR code.We also offer a 100-baht discount code for Shopee purchases using aLINE BK debit card. Promotion period for both Tao Bin and Shopeeare 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 sixprestigious global awards for its financial products and services. Thefollowing are the three winners of the Retail Banker InternationalAsia Trailblazer Awards 2023:1. Winner of the Best Open Banking Initiative Award: for beinga social banking platform that enable customers to open savingsaccount and special rate accounts directly within their LINEapps.2. Winner of the Most Dynamic Third-Party CollaborationAward: for LINE BK's partnership in various industries andleveraging the data points from our partners for serviceefficiencies.3. Highly Commended - Best Loan Offering Award: for a loanservice that is designed to serve the underserved targetsegment, who cannot access to the conventional bankingsystem, by utilizing alternative data.two additional awards from the Digital CX Awards 2023 Winnersas follows:4. Winner of The Best Fintech for Digital CX - ConsumerLender Award: a result of LINE BK's collaboration with partnersto provide LINE BK customers with alternative financing sources,such as collateral loans and gold pawning services etc.
5. Winner of Best Digital Bank for Digital CX in ThailandAward: for LINE BK's social banking service can incorporatefinancial services into the LINE app for users' utmostconvenience.And the last one from The Asian Banker Thailand Awards 2023:6. Best Digital-Only Bank Award: LINE BK with its digital-onlyplatform and robust credit model, combining app usage data withfinancial score assessment, has taken a leap in creditworthinessassessment in digital banking.Tana stated that in the second half of 2023, LINE BK will continue tofocus on offering loan services to customers across the countrythrough online and offline communications, as well as local marketingto reach more customers in each province. The company is preparingto attract new customers with a variety of promotions and campaigns.As a social banking platform, LINE BK intends to introduce additionalservices to customers for awareness and trials through specialprivileges with leading companies. In the third quarter of this year,LINE BK will launch a full insurance brokerage service under theKASIKORN LINE Insurance Broker, which plans to surprise customerswith a special promotion in the early stage of its launch.
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