Line Financial and Mizuho Bank announced on the 22nd that they have mutually agreed to make additional investments and change the management system for the company preparing for the establishment of Line Bank.
Line Financial and Mizuho Bank are in the process of establishing a smartphone bank that can be easily used by linking with Line, and are planning to establish a new bank in 2022 on the premise of permission from relevant authorities.
Due to the recent spread of Corona 19, increasing the spread of cashless and accelerating digital transformation (DX), the demand for smartphone financial services in various age groups is increasing. Launched in May 2019, the line bank establishment preparation company aims to provide a variety of financial services that reflect this demand. Developed as the only smartphone-based’main bank’ in Japan, this bank service will be integrated into the Line app and will maximize convenience for the digital generation.
Line Financial and Mizuho Bank will make an additional investment of 12 billion yen (about 126.3 billion won) to the line bank establishment preparation company to further accelerate the system change for business development, and through this, a total of 16.5 billion yen line bank establishment preparation company It will secure a capital reserve of (about KRW 173.7 billion).
In addition, it plans to establish a management system as a joint representative system in order to strengthen the connection between Line Financial and Mizuho Bank and promote joint responsibility as an equal partner. Accordingly, in addition to the current CEO, a new co-representative from Mizuho Bank will be inaugurated, and line Financial will appoint four members and Mizuho Bank will appoint four other directors and auditors to further enhance the governance structure of the company preparing for the establishment of Line Bank. Strengthen. The new co-president plans to announce the decision as soon as it is finalized.
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The line bank establishment preparation company combines the line user base in Japan with more than 86 million monthly users, the simple UI and UX of Line, and the banking know-how accumulated by Mizuho Bank. It is planning to introduce’Phone Bank’. Users can enjoy a new financial experience differentiated from existing banking services through the main banking service that can be used safely at any time without visiting the bank, as well as a one-stop banking service in their hands.
Line Financial and Mizuho Bank said, “We plan to do our best to create a user-centered smartphone bank, while creating a new financial experience that is implemented through safe and high-quality services.”