Messaging application Line has formed a new subsidiary company named Line Financial Corporation to create and provide a variety of financial services, including exchanging and transacting virtual currencies, and application of loans and insurance within its main app.
The new subsidiary company will also actively promote research and development of technologies, such as blockchain, and provide services that are convenient and safe to users. It is also actively looking out for people who are experts in these technologies and in finance to join its team.
This is not the first time Line has ventured into the financial space. In 2017, it introduced Line Pay, a mobile money transfer and payment service available on its main app. It has claimed that Line Pay received a global annual transaction volume exceeding JPY 450 billion and reached 40 million registered users.
2017 also saw the messaging app crowned as undisputed market leader in Japan by eMarketer.