LINE Bank marks first year in Taiwan with 1.1 million users
The digital-only bank has been popular with young people.
LINE Bank Taiwan has announced that it has exceeded 1.1 million users in its digital-only banking app.
LINE Bank is a subsidiary of Japanese messaging app LINE. Originally a communication app, LINE wanted to diversify its business so it embarked on providing financial services. LINE Bank was first established in Taiwan in April 2021.
According to LINE Bank, its popularity was boosted by younger users, revealing that 75% of its users are between the ages of 20 to 39, with the most active users being office workers, students, and people who work in retail.
Amongst LINE Bank Taiwan’s many notable achievements in its first year, LINE Bank debit cards have topped all industry peers in terms of transaction volume, according to data from the National Credit Card Centre (NCCC), in both dollar amount and the number of transactions per card in relation to cards in circulation.
According to Q4 2021 data published by Taiwan’s Financial Supervisory Commission, LINE Bank digital (savings) accounts 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.
“Since LINE Bank Taiwan began operations in April 2021, we have been at the centre 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.
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