Japanese messaging service Line Corp is actually expanding its reach into financial technology, or fintech, using a brand new company which offers a cryptocurrency exchange, loans as well as insurance.
The Tokyo as well as U.S.-listed firm already offers a money transfer as well as payment service called Line Pay, however on Wednesday announced the item could launch a brand new division called the Line Financial Corporation to let users exchange digital currencies as well as use different financial services within the app.
the item did not add specific details on what This kind of could entail.
Line added which the item intends to “promote research as well as development of technologies such as blockchain” with the creation of its brand new financial offering. the item claimed which its payments unit had scored “major growth” in 2017, using a global annual transaction volume of more than 450 billion yen ($4.1 billion) as well as 40 million registered users.
The Japanese firm has 168 million monthly active users as well as is actually facing increased competition coming from the likes of Facebook-owned WhatsApp in its four key markets of Japan, Thailand, Indonesia as well as Taiwan.