Line to apply for registration as a cryptocurrency exchange with formation of new finance business

Source: Line

LINE Corporation (“LINE”) established a new company, LINE Financial Corporation (“LINE Financial”), as a follow-up to LINE Pay – a mobile money transfer and payment service available on the LINE messaging app – in order to further reinforce its position in the financial business domain.

Last year, LINE Pay achieved major growth, with its global annual transaction volume exceeding JPY 450 billion and reaching 40 million registered users.

In the midst of this success, LINE has established this new company in order to create and provide an even more revolutionary financial service. Going forward, LINE will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance - all from the LINE app - and will continue to grow its financial business. Further, in addition to the high-level of security that LINE has cultivated for use in its day-to-day messages, the company aims to actively promote research and development of technologies such as blockchain and provide a financial service that is convenient and safe to users. LINE is actively engaging in hiring persons who are experts in these technologies and in finance.

In addition to its LINE Pay business, LINE will reinforce its position in the financial business domain through its businesses in LINE Financial Corporation and will continue closing the distance between people, their money, and services. LINE hopes to become a leader in the FinTech industry as the world moves increasingly towards a cashless wallet-less society.

With regard to the virtual currency related business, the application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency, and it is currently under review.
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