LINE Corporation and Mizuho Financial Group, Inc. announced the cancellation of their joint smartphone banking project, which was initially scheduled to launch in May 2019.
The companies had planned to establish the LINE Bank Establishment Preparatory Corporation to facilitate the bank’s opening by leveraging LINE’s 94 million monthly users, user-friendly UI/UX, and Mizuho Bank’s extensive banking expertise.
The proposed “smartphone bank” aimed to provide a unique service by allowing all banking transactions through the LINE application.
However, after carefully considering the current social and economic climate, both companies concluded that ensuring safe, secure, and convenient services would require additional time and investment.
As a result, it is not currently feasible to provide customer-centric services that meet expectations.
Following discussions with business partners and related companies, LINE and Mizuho will proceed with the dissolution and liquidation of LINE Bank Establishment Preparatory Corporation.
Despite this setback, the two companies maintain a positive relationship and will continue collaborating on customer-centric services.
They have already developed a personal loan service through LINE Credit Corporation as part of their joint financial venture.
From now on, LINE will focus on improving its services’ quality, safety, and security while offering new financial experiences unique to its platform.
Similarly, Mizuho will invest in digitalizing various functions, including Mizuho Direct, in continuously improve customer convenience.
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