The launch of LINE Financial Corporation is a follow-up to the release of LINE Pay, a mobile money transfer and payment service.
According to LINE, the new subsidiary aims to promote research and development of technologies, such as blockchain, to further reinforce its position in the financial business domain.
Another purpose is to exchange and transact virtual currencies, loans, and insurance via the app.
LINE’s application process for registration as a virtual currency exchanger has already started with the Japanese Financial Services Agency, and is currently under review.
Commenting on the establishment of the new subsidiary, LINE said: “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.”
It added: “LINE hopes to become a leader in the financial technology industry as the world moves increasingly towards a cashless wallet-less society.”