IT Home, January 31 -- According to Bloomberg, Line, Japan's largest messaging service, is expanding its financial services to include cryptocurrency trading, loans and insurance.

        On January 10, the company set up a dedicated financial team and has applied in Japan for the license required to operate a cryptocurrency trading business. According to people familiar with the matter, Line is also considering expanding this business to Hong Kong, China and Luxembourg. After the media first reported the news, the company's share price jumped 2.6%.

        Since its listing in July 2016, Line has been scaling back its global strategy, and will focus on markets such as Taiwan (China), Japan, Thailand and Indonesia going forward. Facing stagnant user growth, the company's CEO has been working to transform the Line app from a pure communications tool into an integrated communications and entertainment services product. The company will increase revenue from financial products to reduce its reliance on advertising.

        In addition, Line is considering applying blockchain technology in countries with underdeveloped financial infrastructure, so as to offer services such as paying utility bills via mobile phones. The company said it is stepping up recruitment of financial and blockchain technology experts around the world.
It is understood that Line has been providing smartphone wallet services since 2014. Line Pay has 40 million registered users worldwide.

Source: IT Home 2018-01-31