Thailand-based banking group Kasikornbank has reached an agreement to form a joint venture (JV) with Japanese instant chatting app operator Line to bolster its digital lending business.

The new joint venture Kasikorn Line Company will target 44 million Line users in Thailand. The JV aims to introduce products and services by the second half of this year.

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Once live, the Kasikorn Line Company will offer digital lending services as well as enable fund transfer from the LINE platform.

Kasikornbank president Patchara Samalapa said: “The addressable market is 44 million LINE users in Thailand.

“We aim to capture those who are mobile-friendly and digital savvy, especially the Millennial segment – the smartphone generation. Through this partnership, KBank and LINE will create a new social banking brand that is extremely easy to use and fun.

“Customers will enjoy instant banking service within the LINE platform, such as, simple step to apply banking products, fund transfer, and personal loan with fast approval process.”

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Both the entities agreed to form a combined task force for this JV. They will also team up to hire new people for Kasikorn Line Company.

LINE Financial Asia COO Young Eun Kim said: “We will work together to establish Social Banking experience — more user-friendly, accessible and lifestyle-driven — connected to the LINE platform which meets Thai people’s daily need and lifestyle by leveraging the 44 million users base, diverse access points, and accumulated knowhow in mobile user experience, plus KBank’s extensive experience and knowledge as being as leading mobile banking in Thailand.”

Currently, KBank has 15 million digital users.

Last month, Line partnered with Mizuho Financial Group to form a JV to explore the feasibility of opening a new bank.