Digital lenders target strong growth this year

• Published date: 10 February 2023
• Publication title: Bangkok Post

Digital lending service providers are aiming for strong loan growth and business expansion this year.

Line BK, a social banking platform under Kasikornbank, grew total users for its mobile app to 5.3 million and targets extending new loans by 5 billion baht in 2023.

As of December last year, Line BK booked total loans of 50 billion baht with 600,000 loan accounts, Tana Pothikamjorn, chief executive at Kasikorn Line Co Ltd, said in a statement.

The company's strategy this year is to increase users by 1 million and to further develop its products.

Line BK's financial transaction service will provide more convenience in accessing services, while its credit provision service plans to expand to cover all regions of Thailand, said Mr Tana.

By the third quarter, Line BK plans to launch a life insurance brokerage service.

Line BK is registered as a life insurance broker under the name Kasikorn Line Insurance Broker and obtained permission from the Office of the Insurance Commission.

A system is being developed to allow customers to browse and pay for insurance products directly via Line BK, he said.

Under its financial inclusivity policy, the company focuses on unbanked and underbanked customers, aiming to provide them with convenient access to basic financial services.

"Regarding loan service, we continue to focus on quality customers, while reaching out to more nano-credit...