Line Finance taps the lure of gold for savings

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AFTER successfully launching Line Finance with over 4.3 million users, Line is partnering with Hua Seng Heng, the leading gold trader in Thailand, to unveil a new service called “Gold Saving” under Line Finance.

Line Finance, a financial BOT assistant, aims to educate and help Thai people save for their future, making gold savings accessible to everyone – online, real-time, and secured.

Currently, only 1.4 million Thai people have invested in the stock market and less than 2 million Thais have invested in long-term and retirement mutual funds. That means less than 3 per cent of the population invest in the stock market or funds. Financial management is perceived as complicated.

On the other hand, gold is a savings asset that can penetrate the mass market; gold is perceived as a tangible and stable asset. However, users have to physically travel and wait in a queue at stores and bring cash, thus making it inconvenient and time consuming.

Ariya Banomyong, managing director of Line Thailand, said that Line is partnering with Hua Seng Heng to offer an alternative way for gold savings integrated to Line: account registration, real-time trading, and secured transactions. Hua Seng Heng allows a minimum purchase of Bt1,000 through Line Finance, which has never been done before, making it widely accessible to anyone.

Tanarat Pasawongse, chief executive officer of Hua Seng Heng Group, said that Hua Seng Heng is making fintech a priority and would like to bring technology and innovation to help customers to buy gold more easily.

“I believe that partnering with Line, a leading platform in Thailand, will allow people nationwide to save gold easier, faster and safer within the Line Finance official account,” said Tanarat. Users can experience gold saving by adding the Line Finance official account (search ID: @linefinance or click: https://lin.ee/fAIzPes) in Line.

Opening an account is very simple: users only need to send a picture of their national ID card and bank account in Line Finance.

Users can purchase gold from a minimum of Bt1,000 to a maximum of Bt200,000 per day.

Email and PIN verification are required for users’ financial security when buying, selling or withdrawing gold. Money will be transferred to users’ registered bank account within one working day after the user completes their requests.

The Nation
Republished with permission from The Nation
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