Japan's Line partners Mizuho, Tencent in fintech drive; shares jump [Reuters (UK)]
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Source: Reuters
Japan's Line partners Mizuho, Tencent in fintech drive; shares jump | Reuters 4 Min Read TOKYO (Reuters) - Japanese chat app operator Line Corp ( 3938.T ) will set up a bank with Mizuho Financial Group Inc ( 8411.T ) and also partner China’s Tencent Holdings Ltd ( 0700.HK ) to offer mobile payment services - plans which saw its stock rise 13 percent on Tuesday. Pending regulatory approval, the bank will provide financial services to Line’s almost 80 million users from 2020, Line and Mizuho said, without detailing the services to be offered. Line will hold 51 percent of the bank with Mizuho owning the rest. Separately, Line said Japanese retailers offering Line Pay services will be able to process payments from Chinese tourists using Tencent’s WeChat Pay beginning early next year. The moves come as Line seeks alternative revenue streams to offset stagnating user numbers for its eponymous flagship app, expanding into areas such as payments, stock broking, insurance and cryptocurren
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