Thailand's Kasikornbank PCL and Japanese mobile services company LINE Corp. have set up a new venture in Thailand offering lending services.

The new venture, called Kasikorn Line Co. Ltd., has a registered capital of 5.0 million baht. Kasikornbank partnered with LINE Financial Asia to launch the digital platform and owns at least 50% of the company's shares.

The platform will offer loan products in partnership with the Thai bank and will serve as an open architecture broker for insurance and mutual fund, according to a Dec. 12 release.

As of Dec. 12, US$1 was equivalent to 32.76 Thai baht.