Nomura Holdings Inc. and LINE Corp. signed a memorandum of understanding to explore a business alliance to offer securities services.

The two companies will consider setting up a joint venture, tentatively named LINE Securities Corp., to offer mobile and online brokerage services and securities investment services to LINE users, according to a March 28 statement.

LINE Securities will leverage LINE's user base and Nomura's expertise in the financial business.

The venture will be 51% owned by LINE and 49% owned by Nomura.

Nomura and LINE plan to establish LINE Securities in May, subject to the signing of a final joint venture agreement, as well as regulatory and board approvals.