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[Alpha Biz=(Chicago) Reporter Paul Lee] Naver LINE said it will withdraw its stock business from Japan.
LINE has decided to transfer and pull out of securities-related services, including stock trading of LINE Securities (Tokyo), an Internet securities firm jointly operated by Nomura Holdings (HD).
LINE entered the securities business in 2019 targeting beginners in stocks, but was unable to withstand fierce competition and withdrew.
LINE Securities, which transfers its main securities business, will actually only have FX (foreign exchange margin) transactions.
LINE Securities has 1.5 million accounts at the end of 2022, with LINE Financial holding 51% and Nomura HD holding 49%, respectively.
Stock service customer accounts are handed over to Nomura Securities so that they can continue trading.
LINE Securities Co. drew customers by drastically lowering transaction fees. The final loss in 2022 (April 2022 to March 2023) was 10.5 billion yen (about 97.1 billion won).
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
