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Companies

Line to upgrade mobile payment with $1.3bn bond issuance

Chat app provider will allocate money to fintech and AI development

Line is adding more services, such as asset management, to its namesake chat platform.   © Reuters

TOKYO -- Japanese app developer Line will issue about 148 billion yen ($1.33 billion) in zero-coupon convertible euroyen bonds overseas under plans announced on Tuesday, aiming to invest in its mobile payment service and smart-speaker tech.

Line will spend 100 billion yen of the proceeds on financial technology and 48 billion yen on artificial intelligence, areas it is targeting for growth, over the three years through 2021. It will invest a total of 30 billion yen in the fields this fiscal year.

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