July 31, 2019
  • RAKUTEN, INC.

Notice regarding Approval for Banking Operations in Taiwan

 

  Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announces that on July 30, 2019, Rakuten Bank, Ltd. (CEO: Hiroyuki Nagai, hereinafter “Rakuten Bank”) and Rakuten Card Co., Ltd. (CEO: Masayuki Hosaka, hereinafter “Rakuten Card”), wholly owned subsidiaries of the Company, with IBF Financial Holdings Co., Ltd. (hereinafter “IBF”), received necessary approvals to start a banking operation in Taiwan.

 

1. Purpose and background

   Since the launch of an E-Commerce service in 2008, Taiwan Rakuten has expanded its business into areas such as credit cards, travel, flea market app, and e-books. Taiwan Rakuten has formed a strong ecosystem centered around the E-Commerce and credit card businesses, making it one of the most important regions within our overseas business.
  To further strengthen the ecosystem within Taiwan, Rakuten Bank and Rakuten Card applied for and received the necessary approvals to operate an online banking business with IBF, which had already been considering to enter the banking business. Our target is to start providing banking services within fiscal year 2020.

 

2. Overview of the Joint Venture

(1)

Company name

RAKUTEN INTERNATIONAL COMMERCIAL BANK CO., LTD.

(2)

Business

Electronic banking services

(3)

Capital

TWD 10 billion

(4)

Fiscal year

December

(5)

Ownership

Rakuten Bank 50%, Rakuten Card 1%, IBF 49%

(Note) Head Office, Representative, date of establishment, total assets, net assets are undecided

 

3. Overview of Rakuten Bank

(1)

Company Name

Rakuten Bank, Ltd.

(2)

Head Office

1-14-1 Tamagawa, Setagaya-ku, Tokyo

(3)

Representative

Hiroyuki Nagai

(4)

Description of Business

Electronic banking services

(5)

Capital

25,954 million yen

 

4. Overview of Rakuten Card

(1)

Company Name

Rakuten Card Co., Ltd.

(2)

Head Office

1-14-1 Tamagawa, Setagaya-ku, Tokyo

(3)

Representative

Masayuki Hosaka

(4)

Description of Business

Credit cards, card loans, credit guarantees

(5)

Capital

19,323 million yen

 

5. Overview of IBF Financial Holdings Co., Ltd.

(1)

Company Name

IBF Financial Holdings Co., Ltd.

(2)

Head Office

F10, No.167 Section 2,Nan-King East Road Taipei Taiwan

(3)

Representative

Wea Chin-Lin

(4)

Description of Business

Financial services

(5)

Capital

TWD 28,100 million (as of December 31, 2018)

 

6. Impact on business performance

  At present, the potential impact on Rakuten Group consolidated financial performance is expected to be limited. We will promptly announce any matters that require disclosure in the future.  

*Please note that the information contained in press releases is current as of the date of release.

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