Tokyo, May 9, 2014 – Rakuten Card Co., Ltd. of the Rakuten Group acquired a permit from Taiwan’s Financial Supervisory Commission (hereafter, “FSC”) on April 24 this year to establish a credit card issuing company in Taiwan. It is the first time for Rakuten Card to acquire such a permit overseas, and the company aims to begin issuing credit cards in Taiwan by fall this year.
Rakuten Card will soon legally establish the Rakuten Card Taiwan credit card company in Taiwan. Following that, the FSC will perform and audit of the company and finally, if the FSC approves, Rakuten Card Taiwan would receive a license to issue credit cards in Taiwan.
Rakuten first broke into the Taiwan market for the first time as an overseas e-commerce business in 2008. Should Rakuten Card be awarded a permit to issue credit cards, Rakuten Card would employ the “Rakuten Super Points” customer loyalty program in Taiwan as in Japan, allowing points to be used for a variety of services using the same unique Rakuten ID. This will grow the Rakuten Ecosystem in Taiwan, promoting further use of Rakuten’s services and will boost Rakuten’s visibility in the market.
Due to an oversaturated market, Taiwan has strictly limited the establishment of new credit card companies. However, based on the Rakuten Group’s ongoing contribution to the Taiwanese economy, the FSC awarded Rakuten Card the first new permit to establish a credit card issuing company in Taiwan in the past 12 years.
Rakuten Card was founded with the basic concept of no annual fee and high reward points, It is a highly convenient credit card for Rakuten members and increases the opportunities to earn and redeem Rakuten Super Points. Rakuten Card aims to help grow the local economy and offer consumers a convenient and secure credit card tied to the Internet’s best rewards program.