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.