Rakuten Units OK'd for Taiwan Banking Biz

Economy

Tokyo, July 31 (Jiji Press)--Rakuten Inc. <4755> said Wednesday that its banking and credit card units have received regulatory approval for offering banking services in Taiwan jointly with a local company.

Rakuten Bank and Rakuten Card Co., both fully owned by the Japanese e-commerce giant, and their Taiwanese partner, IBF Financial Holdings Co., will step up preparations for the service launch within fiscal 2020.

The three companies will jointly establish an online bank, which will provide deposit and settlement services to users of Rakuten's e-commerce services in Taiwan.

The joint entity, Rakuten International Commercial Bank, will have 10 billion Taiwan dollars in capital. It will be owned 50 pct by Rakuten Bank, 49 pct by IBF and one pct by Rakuten Card.

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