Rakuten Group aims to integrate bank, fintech units

Apr1,2024



Tokyo: Rakuten Group It is planned to integrate fintech business In a group, it said on Monday, it aims to strengthen cooperation and customer acquisition across all sectors online banking And Credit Card To security And insurance.
Rakuten Group and Rakuten Edge A memorandum of understanding on the restructuring was signed, which will take effect in October, the companies said in the statement.
Rakuten Bank will still be listed on the Tokyo Exchange integrationHe added.
The parent company's finances, which focus on e-commerce platform Rakuten Ichiba, have suffered since the mobile carrier's launch in 2020, leading to 14 consecutive quarters of operating losses.
To generate cash Rakuten has issued equity and debt and sold assets, for example by listing Rakuten Bank in April 2023.
It also applied to list its securities arm in July 2023, but this was delayed until the following November, with Rakuten instead selling a 30% stake in the company to Mizuho Financial Group.
The group said Rakuten will consider abandoning plans to list Rakuten Securities after the reorganization.



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