Rakuten Inc (TYO:4755) has announced that on January 19, 2021, Rakuten International Commercial Bank commenced business operations in Taiwan. This happens after the bank completed its registration of establishment on May 18, 2020, following the obtaining of a business license.
Let’s note that Rakuten Bank, Ltd. and Rakuten Card Co., Ltd., as well as IBF Financial Holdings Co., Ltd., have been preparing for the commencement of the business activities after receiving necessary approvals to start a banking operation on July 30, 2019 from the Financial Supervisory Commission, which is the financial supervisory authority of Taiwan.
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. The initial target was to start providing banking services within fiscal year 2020.