Rakuten Group, Inc. recently announced that the Tokyo Stock Exchange approved the new listing of common shares of Rakuten Bank, Ltd., a consolidated subsidiary of the company, on the Tokyo Stock Exchange Prime Market.
The listing date on the Tokyo Stock Exchange Prime Market is scheduled for April 21, 2023 (Friday).
From that date onwards, Rakuten Bank shares will be “available for purchase and sale on this exchange.”
In addition, upon receiving this listing approval and in connection with the listing of Rakuten Bank shares, they decided to sell a portion of the Rakuten Bank shares owned by the company.
Up until now, Rakuten Group has set “empowering people and society through innovation” as its basic management philosophy.
In Japan and overseas, they have “developed more than 70 services in a wide range of fields including e-commerce, travel, Internet services such as digital contents, FinTech (financial) services such as credit cards, banking, securities, e-money and smartphone app payments, mobile services such as our mobile carrier business, and professional sports, all based on membership centered on Rakuten members.”
They have formed a unique “Rakuten Ecosystem” that connects services to each other. By creating an environment where members in Japan and overseas “can use multiple services in a migratory and continuous manner, we aim for synergistic effects such as maximizing the lifetime value per member and minimizing customer acquisition costs, and for maximizing group profits.”
The businesses that make up the Rakuten Ecosystem are “divided into the Internet Services segment, the Mobile segment, and the Fintech segment.”
Rakuten Bank belongs “to the Fintech segment and operates a banking business. It collaborates with other financial businesses such as Rakuten Card Co., Ltd., Rakuten Securities Inc., Rakuten Wallet, Inc., Rakuten Life Insurance Co., Ltd., Rakuten General Insurance Co., Ltd., Rakuten Payment, Inc. and Rakuten Edy, Inc. Co., Ltd. by mutually guiding customers and providing banking services to these companies and their customers.”
In addition to the financial business, they are working “on similar collaborations with businesses belonging to the Internet Services segment and the Mobile segment to create synergies.”
For more than 20 years since its establishment in 2001, Rakuten Bank has strived to provide more customers “with highly convenient financial services using the Internet.”
They believe “that these continuous efforts have helped Rakuten Bank to gain recognition for the convenience of its services is highly evaluated, and by the end of December 2022, the number of accounts exceeded 13.38 million.”
Many retail and corporate customers are now “using Rakuten Bank.”
In addition, as one of the Group’s Fintech companies, Rakuten Bank has collaborated with various financial businesses within the Group, “to develop and provide customers with convenient, affordable, and unique services.”
In this way, Rakuten Bank “recognizes that it has promoted the digitization of financial services as a pioneer of digital banks. Rakuten Bank positions this as its ‘First Growth Stage’.”
Through a listing, Rakuten Bank aims “to implement growth strategies with a more autonomous management perspective, and to enable various growth and financial strategies, including its own fundraising.”
As announced on April 28, 2022, in the “Rakuten Bank Medium- to Long-Term Vision”, Rakuten Bank is implementing a growth strategy in the “Second Growth Stage” based on its medium- to long-term vision, continuing “to improve corporate value along with business expansion.”
For more details on this update, check here.