JANUARY 8, 2019
Announcement Concerning an Agreement to Establish a Joint Venture on the Premise of Acquiring Approvals etc for a Banking Business in Taiwan
Rakuten Bank, Ltd. (CEO: Hiroyuki Nagai, hereinafter “Rakuten Bank”) and Rakuten Card Co., Ltd. (CEO: Masayuki Hosaka, hereinafter “Rakuten Card”), wholly owned subsidiaries of Rakuten, Inc. (Chairman and CEO: Hiroshi Mikitani, hereinafter “the Company”) announced today that it has reached an agreement (hereinafter the “Agreement”) with Waterland Financial Holdings Co., Ltd. (hereinafter “WFH”), for the formation of a joint venture to start a banking operation in Taiwan.
Purpose and background of the Agreement
Since the launch of an E-Commerce service in 2008, Taiwan Rakuten has expanded its business into areas such as credit cards, a 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, we have agreed to begin preparation of launching an online banking service in Taiwan together with WFH. On the premise of acquiring approvals etc from the authorities, Rakuten Bank, Rakuten Card, and WFH will follow necessary procedures to provide banking services in Taiwan.