As the Japanese online retailer looks to hasten the growth of its fintech business, Rakuten Group Inc. has applied for the listing of its banking division on the Tokyo Stock Exchange.
Listing of Rakuten Bank Ltd. should help develop the ecosystem
The parent firm said in a statement on Monday that the listing of Rakuten Bank Ltd. should contribute to the growth of an ecosystem that currently includes online shopping, payments, and a mobile operator.
Hiroshi Mikitani, the CEO and founder of Rakuten, is growing the company despite competition from Amazon.com Inc. in its core e-commerce sector.
The American internet retailer has made significant investments in Japan as one of its primary international marketplaces.