Rakuten launches commercial banking operations in Europe

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Rakuten Inc has officially launched commercial banking operations in Europe with Rakuten Europe Bank S.A.

Rakuten Europe Bank will offer banking services throughout Europe. While initially focusing on providing payment, deposit and loan services for merchants on the PriceMinister e-commerce platform in France, the bank also plans to expand these services to merchants on other Rakuten Group marketplaces. Rakuten Europe Bank is positioned to become the banking platform for the businesses that make up the growing Rakuten Ecosystem in Europe, as well as offer banking services to new and high-growth fintech businesses across the region, the company said.

Rakuten’s European headquarters were first established in Luxembourg in March 2008 to oversee the operations, finances and human resources of Rakuten’s businesses in the region and, since acquiring a banking license in February 2015, Rakuten has made preparations for the launch of commercial banking operations with Rakuten Europe Bank from this base.

Pierre Gramegna, Minister of Finance for Luxembourg, said: “I am very pleased that Rakuten has joined the growing ranks of international groups that have chosen Luxembourg as the European hub for their banking operations. Rakuten Europe Bank will be a valuable addition to Luxembourg’s thriving Fintech ecosystem and contribute to foster innovation in the financial center.”

“We are extremely pleased to be able to begin commercial operations with our European banking license from our Luxembourg offices,” commented Masayuki Hosaka, Representative Director and Vice Chairman, Rakuten and head of Rakuten’s fintech businesses. “Since its founding, the Rakuten Group has worked to develop the Rakuten Ecosystem, a comprehensive range of online services centered around Rakuten membership, including fintech businesses, such as credit cards, banking, securities and life insurance. With Rakuten Europe Bank, we aim to provide banking services in Europe that will parallel the successes of the Rakuten Group’s fintech businesses in Japan.”

© Japan Today

©2023 GPlusMedia Inc.

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I wonder if foreign companies are allowed in Japan to do the same.

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