Rakuten Launches Commercial Banking Operations in Europe

Rakuten Inc has today announced the official launch of its commercial banking operations in Europe with Rakuten Europe Bank, headquartered in Luxembourg.

Rakuten Europe Bank will offer banking services across Europe 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.

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As well as being placed to become the banking platform for the businesses that make up the growing Rakuten Ecosystem in Europe, Rakuten Europe Bank will also offer banking services to new and high-growth Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term businesses across the region.

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. After acquiring a banking licence in February 2015, the bank has made preparations for the launch of its commercial banking operations from this base.

Masayuki Hosaka, Representative Director and Vice Chairman of Rakuten Inc and head of Rakuten’s fintech businesses, commented: “We are extremely pleased to be able to begin commercial operations with our European banking license from our Luxembourg offices. 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.”

Finance Magnates last reported on the Japanese giant back in November after it signed a huge sponsorship deal to be the official partner of the La Liga champions FC Barcelona, covering the 2017-18 to 2020-21 seasons.