Rakuten teams up with IBF Financial to establish a joint venture in Taiwan

Thursday 21 May 2020 11:49 CET | News

Japan-based ecommerce company Rakuten, together with IBF Financial have set up a joint venture in Taiwan.

The new joint venture has been named Rakuten International Commercial Bank (RICB) and will be headquartered in the country’s capital Taipei. According to Verdict, it will provide electronic banking services to customers with a capital of USD 333.6 million.

Rakuten group, which received the regulatory nod to establish the joint venture in 2019, will be the majority stakeholder of the RICB. Therefore, under the terms of the joint venture agreement, Rakuten Bank will own a 50% stake in RICB while Rakuten Card will own a 1% stake.

Rakuten Bank and Rakuten Card also received the regulatory nod to establish an online banking business with IBF Holdings.

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Keywords: Rakuten, IBF Financial, banking, Taiwan, Japan, ecommerce, Rakuten International Commercial Bank, RICB, Taipei, electronic banking, Rakuten Card, online banking
Categories: Banking & Fintech
Countries: Taiwan
This article is part of category

Banking & Fintech