Japanese e-commerce giant Rakuten has 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.
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 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 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.”
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