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Rakuten completes succession of Rakuten Cash to Rakuten Edy

Rakuten Inc. on Oct. 1 completed the succession of its Rakuten Cash business to Rakuten Edy Inc.

Rakuten Edy is a subsidiary of the Japanese online company's payment unit, Rakuten Payment Inc.

On July 26, the internet service provider said the absorption-type split aims to increase operational efficiencies and further promote its payment arm.

Under the program, Rakuten will receive one ordinary share of Rakuten Payment as consideration.