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Rakuten to form banking JV in Taiwan

E-commerce company Rakuten Inc. on Jan. 8 said its subsidiaries Rakuten Bank Ltd. and Rakuten Card Co. Ltd. agreed to form a joint venture with Waterland Financial Holding Co. Ltd. to help launch an online banking service in Taiwan.

The banking joint venture will have a capital of ¥36 billion. It aims to improve Taiwan Rakuten's e-commerce ecosystem, which includes a travel and flea market app, credit cards and e-books.

Rakuten Bank will own 50% of the joint venture, while the Taiwanese financial services provider will own 49%, leaving Rakuten Card with the remaining 1%.

The Japanese company added that the establishment date, fiscal year and total assets have not been decided. The joint venture is subject to customary approvals and procedures.

As of Jan. 8, US$1 was equivalent to ¥108.58.