Rakuten Plans to Merge Financial Units to Strengthen Collaboration and Customer Acquisition

The Japanese conglomerate aims to integrate its bank, insurance, securities, and credit card operations into a single group by October.

Rakuten Group announces plans to consolidate its financial operations, including banking, insurance, securities, and credit card services, into one unit to enhance collaboration and customer service.
The reorganization, expected to take place in October, is driven by the need for integrated data and AI utilization to provide innovative financial services.
Shares of Rakuten and its banking arm rose following the announcement, amidst efforts to manage the company's significant debt from its mobile carrier venture.
Rakuten Bank, which has seen customer growth due to the group's reward point system, will remain listed on the Tokyo exchange post-integration.
The move could see the cancellation of plans to list Rakuten Securities, with Rakuten Group considering the integration as a strategy to streamline operations and reduce app-related security concerns for consumers.