Rakuten Card Co, a unit of Japanese e-commerce giant Rakuten Inc, plans to invest NT$500 million (US$16 million) and create 100 jobs in Taiwan this year before issuing credit cards by this fall, senior executives said in Taipei yesterday.
The announcement came after the Financial Supervisory Commission (FSC) on April 24 approved plans by the Japanese credit-card issuer to set up a local unit that could serve as a launch pad for expansion to other Asian markets.
It is the first time Rakuten Card has acquired an overseas permit and the first permit issued by Taiwan in 12 years.
Rakuten Card will soon establish a unit in Taiwan, allowing the parent group to deepen its presence in e-commerce, digital content and financial services, said Yuichi Ejiri, managing director of Taiwan Rakuten Ichiba Inc (台灣樂天市場), an online retailer.
Taiwan is one of the most successful overseas markets for Rakuten Group, Ejiri added, saying that with its upcoming payment tool, Rakuten will be able to integrate e-commerce, membership and its popular “super points” program into a seamless option for merchants and consumers.
Rakuten Card Taiwan Inc (台灣樂天信用卡) is to have paid-in capital of NT$300 million and serve as the innovation and education hub for the group’s planned payment enterprises in Indonesia, Malaysia, Singapore and other Asian markets, he said.
The payment service provider would also support the parent group’s plan to expand its credit-card business by 40 percent and overall revenues in Taiwan by 60 percent this year, Ejiri said.
Rakuten Card has quickly gained market share since its launch in 2005 due to high customer satisfaction, convenience and the absence of annual fees, executive vice president and director of Rakuten’s finance business Masayuki Hosaka said.
“We are confident Rakuten Card will bring a fresh and exciting approach to the credit-card industry in Taiwan,” Hosaka said.
Founded in 1997, Rakuten is based in Tokyo and has 11,000 employees serving Asia, Europe, the Americas and Oceania, company data showed.
The group made Forbes magazine’s list of the world’s “Top 10 Most Innovative Companies” in 2012 and last year.
Rakuten is to be the fourth foreign credit-card issuer in the nation, after American Express International Inc (台灣美國運通), Diners Club International Co (台灣大來) and AEON Credit Card Co (台灣永旺).
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