Rakuten gets approval to issue credit cards in ROC
May 1, 2014, 12:03 am TWN
TAIPEI -- Japanese e-commerce giant Rakuten (樂天) Inc. has gained regulatory approval from the Financial Supervisory Commission (FSC, 金管會) to issue credit cards in Taiwan, as part of its efforts to achieve an ambitious growth target this year.
The FSC announced late Tuesday that Rakuten Card Co., a credit card subsidiary of the Japanese online retailer, had been given approval to set up Rakuten Card Taiwan Inc. with capital of NT$300 million (US$9.93 million).
It will be the fourth foreign-funded card-issuing company in Taiwan, along with American Express International (Taiwan) Inc., Diners Club International (Taiwan) Co. and AEON Credit Card (Taiwan) Co., the FSC said in a statement.
Grace Lo, head of business at Taiwan Rakuten Ichiba Inc., said at a press briefing Tuesday prior to the FSC's announcement that the issuance of own-branded credit cards is part of Rakuten's plans to increase its revenue in Taiwan by over 60 percent this year.