Rakuten Seeks Approval to List Finance Unit in Tokyo

(Bloomberg) -- Rakuten Group Inc. has applied to list its banking arm on the Tokyo Stock Exchange, as the Japanese online retailer seeks to accelerate an expansion into fintech.

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The listing of Rakuten Bank Ltd. should help grow an ecosystem that already encompasses online commerce, payments and a mobile carrier, the parent said in a statement Monday.

Hiroshi Mikitani, the company’s chief executive officer and founder, has been expanding Rakuten’s businesses while facing competition from Amazon.com Inc. in its core e-commerce operation. The US online retailer has invested heavily in Japan as one of its key overseas markets.

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