Rakuten (Reduce, ¥400, -56%) Rakuten cancels FinTech reorganization; Rakuten Card to deepen alliance with Mizuho instead
Rakuten has ditched its FinTech reorganization plans since it was announced six months ago. Instead, the Group is now opting to deepen the collaboration between its main arm of the FinTech segment, Rakuten Card, with Mizuho, presumably by selling a stake in Rakuten Card to the latter . While details are not disclosed yet, we share our preliminary view below.Rakuten is mainly engaged in the Internet-related business. Along with its affiliates, Co. operates in two business segments. The Internet Services segment is engaged in the operation of electronic commerce sites, including an Internet shopping mall "Rakuten Ichiba," an online cash back site, a travel booking site, portal sites and digital contents sites; the sale of advertising on Co.'s sites; the provision of messaging and communication services; and the management of a professional baseball team "Tohoku Rakuten Golden Eagles." FinTech segment is engaged in the provision of Internet banking services and online securities trading services, and the credit card and life insurance businesses.
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