Rakuten officially announced today that it will launch commercial banking operations in Europe from its Luxembourg headquarters.
Having set up its European headquarters in the Grand Duchy in 2008, Rakuten is set to significantly expand its operations by offering banking services throughout Europe.
Initially focusing on providing payment, deposit and loan services for merchants on the PriceMinister e-commerce platform in France, Rakuten Europe Bank plans to expand these services, notably to act as the banking platform for the businesses that make up Rakuten’s growing ecosystem in Europe, as well as offer banking services to new and high-growth Fintech businesses across the region.
“We are extremely pleased to be able to begin commercial operations with our European banking license from our Luxembourg offices,” commented Masayuki Hosaka,
Representative Director and Vice Chairman, Rakuten, Inc. and head of Rakuten’s fintech businesses. “With Rakuten Europe Bank, we aim to provide banking services in Europe that will parallel the successes of the Rakuten Group’s Fintech businesses in Japan.”
Pierre Gramegna, Minister of Finance for Luxembourg added “I am very pleased that Rakuten has joined the growing ranks of international groups that have chosen Luxembourg as the European hub for their banking operations. Rakuten Europe Bank will be a valuable addition to Luxembourg’s thriving Fintech ecosystem and contribute to foster innovation in the financial center.”
Already firmly established as an EU hub and competence centre for international financial institutions, asset managers and insurance companies, an increasing number of Fintech companies have found in Luxembourg an ideal platform to develop their activities on a pan-European basis and to serve their customer base across Europe.