The financial subsidiaries of Japanese company Rakuten have reached an agreement with Waterland Financial Holdings (WFH) to form a joint venture (JV) to offer online banking services in Taiwan.
The agreement with WFH was signed by Rakuten Bank and Rakuten Card, which are wholly owned subsidiaries of Rakuten.
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Under the agreement, Rakuten Bank will hold 50% stake in the JV while Rakuten Card will own 1% interest. The remaining 49% stake will be with WFH.
Rakuten and WFH agreed to allocate JPY36bn ($330m) capital for the initiative.
However, the date of establishment of the JV, representation, and details on its total and net assets are yet to be decided.
Rakuten has been present in Taiwan since 2008, when it launched e-commerce unit in the region. Since then, it has expanded its business into travel, flea market app, e-books and credit cards.
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By GlobalDataIt decided to foray into online banking services in Taiwan to further bolster its business ecosystem centred on the e-commerce and credit card segments.
In a statement, Rakuten said that the company, along with Rakuten Bank, Rakuten Card, and WFH, will follow necessary procedures to procure relevant approvals to start the business.
A local Taiwanese firm founded in 2002, WFH focuses on providing various financial products and services for individual and corporate clients.
Norwares Overseas and Hotel Taipei Miramar are major shareholders of the company.
