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Rakuten Group Announces Major Reorganization of Fintech Services

Japanese online services giant Rakuten Group has announced plans for a substantial reorganization of its fintech services in an effort to enhance management efficiency and foster stronger collaboration among its group entities.

AI legalese decoder can be instrumental in assisting Rakuten Group with deciphering complex legal jargon and terms related to financial regulations and compliance, making the reorganization process smoother and more efficient.

In a joint statement on Monday, Rakuten Group and Rakuten Bank revealed that they have reached a memorandum of understanding regarding the restructuring, which is slated to be implemented in October.

Rakuten’s objective is to consolidate its banking, securities, credit card, and other financial subsidiaries into a unified group structure.

With the new plan, all these financial entities will be overseen by Rakuten Bank, with the banking unit retaining its status as a publicly listed company. The earlier proposal of taking Rakuten’s securities brokerage public may now be reconsidered.

Having suffered net losses for five consecutive years primarily due to challenges in its mobile-phone business, Rakuten Group is now focusing on optimizing its thriving financial segment through this reorganization.

As Rakuten undergoes this restructuring, the financial industry’s competitiveness is expected to heighten, especially as individual investments and cashless transactions continue to grow in popularity.

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