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E-Commerce Giant Plans Credit Card in Thailand
November 20, 2012
Rakuten, the world's third largest e-commerce firm, has been expanding its footprint worldwide. And now the firm is looking to add credit cards to its offerings in Thailand.
The investment could come about through a joint venture with local commercial banks, an acquisition or co-branding, noted a report Monday by the Bangkok Post. This follows its 112 million baht (US$3.6 million) investment for a 67 percent stake in Tarad.com, Thailand's biggest e-commerce website, noted the report.
Rakuten is no stranger to the credit market. The company is based in Japan, where top retailers are heavily involved in the credit card issuing business. In fact, Rakuten has its own credit card business in Japan as well.
"Thailand is a strategic country in Southeast Asia. We want to expand into the credit card business here," said Hiroshi Mikitani, Rakuten's chairman and CEO, in the article.
Rakuten also is operating in many other markets, including the United States, where it owns e-retailer Buy.com.
to read more from ZDNet.
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