Fintech
Rakuten Slips Further Since May On Delay In Fintech Reorganization
Shares of Rakuten Group Inc. slid as much as 6.7%, posting their biggest daily decline since May, amid delays in the Tokyo-based online mall operator’s plans to merge its fintech businesses.
A plan to reorganize Rakuten’s banking, finance, credit card and insurance businesses under one umbrella has fueled optimism at the debt-ridden company, which has been trying for years to turn around its money-losing wireless business.
Hiroshi Mikitani
Photographer: Akio Kon/Bloomberg
However, that move will not happen until January, rather than October this year as previously planned, the company said, citing regulatory issues and taking into account minority shareholder Rakuten Bank…