KUALA LUMPUR: Rakuten Group Inc's subsidiary, Rakuten Card Co Ltd, has established a new systems development subsidiary in Ho Chi Minh City, Vietnam.
Rakuten Card has acquired a permit on October 12 to establish the subsidiary and has established Rakuten Fintech Vietnam Co Ltd.
The proprietary IT systems developed by Rakuten Card offer services to drive sustained growth and expansion of its service lineup, it said.
According to Rakuten, Rakuten Card has established Rakuten Fintech Vietnam as an overseas development centre.
The company aimed at strengthening the organisational structure, both accelerating system development and supporting business continuity planning.
The Vietnamese government has also implemented significant measures to support the development of human resources in the information technology (IT) industry, heightening expectations over the long term for securing and deploying top-tier IT talent within Vietnam.
In addition, the minimal time zone difference between Japan and Vietnam is ideal for rapid response to operational business needs in Japan.
The new company plans to hire IT engineers locally and initially develop internal systems for Rakuten Card.
Rakuten Fintech Vietnam also aims to become a core centre for overseas system development in Rakuten Group's FinTech business, including developing services for customers.
Since launching in July 2005, Rakuten Card has conducted a variety of initiatives to promote cross-use between Rakuten Group services and accelerate the adoption of cashless payments.
As a result, many customers widely use Rakuten Card across Japan, and the number of cards issued has exceeded 23 million as of June 2021, with annual credit shopping transaction volume reaching 11.6 trillion yen in 2020.
Rakuten Card has become one of the top service providers in the credit card industry in Japan and continues to deliver strong growth.
Rakuten Card aspires to enhance its credit card service and expand its lineup of features, making financial services more convenient, easier to use and more accessible to customers as it actively seeks to strengthen its organisation and secure global talent to provide even greater levels of satisfaction to customers.