Rakuten Securities Yields Upbeat Revenue

Rakuten Securities Inc ‎has reported its financial results for the first fiscal quarter ending in March 31. Results were characterised by upbeat revenues and profits, according ‎to a Rakuten statement. ‎

The foreign exchange broker yielded an operating revenue of ¥17.6 billion or $161 million during Q1 2020. That was a gain of 20 percent from ¥14.3 billion earlier in the year . ‎

The same narrative was noted across the profits attributable to owners of the parent company or net income. The figure was coming in at ¥3.9 billion or $36.4 million. It was higher by 16.7 percent in comparison to its 2019 equivalent. ‎

In terms of overall assets, the Tokyo-headquartered brokerage currently holds ¥1.87 trillion or $17.5 billion. It was virtually the same as it was at the end of the previous fiscal year. ‎

Rakuten Securities is one of the largest Japanese forex brokers and operates regional businesses. That includes Hong Kong, following an acquisition of one of FXCM’s prior businesses five years ago.

Rakuten Securities is Part of Rakuten

Rakuten Securities operates retail foreign exchange brands in Australia and Malaysia via a joint venture with Kenanga Investment Bank Berhad. It is part of the E-commerce giant Rakuten. 

Rakuten.com operates the fourth largest e-commerce business in the world, trailing ‎only behind Alibaba, eBay, and Amazon.

Leveraging synergies within the group, Rakuten has ventured into the digital asset space. To pursue this, It has launched its cryptocurrency exchange, known as Rakuten Wallet.

This came about four years after the e-retailer acquired the Bitcoin payments startup Bitnet and opened a blockchain lab in the UK. As a result, it is ‎becoming one of the more noteworthy firms in the Asia-Pacific ‎region to hop on the cryptocurrency bandwagon.

Using the smartphone app, customers can make transactions for crypto asset trading accounts. This takes place when depositing or withdrawing Japanese yen and crypto-assets.

Rakuten Wallet, formerly Everybody’s Bitcoin, is a wholly-owned subsidiary of Rakuten. Rakuten acquired it for $2.4 million in August 2018.

Last August, the Japanese giant acquired the cryptocurrency exchange Rakuten Wallet, formerly known as Everyday’s Bitcoin. It acquired it for 265 million yen or around $2.4 million.