Accelerating Fintech Synergies to Enhance Rakuten's Long-Term Outlook

While Rakuten is most notable for its e-commerce platform, Rakuten Ichiba, we believe the company’s success in Japan lies in its first-mover advantage in establishing a comprehensive ecosystem composed of e-commerce, financial technology, and mobile network services. Over the years, Rakuten has accumulated over 40 million monthly active users, and close to 80% of users use more than two Rakuten services. We identify the convenience of accessing multiple services with one Rakuten ID and Rakuten’s point reward system as the main contributors to user stickiness.