Japan’s E-Commerce Giant Rakuten Refiles Bid to Form U.S. Bank

May 29, 2020, 8:52 PM

Japanese e-commerce platform Rakuten, Inc. has resubmitted an application to form a chartered bank in the U.S.

The company, which has been making inroads into the U.S. market with its consumer rewards program, said it refiled its application for federal deposit insurance on Friday. The company pulled its original application with the Federal Deposit Insurance Corp. in March.

“The revised application incorporates feedback received from the FDIC that enhances and strengthens certain areas of the application. Rakuten Bank America is confident that the revised application is stronger and is responsive to the FDIC’s feedback,” a spokesman for Rakuten Bank America ...

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