Japan’s Rakuten Bank surpasses $74.75b in deposits

The bank reported over 16 million accounts as of July 2024.

Rakuten Bank has surpassed over $74.75b (JPY11t) in deposits as of end-July 2024.

In a press release, the Japan-headquartered bank announced that it has over 16 million accounts excluding closed accounts.

Beginning May 2024, the bank began offering digital experiences through JRE Bank, the internet banking service for JR East Group customers.

Rakuten Bank said that it has also expanded the number of organizations that accept direct debit for public utility payments.

Other initiatives include Money Bridge, which directly links customers’ Rakuten Bank and Rakuten Securities accounts and provides preferential interest rates on the joint balance; the Super Point Up Program, which offers higher points earned when shopping on Rakuten Ichiba; and the Rakuten Pay app.