Mizuho amplifies strategic alliance with Rakuten Securities

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Mizuho amplifies strategic alliance with Rakuten Securities
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Mizuho Financial Group, Inc. reported an enhancement to their strategic alliance with Rakuten Securities Holdings, Inc., a subsidiary of the Rakuten Group. The strengthened partnership is marked by a share transfer agreement, with Mizuho Securities acquiring an additional 29.01% of Rakuten Securities' common stock from Rakuten Securities Holdings. This move leaves Rakuten Securities Holdings with a majority stake of 51% in Rakuten Securities. The announcement was made in a Form 6-K report submitted to the SEC.

The bolstered alliance aims to address societal challenges such as transitioning "from savings to investments" and designing an integrated asset management consulting service tailored to customer needs. The collaboration will strengthen areas such as investment information provision, financial education activities, superior UI/UX services, and high value-added services.

The partners aim to develop a platform for seamless use of online and offline services that cater to customer needs. In line with this objective, on August 30, 2023, Mizuho Bank and Rakuten Securities launched a financial products intermediary business, centered on the Rakuten Ecosystem, featuring seamless online payments.

Rakuten Securities Holdings had previously applied for a Tokyo Stock Exchange listing but chose to temporarily withdraw the application on July 4, 2023. This coincided with the announcement of the "new NISA system" from January 2024 and plans for developing intergenerational asset transfer services. The company plans to reapply for the listing at an opportune time in the future.

This recent development builds upon the original partnership between Mizuho Securities and Rakuten Securities Holdings announced on October 7, 2022, which involved a share transfer of 19.99% of Rakuten Securities' common stock to Mizuho Securities. Today's announcement indicates a significant expansion of that initial alliance, with the intent to build a new retail business model offering one-stop highly specialized solutions.

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