In 2014, you opened Rakuten Securities Bullion in Hong Kong, offering a unique platform with commission-free trading and high leverage catering to the region’s dynamic trading demands. In 2017, you entered a joint venture with Kenanga Investment Bank to establish Rakuten Trade, the country’s first fully online equities brokerage that enables Malaysian investors to access stock trading and investment management through a digital-first approach. Can you tell us about the challenges for your global operations and how you’re overcoming them, and do you have any plans for further expansion, with or without partners? If so, where and what does a partner of choice look like for Rakuten Securities?
The Rakuten group's strategy is to expand its sphere to the global arena, providing comprehensive services. Following that strategy, Rakuten Securities has expanded overseas. We have established an online brokerage business model in Japan, and we want to apply that to overseas markets, especially those centered on the Asian regions. We have started with Hong Kong and Malaysia.
For Malaysia, we established a joint venture with Kenanga Investment Bank Berhad, the biggest brokerage firm company in Malaysia, as Malaysia’s first fully online securities company. Kenanga is a strong local player and has a nudge for the Malaysian people and culture. Our strategy is to develop roots in local communities, which takes time. We need to understand the local market and business culture to provide a brokerage service for local and global stocks successfully. We have dispatched a few members from Japan and have asked the locals to join the company, with them primarily driving the company since they understand the local community mindset.
In Malaysia, since our business model is a stock brokerage, the local regulations require that we have a joint venture with a local company, but in Hong Kong, our business is a margin FX, focusing on a global product. That is the same business model everywhere in the world. Therefore, we have a 100% owned subsidiary, but we have local staff to do marketing and to help penetrate the market.
Are you currently in the early stages, or are you already looking for partners?
We are always looking for new opportunities and partners. We will have discussions and consider how to define our business model and how to find good partners.
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