Rakuten Securities Reports Solid Financial Results for FY 2020

Rakuten Securities Inc, one of the largest foreign exchange brokers in Japan, ‎has reported its financial results for the fiscal year ending December 31, 2020, which were characterised by upbeat revenues and profits, according ‎to a Rakuten statement.

Rakuten Securities yielded an operating revenue of ¥72 billion ($698 million) during the FY2020, which is a gain of 30 percent from ¥56 billion in the year earlier. ‎

The same narrative was noted across the profit attributable to owners of the parent company (net income), with the figure coming ‎in at ¥15 billion ($145 million) which is 33 percent higher compared to its 2019 equivalent. ‎

In terms of overall assets, the Tokyo-headquartered brokerage currently holds ¥2.4 trillion ($23 billion), which is up by a third from which it was at the end of the previous fiscal year. ‎

Rakuten Securities, alongside other e-brokers, reaped the benefit of stay-at-home orders to stem the Covid-19, which drove many young, first-time investors to open new accounts. The retail trading boom has led Rakuten’s subsidiaries in many markets to triple its users base in 2020.

Rakuten Diggs Further into Crypto Craze

Rakuten Group, the parent entity, plans to announce its consolidated financial reports for the fiscal year ended December 31, 2020, on February 12, 2021.

Rakuten Securities is one of the largest Japanese FX brokers and operates regional businesses including in Hong Kong, following an acquisition of one of FXCM’s prior businesses five years ago.

Rakuten Securities, which operates retail foreign exchange brands in Australia and Malaysia via a joint venture with Kenanga Investment Bank Berha, is part of E-commerce giant Rakuten. Rakuten.com runs the fourth largest e-commerce business, trailing ‎only behind Alibaba, eBay and Amazon.

Leveraging synergies within the group, Rakuten has ventured into the digital asset space with the launch of its cryptocurrency exchange, known as 'Rakuten Wallet'.

The move comes nearly four years after the e-retailer acquired Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term startup, Bitnet and opened a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term lab in the UK, ‎becoming one of the more noteworthy firms in the Asia-Pacific ‎region to top on the cryptocurrency bandwagon.