Rakuten considers U.S. IPO of credit card business amid rising global listing trend

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Rakuten is exploring an initial public offering (IPO) in the United States for its credit card business, according to two sources familiar with the matter, as the Japanese e-commerce and financial services giant seeks to capitalize on global investor appetite for financial technology stocks.

The considerations, still in their early stages, include a potential stake sale to a strategic buyer, one source said. The move was reportedly prompted in part by SoftBank’s plans to list PayPay in the U.S., which could value the payments firm at over 3 trillion yen ($20 billion).

A U.S. listing of Rakuten Card would mark the company’s biggest overseas capital market move to date. Rakuten’s shares rose 4.7% in Tokyo following the Reuters report, outperforming the Topix index, which gained 1.6%.

Last year, Mizuho Financial Group acquired a 15% stake in Rakuten Card for 165 billion yen ($1.1 billion), valuing the business at over 1 trillion yen ($7 billion). The two firms have since launched joint credit card products.

Credit cards remain central to Rakuten’s ecosystem, linking its e-commerce, banking, travel, and loyalty programs. The division has issued over 30 million cards and reported a 20% rise in operating profit to 62 billion yen last year, though profit slipped 4.5% in the April–June 2025 quarter due to higher operating costs.

Rakuten Card aims to lift profits to 100 billion yen in the medium term and expand into corporate credit services, CEO Koichi Nakamura said earlier this year.

The company’s potential U.S. IPO comes amid a resurgent IPO market, with firms raising $24 billion in the third quarter, the busiest since late 2021, according to Dealogic.

Coinbase invests in India’s CoinDCX at $2.45 billion valuation

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Coinbase Global announced on Wednesday that it has made a new investment in CoinDCX, valuing the Indian cryptocurrency exchange at $2.45 billion post-money. The move strengthens Coinbase’s presence in the South Asian crypto market, where India remains a growing hub for blockchain and digital assets.

The investment marks another step in Coinbase’s long-term partnership with CoinDCX, following multiple funding rounds led by its venture arm, Coinbase Ventures. In April 2022, Coinbase Ventures joined a $135 million fundraising round that valued CoinDCX at $2.15 billion.

As of July 2025, CoinDCX reported annualized group revenue of $141 million and $1.2 billion in assets under custody, signaling strong growth despite ongoing regulatory uncertainty in India’s crypto sector.

“We believe India and its neighbors will help shape the future of the global on-chain economy,” said Shan Aggarwal, Coinbase’s chief business officer. He added that the deal remains subject to regulatory approvals and closing conditions.

Coinbase’s latest investment underscores a renewed wave of interest from global exchanges seeking exposure to India’s growing crypto and blockchain ecosystem, even as the country tightens oversight and explores the framework for a digital rupee.

Singapore unveils new law empowering online safety commission to block harmful content

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Singapore will establish a new online safety commission with authority to compel social media platforms and internet providers to block harmful online content, under a bill tabled in parliament on Wednesday.

The proposed law follows research by the Infocomm Media Development Authority (IMDA) in February, which found that more than half of verified user complaints about online harms — including child abuse, cyberbullying, and harassment — were not promptly addressed by major platforms.

The commission, which is expected to be operational by mid-2026, will have powers to order platforms to restrict or remove harmful content, ban perpetrators, and grant victims a right to reply. It will also be able to direct internet service providers to block access to harmful web pages or entire platforms within Singapore.

The new agency will oversee cases of doxxing, stalking, abuse of intimate images, and child exploitation, with further powers to target non-consensual data disclosures and incitement of enmity added in later phases.

The bill will be debated in the next parliamentary session. Minister for Digital Development and Information Josephine Teo said the initiative aims to address the persistent failure of online platforms to act on harmful content. “More often than not, platforms fail to take action to remove genuinely harmful content reported to them by victims,” Teo said.

The move expands Singapore’s regulatory oversight following the Online Criminal Harms Act, which took effect in February 2024. Under that law, the Home Affairs Ministry previously threatened Meta with fines of up to S$1 million ($771,664) for failing to combat impersonation scams on Facebook.