Japanese fintech and e-commerce firm Rakuten has launched commercial banking operations in Europe under the brand name, Rakuten Europe Bank.

The new bank will be based in Luxembourg, and focus on providing payment, deposit and loan services for merchants on the PriceMinister e-commerce platform in France.

In addition, the new bank will also deliver banking services to new and high-growth fintech businesses across the region.

Rakuten representative director and vice chairman and head of fintech businesses Masayuki Hosaka said: “We are extremely pleased to be able to begin commercial operations with our European banking license from our Luxembourg offices.

“With Rakuten Europe Bank, we aim to provide banking services in Europe that will parallel the successes of the Rakuten Group’s Fintech businesses in Japan.”