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Japan's Rakuten logs $1bn annual loss as mobile buildup continues

CEO Mikitani says mobile bank IPO to come in second half of 2022

Rakuten Mobile subscribers have reached 5.5 million since the network's launch two years ago. (Photo by Keiichiro Sato)

TOKYO -- Rakuten Group plans to list its digital bank in the second half of this year, CEO Hiroshi Mikitani said on Monday, the same day the Japanese conglomerate reported a $1 billion loss for 2021 amid heavy spending on its mobile unit.

Fintech is the company's most consistently profitable segment, and Rakuten Bank saw the number of its digital bank accounts cross the 12 million line in January, according to the company. Profit for the group's fintech segment grew 9.6% last year to 89 billion yen ($770 million).

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