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Rakuten Bank, Japan's top digital lender, surges in stock debut

IPO follows successful share flotation by rival Sumishin SBI

Rakuten Group CEO Hiroshi Mikitani has sought to reassure investors that the costliest part of the company's investments are behind it. (File photo by Getty Images)

TOKYO -- Rakuten Bank, Japan's largest digital lender by assets, made its debut on the Tokyo Stock Exchange's Prime section on Friday, in a move that highlights the country's shift to digital technology and cashless transactions.

A virtual bank without branches or its own ATMs, Rakuten Bank boasts 14 million accounts and 9 trillion yen ($67.2 billion) in deposits. Rakuten Bank aims to more than double the latter figure in four years, setting a target of 25 million accounts and 20 trillion yen in deposits by March 2027.

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