Rakuten, a Japan-based e-commerce firm, has received permission from the Taiwan Financial Supervisory Commission (FSC) to issue credit cards in the country.

Following approval, Rakuten’s credit card subsidiary, Rakuten Card, will establish Rakuten Card Taiwan with capital of NT$300m ($9.93m), chinapost.com.tw has reported.

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According to the publication, Rakuten Card Taiwan will be the fourth offshore-funded card-issuing company in the country, along with American Express International, Diners Club International and AEON Credit Card.

Rakuten Ichiba Taiwan business head Grace Lo was quoted by the news portal as saying that the issuance of own-branded credit cards is part of Rakuten’s strategy to boost its revenue in Taiwan by more than 60% in 2014.

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