Rakuten Group Launches 'Rakuten Kakeibo' Service for 100 Million Members Using Coocon Data
Provides financial data from over 500 institutions in Japan to launch a customized asset management service
Has been developing data business in Japan for over 10 years and continues to expand its local customer base.
Coocon (CEO Jong-hyun Kim, KOSDAQ 294570), a business data platform company, announced on the 13th that it will be the first Korean company to provide financial information from over 500 institutions, including financial institutions, e-money, telecommunications companies, and shopping malls, to the Rakuten Group in Japan.
The Rakuten Group operates Japan's leading shopping mall and has over 40 subsidiaries, including Rakuten Card, Japan's largest credit card company, as well as banking, travel, telecommunications, and media businesses. Last month, the Rakuten Group launched 'Rakuten Kakeibo' (Rakuten Household Account Book), a service that allows its 100 million members in Japan to easily view their asset status, leveraging Coocon's data.
MWI, Coocon's Japanese subsidiary, provides Rakuten Group with diverse financial data from a total of over 500 Japanese institutions, including banks, credit card companies, telecommunications companies, e-money, shopping malls, and points. The Kakeibo service allows users to view their bank account balances, credit card usage, shopping mall purchase history, and various point balances all in one place. Through Coocon's data, the Rakuten Group can now provide its members with more accurate and personalized asset management services.
Furthermore, Rakuten Group's Kakeibo service automatically classifies and provides income such as salary/bonus deposited into bank accounts, credit card history, and expenses such as telecommunications, gas, and water bills. This allows users to easily understand their overall household income and expenses, supporting effective asset management.
This is not the first time Coocon has provided data to Rakuten. Previously, the company provided data for 'Money Support', an asset management service offered by Rakuten Bank, Japan's largest digital bank.
Rakuten Group's Kakeibo service plans to gradually expand its services to include information from the securities and insurance industries in order to provide customers with more detailed asset management services beyond the financial information from banks and credit cards that were implemented in this initial launch. Furthermore, aiming to provide a unified asset management service that allows users to check various Rakuten services in one location, Rakuten plans to gradually expand the Kakeibo service to its affiliated companies in the future.
Tae-kyung Lee, the CEO of Coocon's Japan branch, which oversees the company's data business in Japan, stated, "Similar to the cases of MyData introduction in Korea, there is a growing interest in asset management services in Japan, which is expected to lead to the expansion of such businesses. We expect Coocon to achieve meaningful results both domestically and internationally as a data provider, leading the way in business innovation."
In 2014, Coocon established its Japanese subsidiary, MWI, and has been actively developing its data business in Japan. Building on its successful data business model in Korea, the company has achieved significant results over the past 10 years. It has steadily increased its customer base, encompassing fintech companies, financial institutions, general corporations, and public organizations.
Japanese fintech companies and financial institutions have leveraged the financial data provided by Coocon to create financial services used in daily life, such as personal asset management services and automatic savings services for spare change. General corporations utilize Coocon's data for business automation, including corporate fund management services, deposit and withdrawal management, and expense management. Additionally, Coocon has provided data, such as shopping mall purchase history and utility bill payment history, to Japanese government agencies during the process of assessing household financial conditions.
Coocon has expanded its presence beyond Japan to Southeast Asian markets like Vietnam and Cambodia. To ensure stable data collection and smooth local operations, Coocon is focusing on business expansion through its subsidiaries in Vietnam and Cambodia. This allows the company to provide data-driven electronic financial services and infrastructure in the local market.
In the Southeast Asian market, Coocon plans to participate in the 'Singapore Fintech Festival', Southeast Asia's largest fintech event, held in Singapore in the second half of this year. This participation will allow the company to continue expanding its network in the Southeast Asian market.
Coocon Introduction
Coocon, founded in 2006, has focused on collecting, connecting, and organizing business data for over 15 years. Through its information API store, 'Coocon.net', it provides business-essential data in API format. Detailed information about Coocon can be found on its website and Coocon.net.
Website: http://www.coocon.net/
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Director Do-yeol Kim
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