Kukon Provides Financial Data to Japan's Rakuten

Additional Data for Securities and Insurance Sectors Planned

Data platform company KUKON announced on the 13th that it will provide financial data to Rakuten Group, a leading Japanese shopping mall operator. Rakuten Group owns more than 40 subsidiaries, including the Japanese card company Rakuten Card, as well as banks, travel, telecommunications, and media companies.

Rakuten Group launched the ‘Rakuten Household Ledger’ last month targeting 100 million Japanese members by utilizing KUKON’s financial data. The household ledger service allows users to get an overview of their asset status, including bank account balances and various point details. It also supports effective asset management by categorizing income deposited into bank accounts and expenses withdrawn.

Rakuten Group has been able to provide more accurate and customized asset management services by utilizing financial data from MWI, KUKON’s Japanese subsidiary. MWI provides Rakuten Group with data from over 500 sources, including banks, card companies, telecommunications companies, shopping malls, points, and electronic money.

Going forward, securities and insurance industry data will be gradually added to the Rakuten Household Ledger to enhance the service. Additionally, the household ledger service is expected to be gradually expanded to affiliated companies to provide integrated asset management services.

Earlier, KUKON established MWI in 2014 based on its domestic data business model and has been actively developing its data business in Japan. It has also provided data to the asset management service ‘Money Support’ of Rakuten Bank, a Japanese digital bank.

Lee Taekyung, head of KUKON Japan, who oversees KUKON’s data business in Japan, said, “Similar asset management services to the domestic MyData introduction cases are gaining interest in Japan as well, and this business is expected to expand.” He added, “We hope KUKON will achieve meaningful results both domestically and internationally as a data provider and lead business innovation.”