Rakuten Group Inc. has sold around 15% of its credit card subsidiary to Mizuho Financial Group Inc. for ¥165 billion, which is equivalent to $1.1 billion. This move is part of Rakuten's strategy to strengthen its capital reserves due to losses in its mobile business segment.

This transaction reflects Rakuten's efforts to manage financial challenges and optimize its asset portfolio. Mizuho's acquisition of a stake in Rakuten's credit card operations highlights the increasing interest in financial services in Japan's competitive market.