Rakuten builds AI platform in collaboration with IBM Japan

Maria Nikolova

The “Rakuten AI Platform” will introduce chatbots with automatic response functions into customer support.

The financial services sector in Japan continues its push into the world of artificial intelligence (AI), as Rakuten Inc (TYO:4755) is building an AI platform in collaboration with IBM Japan.

Today, Rakuten announces that it has partnered with IBM Japan to create the “Rakuten AI Platform,” an internal Rakuten system which will introduce chatbots with automatic response functions into customer support. The system was built utilizing APIs provided by IBM Watson. One of the advantages of the platform is that it will reduce the time needed to introduce chatbots to each service and is expected to improve the quality and convenience of customer support.

As a part of the development of the new AI platform, the two companies have this year established the Center of Competency, a virtual organization in which employees from both companies develop and implement AI technologies and which provides training and education on the AI platform for Rakuten employees.

Rakuten has been promoting AI research in areas like image recognition technology, as well as big data analysis. By combining both internal and external AI-related technologies with its own business expertise, Rakuten pledges to continue the adoption of AI and enhance the quality of its services.

Recently, we have seen a number of Japanese financial services companies adopt AI solutions. This list of companies includes FX brokers too.

Kabu.com Securities, a subsidiary of Mitsubishi UFJ Financial Group Inc (TYO:8306), plans to launch “AlpacaSearch for kabu.com”, developed jointly with AI startup AlpacaDB Inc. The tool aims to help stock traders identify market opportunities. Japanese online trading company Monex Inc, a subsidiary of Monex Group, Inc. (TYO:8698), has teamed up with fintech company Good Moneyger, to provide a special AI-based market report to its clients.

The increased adoption of AI solutions has raised questions about human beings keeping (or losing) their jobs. From what we have seen in the FX world, AI is thus far used for improving the trading experience and research rather than overtaking anyone’s job. Uncertainty, however, looms for customer support staff and the creation of solutions like the new Rakuten AI platform proves it – the cost reduction and the smoothness of operations associated with such AI systems is lucrative for companies.

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”


Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.