Rakuten Trade

What Rakuten Trade does

Rakuten Trade Sdn. Bhd. is a Malaysia-licensed online retail brokerage, established in 2017 as a joint venture between Japan's Rakuten Group and Malaysia's Kenanga Investment Bank Berhad, and headquartered in Kuala Lumpur. The company operates a cloud-based multi-market trading platform accessible via the iSPEED.my mobile app and web client, providing Malaysian retail investors with single-account access to Bursa Malaysia, US (NYSE/NASDAQ), and Hong Kong (HKEX) markets. Foreign equity execution and custody are delivered through a strategic partnership with Interactive Brokers, while real-time market data for US and HK markets is sourced from ICE Data Services.

The core product suite is structured around three account tiers — Cash Upfront, Contra, and RakuMargin (margin provided via Kenanga) — supplemented by feature modules including Raku-Invest (dollar-cost averaging RSP for US stocks), RakuPremium (up to 75% Bursa brokerage rebate), RakuFriends (referral program), RT Points loyalty, the Shariah Compliance Indicator, and US Amalgamation. Advanced order types (stop market/limit) and a Day Trade Rebate Program for Contra accounts are aimed at more active retail traders. The company is regulated by the Securities Commission Malaysia and is FATCA- and PDPA-compliant.

Rakuten Trade's revenue is almost entirely transaction-based, with brokerage commissions (RM1–RM100 on Bursa, USD0.88–USD25 on US markets) supplemented by ADR fees, corporate-action handling fees, US-specific surcharges, and a 1% fee on US stocks below USD1.00. Customer acquisition is product-led and digital-first: self-serve online onboarding with 1-hour approval, educational content via RakuCampus, a Telegram community, referral programs, and promotional campaigns (e.g., AAPL share rewards, gold incentives) replace traditional remisier-led distribution. The company serves 250,000+ RakuRangers across retail, beginner, active, long-term systematic, and Shariah-compliant investor segments, with no disclosed enterprise or institutional revenue.

Name

Rakuten Trade

Legal name

Rakuten Trade Sdn. Bhd.

Website

https://rakutentrade.my

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

Rakuten Trade is a Malaysia-licensed online brokerage, jointly owned by Rakuten Group and Kenanga Investment Bank, that provides Malaysian retail investors single-account access to Bursa Malaysia, US, and Hong Kong equities via the iSPEED.my platform at RM1–RM100 per trade.

Ownership category

akta.pro rank

Product category

Online Retail Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Brokerages & On/Off-Ramps (fiat rails, instant buy/sell) (FSAPADAG)

Keywords

• Online stock brokerage
• Retail trading platform
• Multi-market equity trading
• Margin trading accounts
• Shariah-compliant investing

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Fees: Primary revenue stream from brokerage commissions on trades. For Bursa Malaysia: RM1 minimum to RM100 maximum per transaction based on trading value. For US markets: USD0.88 to USD25. For HK markets: HKD rates. Rebates available through Day Trade Rebate Program and RakuPremium membership.
2. US Market Trading Fees: Additional fees including stamp duty, exchange fees for MYR-settled trades, and 1% surcharge on US stocks traded below USD1.00 per share (effective August 2023)
3. ADR Fees: American Depositary Receipt (ADR) program fees charged to clients trading ADR shares (USD0.01-0.03 per ADR share for depositary receipt fees)
4. Corporate Action Handling: Fees for corporate action processing including rights issue (RM33), warrant conversion (RM33), take over offers (RM33), and share transfers (RM10 per counter)
5. RT Points Redemption: Loyalty points system where clients earn 1 RT Point per RM1 brokerage spent, convertible to lifestyle rewards (airasia points, BonusLink, Boost) or brokerage rebates

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels9 records

Core offering

Rakuten Trade is an online retail brokerage that lets Malaysian investors trade equities and ETFs on Bursa Malaysia, US (NYSE/NASDAQ), and Hong Kong (HKEX) markets through a single account via its proprietary iSPEED.my platform. It earns revenue primarily from per-transaction brokerage commissions (RM1-RM100 for Bursa, USD0.88-USD25 for US markets), with additional streams from margin interest, corporate action handling, ADR fees, RakuPremium membership, and the RT Points loyalty program. The platform offers Cash Upfront, Contra, and RakuMargin account types, recurring investments (Raku-Invest), and a Shariah Compliance Indicator.

Product overview

Rakuten Trade is a fully online brokerage firm offering a unified multi-market trading platform accessible via iSPEED.my (web and mobile app). The core product suite comprises three account types: Cash Upfront (basic), Contra (extended trading limit with Day Trade Rebate eligibility), and RakuMargin (margin trading). The platform supports Bursa Malaysia, US (NYSE/NASDAQ), and Hong Kong (HKEX) markets through a single account. Key add-on modules include Raku-Invest (automated recurring investment for US markets), RT Points (loyalty rewards), RakuPremium (premium tier with enhanced rebates), and RakuFriends (referral program). Feature enhancements include Shariah Compliance Indicator for Islamic investing, Stop Market/Limit orders for risk management, and US Amalgamation for consolidated trading fees. The company leverages partnerships with Interactive Brokers (IBKR) for foreign equity execution and ICE Data Services for market data feeds.

Differentiator

Problem solved

Functional benefit

Products and services

• iSPEED.my Trading Platform Mobile and web trading platform for Bursa Malaysia, US (NYSE/NASDAQ), and HK (HKEX) markets, supporting stock trading, portfolio management, watchlists, price alerts, advanced order types, and multi-factor authentication.
• Cash Upfront Account Basic trading account requiring full payment before trades; beginner-friendly account type with brokerage from RM1 on Bursa Malaysia.
• Contra Account Charge card-style account extending spending limit based on collateral, with no rollover fees, margin interest at 6.5%, and up to 5x trading limit; eligible for the Day Trade Rebate Program.
• RakuMargin Margin trading account provided in collaboration with Kenanga Investment Bank, allowing trading with borrowed funds subject to a margin ratio requirement maintained above 180%.
• Raku-Invest Regular Savings Program (RSP) for US stocks and ETFs that automates weekly or monthly purchases in MYR amounts (RM100-RM9,999.99) using a Dollar Cost Averaging strategy.
• RakuPremium Membership Premium membership tier offering up to 75% Bursa brokerage rebate in RT Points, priority offline deposit processing, and dedicated WhatsApp access for qualifying clients.
• RT Points Loyalty Program Loyalty reward program where clients earn 1 RT Point per RM1, USD1, or HKD2 of brokerage spent; points are redeemable for airasia points, BonusLink, Boost lifestyle rewards, or brokerage fee offsets up to RM100 per transaction.
• Day Trade Rebate Program Rebate program for Contra Account users where buying and selling the same counter on the same day triggers a rebate equal to the lower of the buy or sell brokerage charges.
• RakuFriends Referral Program Referral program where existing clients invite friends via a unique referral link or code and earn rewards when referred friends join, activate their accounts, and start trading.

Quantifiable outcome

• Account approval within 1 hour
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Five partnerships are on record, tiered core, flagship and minor.

• Interactive Brokers (IBKR)coreTechnology or IntegrationStrategic technology partnership where IBKR serves as the foreign market execution and custody provider for US and HK market trades. Rakuten Trade routes foreign equity orders through IBKR's infrastructure, enabling Malaysian retail investors to access NYSE, NASDAQ, and HKEX through Rakuten Trade's platform.
• Kenanga Investment Bank BerhadcoreTechnology or IntegrationNominee account holder and custodian arrangement. Client CDS accounts are held under Kenanga Nominees (Tempatan/Asing) Sdn Bhd Rakuten Trade Sdn Bhd. RakuMargin financing is provided through KIBB. KIBB also approves margin accounts and handles force selling processes.
• ICE Data ServicescoreTechnology or IntegrationProvides US and Hong Kong market data feeds to Rakuten Trade, aggregating data from multiple licensed exchanges for real-time price quotes.
• Rakuten Group CompaniesflagshipStrategic or Co-development PartnerSubsidiary of Rakuten Group, leveraging the global Rakuten brand, technology, and ecosystem. Affiliated entities include Rakuten Securities (Japan), Rakuten Securities Hong Kong, and Rakuten Securities Bullion. Part of broader Rakuten ecosystem including e-commerce, loyalty programs, and financial services.
• Digital EducatorsminorGTM or Marketing PartnerCollaboration with digital educators who provide information on digital trading and Rakuten Trade's services from an educational standpoint only. Not employed as sales agents.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Rakuten Securities Hong Kong: Hong Kong-based Rakuten Group broker offering HK and US market trading through a similar online platform. Direct regional counterpart for Rakuten Trade's HK market offering.
• Kenanga Investment Bank Berhad: JV partner and licensed custodian for Rakuten Trade's CDS accounts. Operates a traditional Malaysian stockbroking franchise (including retail broking) and is the closest comparable incumbent that also serves Malaysian retail investors.
• Tiger Brokers (Singapore): Singapore-headquartered online broker offering multi-market (US, HK, SG, CN) access to Southeast Asian retail investors through a mobile-first platform. Closest regional peer in business model and target customer.
• moomoo Singapore: Regional online brokerage operated by Futu Holdings, offering US, HK, and SG equity trading with a content-led, app-first model. Directly comparable platform/UX approach and SEA retail focus.

Broad incumbents

• RHB Investment Bank: Major Malaysian investment bank with established retail broking and equity research presence. Competes with Rakuten Trade for Malaysian retail trading flow and wallet share.
• Public Invest: Established Malaysian retail broker and investment bank with broad Bursa coverage and a sizable retail customer base. Direct incumbent competitor on cost and multi-market reach.
• Rakuten Securities Japan: Parent-affiliate online broker in Japan under the same Rakuten Group. Operates the same low-cost retail brokerage model and shares the iSPEED product DNA, providing a directly comparable sibling business.
• CIMB Investment Bank: One of Malaysia's top-three stockbroking franchises with a banking-led distribution model, offering retail equity trading alongside investment banking services. Direct Bursa competitor.
• Maybank Investment Bank: Malaysia's largest investment bank and traditional stockbroker with extensive retail reach and full Bursa Market participation. Rakuten Trade's primary incumbent competitor for Malaysian retail share.

Others

• Interactive Brokers: Global electronic broker and Rakuten Trade's strategic technology and execution partner for US/HK trades. Comparable institutional-grade retail brokerage at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks1 record

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/rakutentrade
• Facebookfacebook.com/rakutentrade
• Instagraminstagram.com/rakutentrade
• TikToktiktok.com/@rakutentrade?_r=1&_t=ZS-92IE8FKDn5M
• LinkedInlinkedin.com/company/rakutentrade

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rakuten Trade