Japanese e-commerce and financial giant Rakuten is exploring a potential initial public offering in the United States for its credit card business, according to two people familiar with the matter.

The discussions are at an early stage, with Rakuten weighing alternative options, including a possible stake sale to a strategic buyer, one of the sources said.

The move marks a rare step for the Tokyo-based firm, which operates one of Japan’s largest credit card businesses, as it seeks to tap international capital markets and unlock value from its financial services segment.