JAPAN’S largest bank MUFG has invested in MarCoPay Inc, an electronic money platform designed for seafarers and operated by NYK Line.
The investment partnership, announced this week, was driven by an agreed aim for joint business creation through the strategic partnerships among the four participating companies in the future, which includes platform operators Transnational Diversified Group and Marubeni Corporation.
“MarCoPay Inc. was established in July 2019 with the aim of solving the problems that seafarers, their families and stakeholders face and supporting and enriching their lives,” NYK said in a statement.
MarCoPay is currently developing the element of the financial platform that introduces various types of loans and insurances, as well as the provision of eMoney salaries and remittance and exchange functions via mobile apps.
“MarCoPay Inc. continues to expand and evolve its capability as a platform for supporting seafarers’ life stages by providing services that match their economic potential under better conditions,” NYK said.
The platform was initially designed with Filipino seafarers in mind, and as MUFG Bank also operates as a banking business in the Philippines, MarCoPay aims to collaborate with financial services in the country.
It also aims to build and expand new services such as savings and investment, and expand existing services through its expertise in areas such as credit scoring.
“Over the medium to long-term, by further improving the quality and expanding the functions of the financial platform, MarCoPay Inc. aims to circulate the value of the seafarers’ community throughout the maritime industry and realise sustainable maritime transport,” NYK said,
“At the same time, MarCoPay Inc. will work to resolve social issues such as access to financial services in Southeast Asia, including the Philippines.”
