MarCoPay expands its services with the launch of the electronic market – Back End News
MarCoPay (MCP), the eMoney pay platform designed for seafarers is expanding its services to become a one-stop e-wallet provider.
MCP is bolstering its functionality with the introduction of e-marketplace solutions to provide Filipino seafarers with home and auto loan applications, auto insurance, home and family insurance, and health insurance.
Along with this update comes the announcement of new industry partners to provide the most secure, efficient and convenient financial experience for the global maritime community.
Enstack simplifies small business operations
UK-based Edutech and Microsoft launch Disney-themed learning app
BPI, one of the largest banks in the Philippines, was among the first to make loan applications more accessible to seafarers, even at sea, through the app. BPI MS, a joint venture of BPI and Mitsui Sumitomo Insurance Company, one of the largest non-life insurance companies in Japan, was also announced as insurance partner of MarCoPay, alongside PhilCare as HMO provider. for health insurance. Thanks to these new developments, seafarers operating their vessels at sea can now access essential financial services for themselves and their loved ones with just their phone.
“As we continue to support the Filipino community, we look forward to working with other businesses that share our commitment to improving the financial health of seafarers through a single app that meets all of their financial needs,” said Izumi Yamashita, G, MCP Innovations Inc.
MCP also recently welcomed its newest investor, Japan’s largest bank MUFG Bank, Ltd. (MUFG) in March 2022, adding to the list of its shareholders a strong and formidable background in shipping, trading, ship’s crew, finance and related industries. With the investment of MUFG Bank, Ltd., MCP aims to create and develop new services such as investment products in addition to the existing services already offered such as e-money salary payments in two currencies, remittances funds, currencies and various types of loans. and insurance accessible via the MarCoPay application.
Backed by the Transnational Diversified Group of Companies (TDG), Japanese shipping giant NYK, leading integrated Japanese trade and investment conglomerate Marubeni, and now MUFG as a global shareholder, MarCoPay was created to overcome the many obstacles faced by Filipino workers based at sea. supporting their families back home. After its creation in 2019 and obtaining a BSP license in 2020, the application was finally launched for public use in August 2021.
Since then, its e-wallet solutions have enabled thousands of Filipino families to benefit from the Peer-to-Peer transfer service with no transaction fees, in-app currency exchange and payroll remittance feature. has developed with partner agencies and shipping companies. As of this writing, MCP has onboarded an estimated 33,000 sailors across 11 companies, garnered 7,000 app downloads, and secured 7 third-party vendors as long-term allies to expand app capabilities. to meet the urgent financial needs of seafarers.
MCP hosts financial education seminars aimed at reducing the digital finance information gap and plans to expand its programs to include the broader OFW community.
“We intend to be the trusted partner of Filipino workers in preparing for their retirement and creating a comfortable life with their families despite their remoteness, and to achieve this goal, we believe that we must do our part by educating them on their options and the tools they can use,” said Toshiaki Fujioka, President and CEO, MarCoPay Inc.