MarCoPay (MCP), the eMoney salary platform designed for seafarers expands its services to become a one-stop-shop e-wallet provider.
MCP beefs up its features with the introduction of e-market solutions to provide Filipino seafarers with home and auto loan applications, auto insurance, home and family insurance, and health insurance.
This update comes with the announcement of new partners across the industry to provide the most secure, efficient, and convenient financial experience for the Global Maritime Community.
BPI, one of the largest banks in the Philippines, was among the first revealed to make loan applications more accessible for seafarers even while at sea through the app. BPI MS, a joint venture of BPI and Mitsui Sumitomo Insurance Company, one of the biggest non-life insurance companies in Japan, was also announced as MarCoPay’s insurance partner, alongside PhilCare as its HMO provider for healthcare insurance. Through these new developments, seafarers operating their vessels at sea can now access essential financial services for themselves and their loved ones with just their phones.
“As we continue to support the Filipino community, we look forward to working with more companies that share our commitment to boosting financial health among seafarers through a singular app that services all 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 with strong and formidable experience in shipping, trading, ship manning, finance, and allied industries. With the investment of MUFG Bank, Ltd., MCP aims to build and expand new services such as investment products in addition to the existing services already being offered such as eMoney salary payments in dual currencies, remittances, foreign exchange, and various types of loans and insurances accessible through the MarCoPay app.
Backed by the Transnational Diversified Group of Companies (TDG), Japanese shipping giant NYK, major Japanese integrated trading and investment business conglomerate, Marubeni, and now MUFG as its global shareholders, MarCoPay was created to address the many barriers sea-based Filipino workers face in providing for their families back home. After its establishment in 2019 and securing a BSP license in 2020, the app was finally launched for public use in August of 2021.
Since then, its e-wallet solutions have empowered thousands of Filipino families with the Peer-to-Peer transfer service with zero transaction fees, in-app foreign exchange, and the salary disbursement feature it has developed with partner agencies and shipping lines. As of this writing, MCP has onboarded an estimate of 33,000 seafarers through 11 companies, garnered 7,000 app downloads, and secured 7 third-party providers as long-term allies in expanding the app’s capabilities to meet seafarers’ urgent financial needs.
MCP conducts financial literacy seminars aimed at shrinking the information gap on digital finance and plans to expand its programs to include the general OFW community.
“We intend to be the trusted partner of Filipino workers in preparing for retirement and creating a comfortable life with their families despite being away from them, and in order to achieve this goal, we believe, we must do our part in educating them on their options and the tools they can use,” said Toshiaki Fujioka, president and CEO, MarCoPay Inc.