E-money platform for seafarers expands services

Published April 6, 2022, 2:39 PM

by Emmie V. Abadilla


MarCoPay (MCP), the eMoney salary platform designed for seafarers, has added features to its roster of services in a bid to become a one-stop shop e-wallet provider.

MCP’s new e-market solutions include home and auto loan applications, auto insurance, home and family insurance, as well as health insurance.

It also brought in new partners, such as BPI, one of the largest banks in the country, to make loan applications more accessible for seafarers.

BPI MS, a join venture of BPI and Mitsui Sumitomo Insurance Company, one of the biggest non-life insurance companies in Japan, became MarCoPay’s insurance partner, alongside PhilCare as its HMO provider for healthcare insurance.

“We are thrilled to work with our partners in making groundbreaking services readily available for our brothers and sisters at sea,” says Izumi Yamashita, MCP Innovations, Inc. General Manager.

“We look forward to working with more companies that share our commitment in boosting financial health among seafarers through a singular app that services all their financial needs,” he added.

In addition, MCP last month welcomed its newest investor, Japan’s largest bank MUFG Bank, Ltd. (MUFG).

With MUFG funding, MCP aims to build and expand new services such as investment products, in addition to existing services, such as eMoney salary payments in dual currencies, remittances, foreign exchange, and various types of loans and insurances.

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 shareholders, MarCoPay was established in 2019 to cater to sea-based Filipino workers.

After securing a BSP license in 2020, the app was finally launched for public use in August of 2021.

Todate, MCP has onboarded 33,000 seafarers through 11 companies, garnered 7,000 app downloads, and secured 7 third-party providers.