MarCoPay Launches E-Market Update for Filipino Seafarers

MarCoPay (MCP), an eMoney salary platform for seafarers, is set to launch an e-market update in its app which will expand its list of services as a one-stop shop e-wallet provider. The added feature will strengthen MCP’s commitment to advance financial health within the seafaring community.

MCP’s application will now include e-market solutions which will “empower millions of Filipino seafarers with home and auto loan applications, auto insurance, home and family insurance, and health insurance.”

“We are thrilled to work with our partners in making groundbreaking services readily available for our brothers and sisters at sea.  As we continue to support the Filipino community, 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,” — Izumi Yamashita, MCP Innovations, Inc. General Manager.

The platform recently partnered with BPI, one of the largest banks in the Philippines, which helped make loan applications more accessible even while at sea through MCP.

Moreover, 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. 

Japan’s largest bank MUFG Bank, Ltd. (MUFG) is also one of MCP’s newest investors. Through the investment, MCP aims to build and expand new services through the MarCoPay app such as investment products in addition to the existing services already being offered like eMoney salary payments in dual currencies, remittances, foreign exchange, and various types of loans and insurances.

MCP noted that through these new partnerships and developments, seafarers operating their vessels at sea can now access essential financial services for themselves and their loved ones with just their phones.

“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,” – Toshiaki Fujioka, MarCoPay Inc. President and CEO

Aside from these innovations, 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.

 What is MarCoPay?

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.

MCP offers 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. 

In a statement, MCP noted that it 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.

This article is published on BitPinas: MarCoPay Launches E-Market Update for Filipino Seafarers

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