NYK sets up ‘electronic money’ joint venture

Japanese shipping giant NYK has announced that it has established a new joint venture to create an ‘electronic money platform’ for use by seafarers.

The new MarCoPay company is a joint venture with Philippines-based Transnational Diversified Group (TDG), a group of over forty companies operating in industries including logistics, ship management and manpower, and information and communications technology.

The new platform has been created in collaboration with professional services company Accenture and financial services firm Citi, and aims to support seafarers in managing their money and remitting cash back to their families at home.

MarCoPay will also allow crews to make digital settlements with QR codes and withdraw cash, with all services accessible via a smartphone app.

The service is scheduled to be available from January 2020, and NYK says that it plans to expand the network in which MarCoPay can be used to external shipowners and ship management companies to make it a global platform, while continuing to add new functions and pursue additional partnerships with retailers and service providers.

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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