Marubeni Corporation in Japan has agreed a deal to acquire a stake in MarCoPay Inc, an electronic seafarer payments platform founded by NYK Line and Transnational Diversified Group (TDG) of the Philippines.
The MarCoPay system aims to reduce the amount of cash kept on board vessels for salary payments by providing a digital alternative that can be used internationally without generating prohibitive fees for seafarers.
The MarCoPay platform is designed to offer management of salary payments, remittances, cash withdrawals, and insurance and investment product purchases through a smartphone application. A loan application service for seafarers from the Philippines has also been integrated into the system.
Marubeni’s investment in the firm should allow for further expansion of the services available on the platform through collaboration with other Marubeni-related businesses, such as those in finance, medical services, and telecommunications, the partners said.