Marubeni buys stake in MarCoPay digital payments platform

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.

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Rob O'Dwyer
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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