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Marubeni to invest in Philippines e-money venture for seafarers

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/news/06/22/marcopay.jpg"/><figcaption>Courtesy of MarcoPay website</figcaption></figure></div><p>TOKYO - Major trading house Marubeni Corp. is acquiring a stake in an e-money platform joint venture for seafarers between shipping firm NYK Line and Philippine-based conglomerate Transnational Diversified Group.</p><p>Marubeni has agreed with NYK Line and TDG to engage in the business of the Manila-based startup, MarCoPay Inc., for seamen who are heavily dependent on cash while on duty, as are their families.</p><p>Details of the deal were not disclosed, including how much the investment costs and how much stake the trader is acquiring.</p><p>Marubeni is making its first foray into the e-money business for ocean-vessel crew members with its stake in MarCoPay, the operator of the namesake platform for such functions as salary receipt, remittances, loan applications and insurance product purchases via a smartphone application.</p><p>&quot;We believe that combining the MarCoPay e-money platform and our diversified business interests can generate synergy effects,&quot; a Marubeni official told NNA, referring to its latest investment decision with respect to the 2-year-old company.</p><p>The Philippines is one of the world&#x27;s leading suppliers of crew members for foreign fleets.</p><p>In an effort to help expand the mobility of MarCoPay&#x27;s services, Marubeni plans to explore opportunities to offer its resources in multiple business fields including the financial, medical and communications sectors in collaboration with NYK Line and TDG.</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1642661" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Major trading house Marubeni Corp. is acquiring a stake in an e-money platform joint venture for seafarers between shipping firm NYK Line and Philippine-based conglomerate Transnational Diversified Group.</p>

Major trading house Marubeni Corp. is acquiring a stake in an e-money platform joint venture for seafarers between shipping firm NYK Line and Philippine-based conglomerate Transnational Diversified Group.