Collaborating with Leading Global Professional Services Company Accenture and Citi, a World’s Leading Financial Services Company
As a part of a medium-term management plan to promote digitalization, NYK formed a joint venture with Philippines-based Transnational Diversified Group (TDG*) to launch electronic money platform “MarCoPay” for seafarers.
Collaborating with Accenture, a global leader in helping financial services companies become digital, and Citi, a world’s leading financial services company, NYK plans to form a world-class and highly secure platform which contributes to enhance the lives of seafarers and their families.
1. Business Company Overview
Company: MarCoPay Inc.
Headquarters: Manila, the Philippines
Shareholders: NYK (50%), TDG (50%)
Established: July 12th, 2019
Representative: Toshiaki Fujioka, President Director, CEO
Service launch date: January 2020 (schedule)
2. What Can Be Achieved by Using MarCoPay
MarCoPay is an electronic money platform designed mainly for seafarers hired outside Japan to make digital settlements with QR codes, international remittances and withdraw cash on a smartphone app.
By using MarCoPay to receive their salaries and purchase daily supplies on ships, crew members can go cashless on board and send money to their home countries and withdraw cash from ATMs anywhere in the world.
* The name MarCoPay comes from Maritime Community.
- Illustrative image of electronic money platform
- Screen image of salary payment and international remittance with special app
- MarCoPay Service Movie
3. MarCoPay Platform Supports Seafarers
While foreign seafarers generally earn more than the average population in their home countries, they’re often not fully recognized and valued socially and economically. This attributes to the state of development the financial infrastructure and local credit systems in their countries are in, as well as their unique term contract. MarCoPay aims to contribute to an environment in which they can obtain further favorable conditions for bank loans and insurance coverage with this new electronic money platform.
NYK plans to expand the network in which MarCoPay can be used to shipowners and ship-management companies outside of NYK, continue to add new functions, and collaborate with diverse retailers and service providers. Thus, NYK believes MarCoPay will transform into a global platform which will support the lives of seafarers and their families around the world.
NYK will continue its efforts in realizing its mission of “Bringing value to life” and contributing to a better world through business activities.
< Contribution of Accenture in the Development of MarCoPay >
Accenture leveraged its extensive technical expertise and experience in the financial industry to develop a solution that enables the integration of multiple digital services and networks in a single platform, significantly reducing the required development time and ensuring it meets the highest global standards with robust security.
<Partnership with Citi>
Citi, a world’s leading financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Citi’s wide range of innovative financial solutions via a global infrastructure that has connections to more than 200 cash clearing systems, enables crew members to make efficient and secure international remittances to their home countries
* Transnational Diversified Group (TDG) is a globally competitive and highly progressive Philippine-owned business group that is comprised of over forty companies, primarily in logistics, ship management & manpower, travel & tourism, information and communications technology, and other investments in industries such as renewable energy, agriculture and real estate.
It has been actively working with NYK since its establishment in 1976, and has since become a respected strategic partner of large global corporations due to its world-class experience and win-win outlook.
<Related press release>
Published on November 21, 2018
NYK Looks to FinTech to Realize Cashless Ships
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