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Startups

Fintech hits high seas with Philippine e-money app for sailors

Japanese-backed MarCoPay aims to link crews to loans and insurance in $8bn market

MarCoPay grants sailors freedom to spend their money in ways not afforded by cash. (Photo courtesy of MarCoPay)

MANILA/TOKYO -- The Philippines, home to the most merchant ship crew members in the world, has produced a personal finance app that hopes to take the industry by storm.

Fintech startup MarCoPay was founded two years ago in Manila as a 50-50 joint venture between Philippine logistics giant Transnational Diversified Group and Japanese marine transporter Nippon Yusen. Japanese trading house Marubeni purchased a stake in June.

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