MANILA, Philippines — Delgado family-owned Transnational Diversified Group (TDG) is set to launch a new platform through MarCoPay Inc. as part of efforts to venture into the rapidly growing financial technology (fintech) space.
MarCoPay chief operating officer Areson Cuevas said the company is well on its way to meet its target launch date early next year after getting the green light from the Bangko Sentral ng Pilipinas (BSP) to operate as an electronic money issuer (EMI).
“This is not just an accomplishment for us, but also for the hundreds of thousands of seafarers in the world who are braving the seas to give their loved ones a better life,” Cuevas said.
The Delgado family partnered with Japanese shipping giant NYK Line in July for the development of MarCoPay. The planned app will utilize QR (quick response) codes that vessel masters and seafarers could use to manage, receive, spend and remit their salaries in the form of e-money.
The platform is tapping into a huge market of currently over 1.6 million seafarers in the world and 220,000 of them are Filipinos.
MarCoPay president and chief executive officer Toshiaki Fujioka said the company intends to introduce value-added features for seafarers to make the most out of the platform, whether on sea or on land.
“An estimated $800 million of cash is present on all ships at any given time, which is prone to maritime dangers such as piracy, fraud, and theft. With MarCoPay helping vessel masters manage their money digitally, it will be much easier and safer for seafarers and vessel masters to handle their hard-earned salaries,” Fujioka said.
The Business Research Company estimates the fintech space to reach $309.98 billion by 2020.
TDG is a globally competitive and progressive business group of highly successful companies engaged in leading industries. Since its establishment in 1976, TDG now has more than 40 member companies that are major players in diverse industries such as shipping and logistics, travel and tourism, and information and communications technology.
On the other hand, Nippon Yusen (NYK Line) is one of the oldest and largest shipping companies in the world. Its fleet of about 800 ships includes container ships, tankers, bulk and woodchip carriers, Ro-Ro car carriers, reefer vessels, LNG carrier and cruise ships.