Seafarer-focused e-money app MarCoPay obtains licence in the Philippines

The app will use QR codes to help seafarers manage and remit salaries.

MarCoPay, an e-money platform for seafarers, has been certified by the Philippine central bank to operate in the country, according to a news release.

First announced in July last year, the joint fintech venture by Philippines-based logistics company Transnational Diversified Group (TDG) and Japanese shipping firm NYK Line will utilise QR codes to help seafarers manage, receive and remit their salaries.

With the licence, the platform is expected to meet its target launch date early next year.

MarCoPay also plans to offer value-added features for seafarers to make the most out of the platform. There are currently over 1.6 million seafarers in the world, with 220,00 of them Filipinos.