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Philippine fintech app MarCoPay addresses seafarers’ needs

Published

6 months ago

May 28, 2024

Fintech startup MarCoPay is expanding its financial services for Filipino seamen, introducing QR-code payments and loans tailored to meet their unique needs, making their lives at sea more convenient and secure.

“As a one-stop financial platform for seafarers in the Philippines, we offer value that local financial institutions cannot,” said Toshiaki Fujioka, president of MarCoPay, in an interview with Nikkei Asia.

Based in Manila, MarCoPay provides a range of digital services, including e-money wage payments and cash remittances through a mobile app, and offers a streamlined process for applying for loans and insurance.

Fujioka announced that the company will introduce a QR-code payment service in the Philippine market this fall. This new feature will allow customers to shop at supermarkets and other retailers by simply scanning a QR code. Additionally, MarCoPay has lowered its remittance fees.

Seafarers, who often spend months at sea, traditionally receive their salaries in cash, posing security risks and complicating money transfers home. Crewing companies also incur security costs. With MarCoPay, seafarers can receive their salaries as e-money via the app, transfer funds to local bank accounts online, and benefit from discounted remittance fees. A partnership with Visa allows customers to use prepaid Visa cards while overseas.

The Philippines is the largest supplier of merchant sailors globally, with over 223,000 seafarers in 2024, according to British maritime research specialist Drewry, accounting for about 15% of the global total. Seafarers are among the best-paid workers in the Philippines.

Founded in Manila in 2019 as a joint venture between Japanese transport company Nippon Yusen and Philippine logistics giant Transnational Diversified Group, MarCoPay has rapidly expanded. Filipino sailors comprise 70% of Nippon Yusen crews. Japanese trading house Marubeni and MUFG Bank later acquired stakes in the startup, viewing it as an opportunity to expand their presence in Southeast Asia’s banking and healthcare sectors.

“The number of registered users has surpassed 20,000. We have contracts with 50 out of 300 crewing companies for seafarers in the Philippines. We expect our customer base to grow to 50,000 to 60,000 soon,” Fujioka said. “We ultimately aim to assist sailors with asset management to promote financial inclusion,” he added, noting that MarCoPay has secured a contract with a U.S. crewing company employing many Filipino sailors.

MarCoPay partners with local banks and insurance companies, such as BDO Unibank and Security Bank, to enhance access to financial services. Seafarers often struggle to obtain credit despite steady salaries due to their term contracts, and financial institutions find it challenging to reach them at sea. The app helps bridge this gap.

Originally, MarCoPay aimed to help seafarers purchase agricultural equipment, as many sailors and their families are involved in farming at home. “We receive over 1,000 inquiries monthly about purchasing Kubota’s agricultural machines,” Fujioka said.

Remittances to the Philippines, including those from seafarers, totaled $40 billion in 2023, equivalent to 9.2% of the country’s GDP, making it the fourth-largest globally, behind India, Mexico, and China, according to World Bank data.

Competition in Southeast Asia’s fintech market is intense and growing. A study by Google, Temasek Holdings, and Bain & Co. predicts that Southeast Asia’s digital payment market will reach a transaction value of $2.1 trillion by 2030, three times the figure in 2021. Major players like Grab and Gojek are expanding rapidly, and GCash, backed by China’s Ant Group, is also growing in the Philippines with tens of millions of users.

Fujioka emphasized that MarCoPay plans to differentiate itself by focusing on the niche market of seafarers, setting it apart from super-apps like Grab and Gojek. “Our app attracts customers because it is tailored to the unique needs of the Philippines. By filling these gaps, we believe in developing our strengths rather than mimicking other companies,” Fujioka said.

Source: asia.nikkei.com

The post Philippine fintech app MarCoPay addresses seafarers’ needs appeared first on HIPTHER Alerts.

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COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

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View original content:https://www.prnewswire.co.uk/news-releases/coca-celebrates-q2-2024-with-record-breaking-milestones-and-new-launches-302216619.html

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Stake and Earn with KuCoin’s Innovative GemPool Platform

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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View original content:https://www.prnewswire.co.uk/news-releases/stake-and-earn-with-kucoins-innovative-gempool-platform-302216471.html

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Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.