Marubeni to invest in Philippines e-money venture for seafarers

TOKYO, NNA - Major trading house Marubeni Corp. is acquiring a stake in an e-money platform joint venture for seafarers between shipping firm NYK Line and Philippine-based conglomerate Transnational Diversified Group. Marubeni has agreed with NYK Line and TDG to engage in the business of the Manila-based startup, MarCoPay Inc., for seamen who are heavily dependent on cash while on duty, as are their families. Details of the deal were not disclosed, including how much the investment costs and how much stake the trader is acquiring. Marubeni is making its first foray into the e-money business fo...