Initiation of a partnership with Global Mobility Service, a startup offering financial inclusion fintech services in the Philippines

by MMC
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Sumitomo Corporation, through its group company Sumisho Motor Finance Corporation (“SMF”), has initiated an alliance (the “Alliance”) with Global Mobility Service Philippines, Inc (“GMS”), a startup that offers financial technologies for financial inclusion to relatively modest populations. creditworthy people called “gig workers” all over the world. (“GMS”). Specifically, SMF will provide funds to purchase vehicles for drivers belonging to the Tricycle Operators and Drivers Association, a coalition of drivers in the Philippines, and GMS will provide support to drivers.

The number of visitors to the Philippines will exceed 4 million by the end of September 2023, and the number of business and tourism visitors is increasing. Consistent with this trend, the shortage of drivers to support the local transportation function is a pressing problem. While most Japanese drivers belong to taxi companies or transportation companies and perform driving tasks, many Filipino drivers are gig workers. Therefore, when starting a driving career, it is first necessary to purchase a vehicle at one’s own expense, but many drivers in the Philippines have low incomes and are unable to find work because they do not cannot take the loan test for the purchase of a vehicle.

SMF is the leading financier specializing in the motorcycle sector in the Philippines and has been financing vehicle purchases for approximately 15 years.

GMS, our partner, has developed its own IoT terminal, “MCCS”, which enables the acquisition of location information using GPS, the detection of vehicle information using integrated sensors and the remote start control of mobility vehicles, as well as MSPF, thereby adding value to mobility. data extracted from the vehicle. GMS provides FinTech services such as daily monitoring information on driver operation, driving distance, driving conditions, etc., and has shipped 30,000 units globally.

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