Sumitomo Corporation - Started partnership with Global Mobility Service, a startup providing financial inclusive fintech services in the Philippines
March 26, 2024 at 08:22 am EDT
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Sumitomo Corporation, through its group company Sumisho Motor Finance Corporation (hereinafter referred to as 'SMF'), provides comprehensive financial fintech for so-called gig workers, who have a work style similar to that of sole proprietorships and have relatively low credit.
We will begin a partnership (hereinafter referred to as the 'Partnership') with startup Global Mobility Service Philippines, Inc. (hereinafter referred to as 'GMS'). Specifically, SMF will provide funding for the purchase of vehicles for drivers belonging to the Tricycle Operators and Drivers Association, an association of drivers in the Philippines, and GMS will provide employment support for the drivers.
The number of visitors to the Philippines will exceed 4 million by the end of September 2023, and the number of visitors not only for sightseeing but also for business purposes is on the rise. As a result, the shortage of drivers to support transportation functions is an urgent issue locally. While it is common for drivers in Japan to work for taxi companies or transportation companies, drivers in the Philippines tend to work as gig workers. Therefore, when starting a driving business, you must first purchase a vehicle with your own funds, but many drivers in the Philippines have low incomes and are unable to get a job because they are unable to qualify for a loan to purchase a vehicle. A chain of poverty is occurring.
SMF boasts the No. 1 market share in the motorcycle financing industry in the Philippines, and has been providing financing for vehicle purchases for approximately 15 years.
Our partner GMS uses the IoT terminal 'MCCS' that enables the acquisition of location information using GPS, vehicle information sensing using built-in sensors, and remote activation control of mobility, and 'MSPF' that converts data into value. ' was independently developed. As a result, we provide FinTech services including daily monitoring of driver operation information, mileage, driving status, etc., and have shipped 30,000 units worldwide.
SMF and GMS entered into this partnership with the aim of improving transportation capacity in the Philippines, creating job opportunities for people with relatively low credit, and solving social issues.
Through this partnership, Sumitomo Corporation and SMF will promote financing for gig workers, who have traditionally had difficulty getting credit, and will also support the employment of drivers in the Philippines.
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
