Mar. 25, 2024
Sumitomo Corporation

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

Sumitomo Corporation, through its group company Sumisho Motor Finance Corporation ("SMF"), initiated an alliance (the "Alliance") with Global Mobility Service Philippines, Inc ("GMS"), a startup that provides financial inclusion fintech to the relatively low creditworthy people so-called gig workers around 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 supports 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 for business as well as tourism is increasing. In line with this trend, the shortage of drivers to support the local transportation function is an urgent issue. While most Japanese drivers belong to cab companies or transportation companies and perform driving duties, many Filipino drivers are gig workers. Therefore, when starting the career as a driver, 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 obtain work because they cannot pass the loan screening for purchasing a vehicle.

SMF is the Philippines' number one motorcycle-specific financier and has been financing vehicle purchases for about 15 years.

GMS, our partner, has developed its own IoT terminal, "MCCS," which enables location information acquisition using GPS, vehicle information sensing using built-in sensors, and remote startup control of mobility vehicles, and MSPF, adding value to the mobility-data taken from the vehicle. GMS provides FinTech services such as daily monitoring of driver operation information, distance traveled, driving conditions, etc., and has shipped 30,000 units worldwide.

SMF and GMS have initiated this alliance with the aim of solving social issues by improving transportation capacity and creating job opportunities for relatively low-income people in the Philippines.
Through this alliance, Sumitomo Corporation and SMF will promote financing for gig workers, for whom credit has been difficult to obtain in the past and will support employment opportunities for drivers in the Philippines.

The Global Mobility Service logo and symbol, MCCS, and MSPF are registered trademarks of Global Mobility Service, Inc.