The Salarium Group of Companies has been providing payroll and financial solutions since May 2013. Salarium mainly operates in the Philippines with a first of its kind model: providing companies with free time SaaS, attendance, and payroll software as an acquisition and funding source for SALPay, its financial product. SALPay (operated in the Philippines under Salarium Payments Corp.) is a complete ecosystem with an e-wallet, a debit Mastercard, and a financial services suite used by employees and their families. Helping them pay bills, transfer funds around the Philippines, and providing noncollateral micro-loans through a fully managed loans platform.Salarium has been providing payroll software since 2014 and SALPay, its innovative fintech solution, since June 2016. Today, the company currently helps over 500 businesses and more than 10,000 employees get paid monthly. As of November 2017, Salarium only provides its payroll and financial services within the Philippines, with plans to expand regionally in 2018.Clients use Salarium’s free payroll solution to calculate the hours of their employees in compliance with Philippines’ labor laws and tax regulations. Once the calculation is complete, they can disburse their employees’ salaries directly from SALPay’s web terminal, which instantly sends the credits to the SALPay Wallets of employees using the SALPay solution.To use SALPay to pay employees, businesses load up their corporate wallets by depositing cash to the SALPay account system using any major bank in the Philippines. After SALPay’s treasury team verifies the transaction, businesses will be able to view their available balance in their corporate SALPay Wallet and use the funds to carry out salary disbursements. Once the funds are in the employees’ wallets, they can use it with their debit Mastercard, pay bills, transfer to family and friends, and buy pre-paid load.Salarium and SALPay cater to all industries and work with any sized company but nearly 50% of Salarium’s clients are from the Business Process Outsourcing (BPO) industry in one way or another (their income is derived from outside Philippines). For these business clients, 100% (or the vast majority) of their Philippines-based employees’ salaries and local operational funds have to be remitted into the country on a fortnightly basis. In making these transactions, Salarium’s clients have historically been required to open and maintain local corporate bank accounts where they deposit funds before loading them into their employees’ SALPay Wallets. Each transaction has historically attracted bank fees, poor forex rates, and long processing times. As a result, Salarium’s clients are requesting to be given more options to fund their SALPay accounts from outside the Philippines.SALPay Tokens and the SALPay Exchange Network provide a solution to these issues, as they will form a uniform base currency which can be transmitted through an exchange network to allow employers and companies to quickly pay their employees in the Philippines and easily transfer funds [in the form of token credits] from their home countries without opening local corporate bank accounts. Companies will purchase SALPay Tokens either from Salarium (during the Salarium Initial Coin Offering) or subsequently using payment exchanges operated by SALPay (or partners) that are accessible to them (including those operated abroad) and will transfer those tokens to SALPay which will place them in the client’s SALPay Wallet and convertible to Pesos, ready for making salary disbursements to employees. Once the client’s SALPay wallet has been credited, Salarium will be able to carry out salary disbursements for the client in the same way as it does at present.
