The impetuous development of the financial and banking sphere has led to the emergence of electronic money - the new currency of the world economy. This opinion is expressed by many experts who predict the replacement of paper money with virtual currency in the near future.
What is the reason for this? First of all, it's the development of e-commerce on the Internet. And the second no less important fact is the speed of circulation and the costs of virtual currencies.
The role of remittances in the development of a large number of countries is colossal. But there is a huge minus in working with fiat currencies - these are large tariffs and often exorbitant rates of commission fees which are levied by various financial and banking intermediaries for sending a certain amount of money.
Such a problem couldn't be left without attention in the modern world. And it was she who pushed international companies to create platforms based on blockchain technology which using virtual money - cryptocurrencies for to reduce the cost of money transfers.
One such company is Salarium which operates in the field of payment and financial solutions for small and large businesses from 2013 and which won first place in the world's largest competition of technology start-ups in emerging markets Seedstars.
At the moment the group of companies Salarium works mainly in the Philippines but also gradually expands its service to other countries.
The Philippines is one of the five main recipient countries of remittances the number of which exceeds the volume of foreign investment in the country's economy. Therefore Salarium has created software to minimize commission fees for transfers and to give an opportunity to make a money transfer with a minimum of costs to its customers in the Philippines. Users are given free use of the platform, fees are only charged for financial services and already over 600 companies and 15,000 employees in the Philippines have benefited from these benefits.
So, what instruments does Salarium offer?
HRIS. This is a database for storing information about personnel, an accounting system of attendance and payroll system that employees can save and track.
SaaS. The software presented as a service and a source of funding for own SALPay product.
SALPay is an ecosystem developed by Salarium which consists of the following elements:
With the help of a mobile application users can pay their bills, apply for loans, and transfer money to major banks and pawn shops throughout the Philippines; using an electronic wallet and a debit card employees are able to receive and manage their salary.
For the full operation of the platform need a cryptocurrency which will serve it, so Salarium will create SALPay tokens which can be purchased through the token sale. And also they can be received as a reward taking part in creating content about this product. More info here.
In the end, I would like to add that this project is promising and I think that it will be able to win a worthy place in the international market of money transfers and financial services. The opportunity to send money quickly and inexpensively, also a convenient and transparent system of tracking and managing wages can improve the quality of life of consumers.
Thank you for your attention!
