Update August 21, 2018: This article is originally published on November 7, 2017. It was modified on December 27, 2017 to include the dates of the ICO, and finally on July 27, 2018 to add the newsletter embedded above.
Bitpinas. Salarium, a fintech startup in the Philippines announced it would tap the blockchain to help businesses and individuals abroad to send money to the Philippines faster. This is through SALPay tokens, which will have an ICO from November 27 – December 31, 2017.
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Whenever people think of “bitcoin” and the “Philippines”, the topic will always shift to “remittances”. The country ranks as the world’s 3rd largest recipient of remittances. A chunk of this is because of our OFWs. A portion is also from foreign businesses abroad who employ individuals here in the Philippines. As the blockchain makes transactions faster, the remittance topic will naturally come up.
We have discussed this in detail in our article: How to Send Remittances in the Philippines.
ICO Consultant Fadzly Yusof noted in his blog post how current solutions to involve cryptocurrency as a mode of payment still leave both parties unprotected*
*Remember that Bitcoin transactions are one-way. The only way for you to get refunded is if the recipient voluntarily sends the virtual currency back to you.
How SALPay works for employers and employees
Under SALPay’s Cryptocurrency system, this is how things will work for the employer (who we assume lives outside of the Philippines) and employee relationship will work:
- Employer transfers fund to the exchange.
- The exchange will convert the money to SALPay Token and store it into Salarium’s software.
- Salarium’s software will track hours of work, attendance, etc.
- Smart contracts will also be created to ensure agreements are honored between both parties.
- When the employee finishes the job, the SALPay token is converted to PHP and stored on SALPay e-wallet.
- The employee can then withdraw the money from any ATM in the Philippines that accepts the SALPay debit card.
How SALPay Tokens will work for OFWs
SALPay Tokens will be freely bought in cryptocurrency exchanges.
The system’s benefits extend to OFWs, who can avoid conversion fees by buying SALPay Tokens at exchanges around the world and sending them, in Philippine Peso, straight to their families’ and relatives’ SALPay Wallets. – Fadzly Yusof
When is the SALPay ICO?
The SALPay ICO is currently running until December 31, 2017. To join the ICO sale, register here. You will be asked for an email verification and after that, instructions on how to participate will be given.
Token Sale Details
- 1 SAL = $0.40
- Token Supply = 100 million
- Minimum Contribution = 0.1 ETH or ₱3,940
- Accepted Coins to exchange for SAL Coins – ETH, BTC
- Singapore users can also exchange USD for SAL coins.
What is the purpose of the ICO?
The purpose of our ICO is to provide a token utility for our business-to-business customers to remit their payroll into the Philippines. The funds will be used to provide liquidity and license the exchange. Our product is already live and working. – CEO Judah Hirsch on Inquirer
Who is behind SALPay?
Salarium is a fintech startup in the Philippines engaged in payroll solutions. The company claims to have helped over 500 companies, including 7-eleven, Xend, and Anytime Fitness.
As mentioned, the first thing that comes to mind with cryptocurrency and the Philippines is remittances. If done on the blockchain, remittances can be faster and cheaper. Some form of cryptocurrency remittance to the Philippines are already existing. However, with Salarium’s expertise in payroll systems, it is possible to eliminate friction when sending money to employees, particularly the hundreds of paperwork to be approved, made obsolete by smart contracts.