SALPay will create a co-branded Visa card programme connected to the wallet.
The partnership will enable SALPay to help distribute the products of the bank and EON, whereas Unionbank will be able to offer SALPay and its payroll solutions it customers in the Philippines. “Our clients have a new product offering SALPay + blockchain; their clients will have access to connect their payroll accounts to our free payroll platform,” said Judah Hirsch, Founder and CEO of Salarium.
Unionbank was the first bank to offer online banking in the country. It is also the first to join the Enterprise Ethereum Alliance and is the Philippines representative bank to the ASEAN Financial Innovation Network.
“Our EON platform is perfect for SALPay and will help extend their current capabilities and offering,” said Paolo Baltao, Senior Vice President of the EON Banking Group.
Started in 2013, SALPay is part of the Salarium group of companies. The firm claims it helps over 500 companies pay more than 15,000 employees monthly.
SALPay is currently in the process of raising US$20 million via initial coin offering (ICO). With just three days left, the company has already raised around US$7.1 million.
“Our ICO is to make a SAL token and an exchange network to move payroll cross border for our clients fast and cheap. It will connect and sit on top of our existing Salarium and SALPay business,” Hirsch told e27. “The first countries we plan to license and roll it out are the Philippines, Singapore, and Australia.”
SALPay is also launching its cryptocurrency exchange in the Philippines, followed by the US, Australia, Europe and Singapore in 2018.