Outsourcing has been one of the key secrets of international businesses from around the world. It has helped them save time in doing other tasks that they have. One of the countries that international businesses are targeting for several years is no other than the Philippines.
To be honest, Philippines is one of those countries that are very cheap for international businesses to outsource. You know why? It is because in the Philippines, an average Filipino can receive a minimum of P8,000 ($160) to P10,000 ($200) fixed amount every month less tax.
Even though that Filipinos aren’t deserving of this amount, they're just getting used to that.
Then there’s BPO (Business Process Outsourcing) companies. In recent years, BPO companies have helped provide thousands of jobs for Filipinos and other Southeast Asian neighbors. It also helps enhance the country’s economy by providing opportunities for Filipinos to work with them.
However, there’s one issue that most multinational and outsourcing companies have in common in recent years.
When they’re about to send money to Filipinos, cross border fees are somewhat painful for them. You know why? It is because they’re losing at least 2% to 2.5% on what they’ve remit to the Filipinos. On top of that, it hurts them to wait for at least between three to five days before the salaries of employees are credited to their respective bank accounts or debit cards. Not only BPO companies are affected by this process, but migrant workers as well.
There’s one project that might end all of these ongoing cross border payroll and high fee remittance issues. Without further ado, I would like to share my own thoughts about the #SALPay project.
To be honest, SALPay is one of those projects that I’m looking forward to grow. Salarium, one of the leading fintech companies in the Philippines, started this project and has decided to expand their services across Southeast Asia. They have over 60 employees working with them.
SALPay is meant for BPO companies, migrant workers and offshore freelancers and employees who want to experience faster transactions and low cross border fees. With the revolutionized blockchain technology, there’s no doubt that the transactions are working in a smooth and secure way.
Here’s a video on how SALPay works for individuals and businesses in the Philippines and Southeast Asia:
What’s the real purpose of SALPay tokens?
With an innovative ecosystem, SALPay tokens are used by clients to remit funds to their recipients outside the Philippines. For clients abroad, it will work with other exchanges that can be converted to local currency no matter what country you are in. In that way, the SALPay ecosystem cuts remittance costs no matter if you’re an individual or a business entity. It what makes SALPay ahead of the other #cryptocurrency competitors.
If you want to see SALPay tokens withdrawn in Philippine peso, Communications Director Eduardo Gutiérrez has prepared a video demonstration for us to see. Check it out!
Here are some benefits that SALPay could help businesses and individuals in the long run.
1 - Save time in managing your SALPay transactions
No matter if you are an individual or a business, it’s important that you should keep track of your transactions. You can keep track of your purchases, earnings, fund transfers and ATM withdrawals easily to save yourself some time.
2 - Accessible to thousands of ATMs and shop anywhere in the Philippines
With SALPay Mastercard, you can easily withdraw your funds anywhere in the Philippines. It doesn’t matter what bank are you going to withdraw. Just like any other debit and credit cards in the Philippines, you can use the card to shop in a lot of stores near you.
3 - Say goodbye to high remittance fees
Individuals and business can finally send and receive money with less fees. SALPay has the ability to cut up to 80% in forex fees and remittance costs through their ecosystem. In that way, you can finally say goodbye to cross border payrolls and remittances that charges you high fees for sending and receiving money.
4 - E-wallet for managing funds
If you want to transfer money, pay bills, apply loans, view transaction history and apply for loans, you can easily do it with the revolutionized SALPay mobile app. By using your mobile phone, it would be easy for you to do transactions anytime you want.
5 - Transactions are secured
Security is essential for all of us, especially when it comes to sending money to a recipient. Your transactions are safe and ensured to be completed with SALPay’s Smart Contracts.
One of the Philippines’ top techpreneurs, John Orrock, shared his thoughts about SALPay and why it will succeed in the long term:
My own thoughts regarding SALPay's ICO
Salarium has a soft cap of around $7 million, and they've surpassed it just a few days ago. Now that we're getting close to the ICO's end, I think they're moving in the right direction. Despite that they didn't reach the hard cap of $20 million, it's still a good thing that the project will still go on.
The current conversion of 1 SAL is equivalent to 0.40 USD. Their ICO period is from November 27th till December 31st of 2017. If you want to participate in their ICO, you can buy SALs through your BTC wallet, Ethereum wallet or bank wire transfer.
I honestly believe that once they're launched in the market, the value will skyrocket in the long term as long we're holding these SAL tokens. I'm so convinced of their project because it was featured on several publication sites such as Forbes, Rappler, Entrepreneur Philippines, Huffington Post. It was also featured on ANC (ABS-CBN News Channel), a local news channel in the Philippines.
I'm also impressed about SALPay due to their strong partnership with Unionbank. I'm a long time Unionbank EON user, so I'm expecting that they're going to take their services to the next level by the inclusion of SALPay tokens to their arsenal. It is absolutely a game changer for everyone like me who wants to experience remitting money without worrying of high fees.
Moving forward
As opportunities continue to grow and evolve, so as the way we send and receive payments. I honestly think that Salarium has done very well in their SALPay project. SALPay’s CEO and Founder, Judah Z Hirsch, is doing a great job putting this together until the end of the ICO. He and his team are very dedicated to make a difference, and SALPay is a big help to all of us in terms of sending money without worrying to pay high remittance fees.
I can’t wait for SALPay’s launch. I’m looking forward for them to make a big difference in revolutionizing the way of sending and receiving payments to Filipinos and Southeast Asian neighbors.
To your future success!
SALPay official website: https://www.salpay.com/
SALPay ICO token sale: https://ico.salpay.com/
Whitepaper: https://ico.salpay.com/wp-content/uploads/2017/12/SALPay-Tokens-Whitepaper-Ver-5.6.pdf
My Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=254229