SalPay Whitepaper

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.

The SALPay Tokens, along with Salarium’s payroll platform, will enable employers and clients outside the Philippines to
inexpensively, securely and quickly pay the salaries of local employees and freelancers. The existing SALPay ecosystem
will continue to provide the financial services suite to the employees to give them free and complete access to their funds,
and be able to withdraw their salaries from any ATM in the Philippines in local currency.
Salarium is already experienced in successfully building and operating this type of B2B financial service. Now, based on
customer demand, SALPay is leveraging blockchain technology and cryptocurrency to solve its clients’ problems. The
expansion of the Salarium platform obviously builds on the existing business and minimal tech development is needed to
complete the additional functionality.

SalPay Website
SalPay Whitepaper