Malaysia-based MyEG Services is rolling out a new payroll solution developed on blockchain technology. Reports in The Edge Markets on Friday (Oct. 5) said MyEG is rolling out “PayMe” software, a tool allowing employers to manage payroll functions, like overtime, more accurately. PayMe will first be introduced in a pilot phase in select markets, reports said.
“Leveraging the benefits of blockchain architecture is one of MyEG’s core [focuses] presently,” said Managing Director Wong Thean Soon in a statement. “We believe that MyEG is well-positioned to deploy industry-wide blockchain solutions that maximize the potential of the distributed ledger.”
The company did not elaborate exactly how blockchain is deployed within the PayMe solution, but noted it’s part of a larger range of solutions that the company is introducing to its corporate customers to enhance their workforce management. Existing services from the firm include retirement services for overseas employees, online work permit renewals and insurance solutions.
Payroll is one of the many potential use cases for blockchain technology. In 2016, blockchain company Bitwage announced an application programming interface (API) to integrate its solutions into businesses’ existing operations. The solution can be deployed to streamline supplier payments as well as payroll, a use case that Bitwage said was one of the more interesting applications of the tool. The API solution is also compatible with cards, which could allow employers to pay wages on their cards.
Other solutions that have emerged deploy cryptocurrency for payroll payments. Last year, GMO Internet, Inc., a major internet service provider (ISP) in Japan, said it will allow its employees to opt into receiving a portion of their payroll via bitcoin. It followed the launch of the ISP’s cryptocurrency exchange GMO Coin, supporting cryptocurrency foreign exchange and trading services.
At the time, GMO said it felt confident that its cryptocurrency payroll offering is legal under Japanese law.
Source: PYMNTS
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