Bahrain’s Al Salam Bank has signed a cooperation agreement with Riyadh-based social impact technology company, FlexxPay, to provide innovative employee benefit solutions to businesses and government agencies in the Kingdom.
The partnership strengthens the role of Al Salam Bank as a leader in Bahrain’s banking services and extends the country’s customer portfolio of FlexxPay. The salaries, commissions, insurance, end-of-service benefits will all be available to everyone via the FlexxPay network, in a user-friendly and safe environment at any point of time. Under the deal, FlexxPay will focus on technology and user interface and all services related to banking will comes under the purview of Al Salam Bank.
Al Salam Bank and FlexxPay will provide the platform as an integrated solution to business and government entities seeking to enhance their respective employee experience, productivity, engagement and retention rates.
The workers with commission-based salaries would have direct access to commissions already received without facing the typical wait of several months to receive it. The ultimate aim of providing a solution in Bahrain is to make a positive effect on its overall economy and GDP. FlexxPay and Al Salam Bank further aims to jointly develop technologically driven banking-related products.
Michael Truschler, CEO of FlexxPay said, “Al Salam Bank is the ideal cooperation partner for us to roll out FlexxPay to the private and public sectors in Bahrain. We share the common goal to combine innovative technology with modern banking services to offer state-of-the-art services to businesses and end consumers. Everyone should be able to access their earned income whenever they need it. They’ve earned it, they deserve it – that’s what FlexxPay stands for.”
“At Al Salam Bank, we are constantly seeking innovative partners to offer our corporate customers digital solutions that support their business ambitions. FlexxPay’s dynamic platform solves a real-world problem for employees and pensioners in a user-friendly way, and we believe that businesses will find this attractive as it will help improve corporate productivity as employees optimize their personal finances. Moreover, government bodies and the community at large will appreciate the benefits of alleviating financial pressures on employees and pensioners.”
FlexPay is a social impact technology company with offices in Europe and the GCC, which provides employee benefit solutions to companies and government agencies. FlexxPay’s platform increases employee engagement, retention rates, and revenue by eliminating financial burden from workers and growing employee motivation.