A new smart employee benefits platform by FlexxPay, in partnership with Nasco
Employee benefit platforms have been in the news a lot over the past few weeks, as companies in the region are increasingly doubling down on employee satisfaction following statements made by the Dubai government and other institutions.
Today, FlexxPay, a Dubai-based FinTech startup, and Nasco Middle East, an insurance brokerage firm, announced that they have entered into a strategic partnership to create a solution to drive a significant modernisation in the world of employee benefits. Specifically, the companies are working on a smart employee benefits platform that aims to solve the mismatch between salaries and personal expenses of employees.
With this partnership, which will be implemented across all of Nasco Middle East’s customers, companies’ workforces will have the flexibility of accessing the earned portion of their salaries on-demand in case of emergencies. Moreover, certain Nasco Middle East’s insurance offerings are to be integrated into FlexxPay’s employee benefits platform.
Commenting on the agreement between the two companies, Karim El Zyr, General Manager of Nasco Middle East said, “Nasco always goes the extra mile to exceed customers’ expectations. We’ve always strived to offer the maximum possible value. And value nowadays resides in large part in our digitalisation, which is well underway. The partnership with FlexxPay is a major step in that direction.”
More and more regional and international corporations are looking for ways to collaborate with startups, or incorporate their expertise and flexibility. This could be through accelerators, hackathons, corporate venture capital or other initiatives, such as a collaboration like this. And indeed, startups and large corporates need to join hands for mutual benefit of their respective growths as well as that of the economy.
“FlexxPay and Nasco are companies at the forefront of technology and innovation in their respective fields and through this partnership, we will be able to deliver a first-class product and user experience to customers,” said Michael Truschler, Co-Founder & CEO of FlexxPay.
“FlexxPay’s mission has always been to increase employee productivity and retention rates for companies while driving social impact within the business community by solving the pay frequency problem for employees. This agreement today will play a big role in helping us achieve this.”Michael Truschler, Co-Founder & CEO of FlexxPay.
Many have experienced times when money has been a little tight. In times like these, getting an advance on salaries earned can often all that people need to stay afloat. With this high social impact solution, companies are likely to see an increase in morale, retention, and stress relief among employees while eliminating a large chunk of the companies’ workload on HR and finance.
We at SME10X applaud the innovative initiative that could potentially help cash-strapped employees ease their lives while reducing corporate overhead as well.