MyEG unveils blockchain-based payroll system

PETALING JAYA: MyEG Services Bhd has unveiled a blockchain-based payroll management software called “PayMe”.

The group told the stock exchange that “PayMe” is designed specifically for companies that employ a sizeable workforce with dynamic remuneration, enabling them to record and manage overtime more accurately and efficiently.

Pilot trials for the monthly subscription service will commence at selected sites soon.

This is the latest in an ongoing series of innovations introduced by MyEG to help businesses better manage their labour force, complementing the group’s existing offerings which include foreign workers recruitment services, online renewal of work permits and , among others.

Blockchain architecture, it said, is ideally suited to resolve the prevailing inefficiencies in payroll management in view of the immutability of the technology, where data cannot be unilaterally altered once recorded.

Furthermore, the distributed nature of blockchain means stakeholders would have full access to the data, ensuring transparency and minimising the possibility of potential disputes

In line with that, MyEG aims to sign up its existing corporate customers of its various services.

“Leveraging the benefits of blockchain architecture is one of MyEG’s core focus presently. We believe that MyEG is well positioned to deploy industry-wide blockchain solutions that maximise the potential of the distributed ledger,” said its managing director Wong Thean Soon.

The stock fell 4.17% to close at RM1.61 with 59.66 millon shares done.

Source: The Sun Daily

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