Elemental Prepares Serve Latin America and Asia with Payroll Advances, Partnering with Flash Labs

Elemental's payroll solution, PayMachine, is an end-to-end loan origination platform dedicated to delivering accessible micro-loans as well as flexible payment options to contractors, gig workers, and employees of small-, medium- and enterprise-size businesses.

FREMONT, CA: Elemental.io and Flash Labs Corporation—of Big Sun Holdings Group, and a member of Hyundai BS&C family of companies—has declared a strategic partnership as well as joint venture to advance software development, distribution, and availability of consumer credit, utilizing financial technologies in Latin America and Asian markets.

Elemental's payroll solution, PayMachine, is an end-to-end loan origination platform dedicated to delivering accessible micro-loans as well as flexible payment options to contractors, gig workers, and employees of small-, medium- and enterprise-size businesses. PayMachine is also built to interoperate with blockchain-based payment methods—including central bank digital currency as well as stablecoins. This unique feature allows for payment service providers (PSPs), credit unions and banks to provide currency choices above and beyond that of legacy payroll solutions, utilizing the PayMachine brand or a white label solution.

Flash Labs will provide software development, integration services, and funding to further expand the flexibility, availability, and footprint of Elemental's payroll software solutions. The team at Flash Labs is comprised of experts in blockchain technology and the Internet of Things (IoT), creating and enhancing solutions focused on the sanctity, security, and usability of data. In conjunction with its Hyundai BS&C affiliates, Flash Labs provides "best of block" blockchain development as well as consulting services to companies looking to integrate their software and hardware products to public or private blockchains.

"Elemental set out with a mission to bring affordable consumer credit access to the millions of employed people currently unable to access affordable credit, instead of relying on payday lenders and loan sharks, who charge usury interest rates," stated Oliver Gale, Founder, and CEO of Elemental. This partnership with Flash Labs will accelerate the deployment of fairer solutions for all that need them."