Columbia Shipmanagement (CSM) has announced a partnership with Berlin-based Fintech Kadmos to automate its seafarers’ salary pay-outs and give crew members greater control over how they receive and manage their wages.
This announcement comes after Kadmos closed a €29 million Series A funding round for its platform for paying dispersed workforces.
“Columbia is incredibly excited to have teamed up with Kadmos’ young, dynamic and innovative team of experts who have developed an excellent and secure payment product,” said Mark O’Neil, CEO of CSM.
“We strongly support and encourage new players in the shipping industry to challenge the status quo and to reform and update outdated practices in line with the dynamic expectations of their clients.”
“This partnership and the implementation of Kadmos’ secure and digitalised payment solution to our fleet is part of our wider endeavour to increase the welfare of our crew on board whilst also looking at innovative ways we can limit the costs for our clients. Adding services like this to our portfolio underscores CSM’s commitment to be a leader in innovation and performance throughout the fast-paced maritime environment.”
By using the Kadmos app, CSM is able to offer its employees personal EU-based e-wallets and debit cards that can be used worldwide, reducing the need for physical cash while digitalising the way cash advances are paid to crews.
Additionally, the e-wallet allows seafarers to hold their money in selected currencies, such as US Dollars or Euro.