Larex is an integrated solution developed to enable private sector companies modernize their payroll systems by issuing a special salary card to their staff and workers, and to cut costs, time and resources of preparing payrolls and paying wages by cash or cheques.

The new solution meets international connectivity standards to with global bank networks, and applies state-of-the-art card issuing technologies backed by advanced processing, reporting and accounting systems.

By implementing Larex, companies are now able to comply with the national payroll regulations required by the Ministry of Labour and the Central Bank of the United Arab Emirates. Larex will allow companies to follow the new WPS, issue automated reports about their wage lists to the Ministry, and to synchronize their payroll databases with the Ministry's central database. Thanks to Larex, companies will also have greater control over their balance sheet and more efficient management of cash flow.

Mr. Abbas Darwish Lari, Founder and Chairman, Lari Exchange, said:

'Lari Exchange has been a leader in providing exchange and financial services in the UAE for 40 years. Launching Larex today is yet another important milestone in our series of success. Through Larex, we will be the first exchange company in the UAE to introduce a network of ATM's and Points of Sale 'POS' throughout the UAE.'