Papaya Global moving all money out of Israel

Israeli payroll platform Papaya Global CEO Eynat Guez has tweeted that the company is moving all its money out of Israel following the government’s reform of the judicial system. “Following declarations by Prime Minister Benjamin Netanyahu that he is determined to enact reforms that will harm democracy and the economy, we have taken the business decision to move all the company’s money from Israel.”

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Guez added, “In the emerging reform there is no certainty that we can conduct international economic activity from Israel. This is a painful but necessary business step.”

Papaya Global is an Israeli unicorn which has developed a payroll management platform for employees of global companies. Guez, who spoke at the demonstration against government policies in Tel Aviv last Saturday night, did not detail how the matter will be fully implemented because the company will still need to pay its employees in Israel. Papaya Global could, for example, withdraw its deposits from Israel and continue to pay salaries for employees from abroad through systems supporting such payments. Such systems include the products developed by Papaya, which allows companies to manage and pay salaries to employees around the world.

Published by Globes, Israel business news – en.globes.co.il – on January 26, 2023.

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