Tuesday, January 23, 2024
Paywatch aims to reduce financial stress among Pinoys
MANILA, Philippines — Paywatch, a Malaysia-based earned-wage access (EWA) service provider, is set to enter the Philippine market with the aim of alleviating financial stress among Filipino workers.
Rowell del Fierro, the president of Paywatch Philippines, highlighted the common issue faced by many Filipinos who experience financial strain while waiting for their next paycheck.
This is also on top of other financial challenges such as debts.
“With this EWA innovation at hand, we aim to alleviate the financial stress that every Filipino worker knows all too well,” Del Fierro said.
“It also contributes to strengthening businesses as it helps keep its employees secure and productive,” he said.
EWA allows employees to access some of their wages before the end of their payroll cycle, lessening their need to apply for short-term loans to cover day-to-day expenses or emergencies.
With Paywatch, employees get to access their earned salary anytime and anywhere without the need to file cash advance requests, as well as interest charges.
Del Fierro noted that Paywatch is now becoming the biggest EWA player in Southeast Asia as it opens in the Philippines.
Currently, Paywatch services more than 300 employers and 500,000 employees in Malaysia, South Korea, Indonesia, and the Philippines.
In the Philippines, Paywatch started its operations in partnership with agri-business firm Wilmar International.
It also secured an agreement with real estate developer Shang Properties.
Del Fierro said employers benefit from Paywatch by addressing retention and productivity issues.
This as Southeast Asia faces a 67 percent turnover in its workforce, thereby affecting the business landscape in the region.
“When employees can access their earnings, they can regain control of their finances and are motivated and productive at work,” Del Fierro said.