Monday, October 30, 2023
Paywatch Expands Footprint Across Southeast Asia
The EWA Service Provider will launch in Indonesia before Year-End
Kuala Lumpur, MALAYSIA, 23 October 2023 – Paywatch, a leading Earned Wage Access (EWA) solutions provider, announced its entry into the Philippines this month as it seeks to drive financial inclusion and empower workers in Southeast Asia.
Founded in 2020, Paywatch is the only bank-backed and regulator-approved EWA solution in Asia. Based out of Malaysia and South Korea, the Philippines mark the third market for Paywatch and second in Southeast Asia.
“We're thrilled to grow our presence in Southeast Asia and bring our platform to users in the Philippines. The Philippines is the 2nd largest country in Southeast Asia by population, with a young workforce. With this expansion, Paywatch will have the opportunity to serve the 47 million employees in the country. This expansion is an important milestone in our journey to provide greater financial inclusion in the region”, said Alex Kim, President and Co-Founder of Paywatch.
Paywatch currently serves more than 500,000 employees globally across diverse sectors including retail, manufacturing, hospitality, BPO service centres, financial services, F&B and more. Paywatch has grown 1,100% over the last 12 months, processing over USD 4 million (RM 19 million) in monthly wages through its app. The solution has also helped employers improve retention rates, with businesses reporting an average 40% lower employee turnover, creating immense savings in rehiring costs for companies.
With its launch in the Philippines, Paywatch is partnering with multinational and large domestic conglomerates. Paywatch Philippines is already serving Shangri-La Hotels and Wilmar International, the largest agrifood business in the world, as clients.
To lead Paywatch’s expansion in the Philippines, the company has appointed Rowell Del Fierro as Board Member and Head of Philippines. Rowell brings extensive experience to the role, having previously served various executive roles in Asia and most recently as the Country Manager of MasterCard Philippines.
“I am honoured to be part of such a significant milestone and look forward to introducing Paywatch’s Earned Wage Access service to the Philippines and to play a part in providing fair financial access to Filipino employees. With this expansion, my hope is to see companies improve employee financial wellness, promote personal fiscal responsibility, and help safeguard them from unfair lending practices at the times when they need the most support.” said Rowell Del Fierro, Board Member and Head of Philippines.
The Philippines is an important part of Paywatch’s expansion strategy as it seeks to become the leading Earned Wage Access service provider in Southeast Asia. Paywatch will be launching in Indonesia before year-end. “As we specialise in working with multinational companies, most of our clients have operational presence throughout Southeast Asia. We are entering these new markets because our clients are asking us to help serve their employees internationally. It’s an organic growth for us,” said Mr. Del Fierro.
Paywatch is dedicated to work with companies to disrupt current norms where employees’ only options are to avail of short term salary-backed loans that could cost as much as 7-10% per day interest. Recognized by the UN Capital Development Fund and MDEC for its commitment to driving financial inclusion. Paywatch’s customers include PayNet, CP Group (Lotus’s), Wilmar Group, PPB Group (including FFM, Massimo Breads), QSR Brands Group (including QSR Trading, KFC, Pizza Hut), Cosway, Shangri-La Group, publicly-listed Shopper360 and more.