Paywatch, Asia’s leading Earned Wage Access (EWA) service provider is reshaping financial wellness for Filipino wage earners.
While providing employees with the tools and knowledge to unlock their financial resilience is not new, Paywatch goes a step further by creating a pathway for employees to access their earned wages at any time. This means employees do not have to wait for their regular payday to receive a portion of their pay.
Through EWA, Paywatch provides a debt-free solution that protects employees from unnecessary high-interest loans. Paywatch has the lowest transaction fee in the market with zero interest rate, and no hidden charges. It is currently the most affordable EWA solution on the market. These features make Paywatch accessible to all types of employees, especially for low-income earners who may be tempted to borrow from informal lenders
Speaking at the company’s first media and stakeholder briefing in the Philippines, Alex Kim, Group President and Co-Founder of Paywatch highlighted how financial stress impacts employee’s productivity at work.
“Financial stress contributes to retention and productivity issues. This is a pervasive challenge globally, where 1 out of five employees admits that productivity at work has been impacted by financial stress,” shares Kim. “Many end up borrowing from family and friends. Some get loans with astronomical interest rates or salary advances with high processing fees. Even more worrisome are cases where some informal lenders resort to the invasion of privacy and harassment when collecting.”
Paywatch is the first bank-backed EWA player in the region. It is powered by top financial institutions such as UOB, OCBC Bank, and Hana Bank. Paywatch is endorsed by multiple regulators and institutions such as the Securities and Exchange Commission, BSP, UNCDF, and Korea Financial Supervisory Service.
“From our experience in Malaysia, our data shows that EWA users are three times more likely to stay on their jobs compared to non-EWA users. This success in talent retention is something that we also want to replicate for our clients here in the Philippines,” shares Kim.
Rowell del Fierro, president of Paywatch Philippines, was also present at the briefing. “We have seen how EWA restores people’s dignity. They no longer need to borrow from colleagues or friends to settle their utility bills or have fares for public transportation so they can report to work.”
Unlike a loan or an advance, EWA is money that employees have already earned and belongs to them. This helps employees achieve financial wellness as they have access to cash whenever they need it
“In the Philippines, employees of partner businesses have used the service up to four times a month with a maximum transaction size of Php3,000,” highlights del Fierro, noting that the rate of usage is proof of how relevant the service is for wage earners.
Paywatch has signed up more than 300 businesses in Asia including Pizza Hut, KFC, Outback Steakhouse, Guardian, and Jaya Grocer by Grab which collectively have an employee base of over 500,000. In the Philippines, real estate developer Shang Properties, hospitality group Shangri-la Hotels & Resorts, agribusiness group Wilmar International, and lifestyle delivery app Pick.A.Roo are among the 30 companies who have selected Paywatch as their EWA partner. To learn more about Earned Wage Access and how you can be part of fair financial access for all, log on to https://www.paywatch.com.ph/
