KUALA LUMPUR: Earned wage access (EWA) provider Paywatch has expanded its regional presence to the Philippines to promote financial inclusion and empower workers across Southeast Asia.
As part of its launch in the Philippines, Paywatch partnered with multinational companies and major domestic conglomerates.
Currently, it is serving clients such as Shangri-La Hotels and Wilmar International, an agrifood business.
Based out of Malaysia and South Korea, the Philippines mark the third market for Paywatch and second in Southeast Asia.
Paywatch board member and head of the Philippines Rowell de Fiero said the expansion will enable companies to enhance employee financial well-being, encourage responsible money management and protect workers from predatory lending, especially during times when they need financial support the most.
"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," he said.
Paywatch president and co-founder Alex Kim said with the expansion, the company will be able to serve the 47 million employees in the Philippines.
The company is also set to launch in Indonesia by year-end.
Paywatch currently supports over 500,000 employees worldwide across various industries such as retail, manufacturing, hospitality, business process outsourcing (BPO) service centres, financial services, food and beverage and more.
The company said it had experienced growth in the past year, processing over RM19 million in wages monthly through its app.
Additionally, the solution has helped employers reduce employee turnover by an average of 40 per cent, lowering rehiring costs for businesses.