Living paycheck to paycheck is common among Filipino households. Those who live this way are familiar with the term petsa-de-peligro, or the critical days of budgeting right before the next paycheck. Debt and petsa-de-peligro are often symptoms of lack of efficient financial access. These challenges are what Paywatch, Asia’s leading earned-wage access (EWA) service provider, aims to solve.
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Paywatch recognized as a Top ESG at the 2023
Malaysia Fintech Frontier Awards. |
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 with just a few clicks. No need to file cash advance requests and definitely no interest charge.
Paywatch is quickly becoming the biggest EWA player in Southeast Asia as it opens in the country. As of last record, Paywatch services more than 300 employers and 500,000 employees in Malaysia, South Korea, Indonesia, and now, the Philippines.
Paywatch to mitigate debt traps among Filipino wage workers
Paywatch started its operations in the Philippines with a partnership with Wilmar International, one of Asia’s leading agribusiness groups. They also have a cohesive partnership with Shang Properties, an established real estate developer in the country. Employees at these companies are more empowered to manage their finances with an innovative EWA solution. In fact, Paywatch has received an overwhelming reception with 150% response to roadshows as employees invite their co-workers to learn more about EWA.
“So many Filipinos are faced with petsa de peligro on top of various financial challenges, especially debts. With this EWA innovation at hand, we at Paywatch aim to alleviate the financial stress that every Pinoy worker knows all too well. Moreover, it also contributes to strengthening businesses as it helps keep its employees secure and productive. Indeed, the impact of EWA is tangible and profound,” shares Rowell Del Fierro, President of Paywatch Philippines.
Paywatch to help businesses increase employee retention rate
Employers also benefit from Paywatch by addressing retention and productivity issues. Paywatch has noted that Southeast Asia faces a 67% turnover in its workforce, which greatly affects 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. The service provider has a proven track record, with employers reporting increased productivity. An employer has noted a remarkable increase in employee retention, from 104% turnover rate pre-Paywatch implementation to 26% after the service was offered.
Paywatch also provides a customized approach and dedicated support to every business. Signing up only entails a one-time setup with zero disruptions to the human resources system and cash flow, whatever the industry or company size.
Paywatch is founded by industry and regional experts, all committed to helping alleviate its customers' financial burdens in the Philippines. This has made Paywatch the only EWA provider in partnership with multiple topnotch financial institutions such as VISA, Zurich, Hana Bank, OCBC Bank, UOB, and Hong Leong Bank . All central banks also endorse the provider within the locations it operates. Lastly, Paywatch has an unparalleled geographical reach and is the only EWA company serving four markets.
“Empowering employees towards financial freedom is not just our mission; it's our commitment to a brighter, debt-free future. Paywatch aims to transform the traditional payroll system to address the vicious cycle of debt. With our innovation, employees can gain control over their finances, access their hard-earned money for emergencies, and eliminate the need for predatory loan practices. Together, we can promote financial well-being and create a debt-free future for all wage workers,” says Alex Kim, co-founder and president of Paywatch.
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