Paywatch, the leading Earned Wage Access (EWA) service provider in Asia, is transforming the financial landscape for Filipino wage earners. By empowering employees with the ability to access their earned wages at any time, Paywatch is not only redefining payday but also bolstering financial resilience among workers across the nation.
Unlike traditional methods where employees must wait until payday to receive their wages, Paywatch’s EWA service allows individuals to access a portion of their earned wages instantly. This groundbreaking approach eliminates the need for high-interest loans and provides a debt-free solution for employees in need of financial flexibility. With the lowest transaction fees in the market, zero interest rates, and transparent pricing, Paywatch ensures accessibility for all, particularly benefiting low-income earners who may otherwise resort to borrowing from informal lenders.
During Paywatch’s inaugural media and stakeholder briefing in the Philippines, Alex Kim, Group President and Co-Founder of Paywatch, emphasized the detrimental impact of financial stress on employee productivity. By offering EWA, Paywatch aims to alleviate this stress and enhance overall workplace well-being.
“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. 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,” according to Kim.
Paywatch stands as the first bank-backed EWA player in the region, with support from esteemed financial institutions such as UOB, OCBC Bank, and Hana Bank. Endorsed by regulatory bodies including the Securities and Exchange Commission, BSP, UNCDF, and Korea Financial Supervisory Service, Paywatch sets the standard for ethical and accessible financial solutions.
Rowell del Fierro, President of Paywatch Philippines, underscored the transformative effect of EWA on individuals’ lives, stating, “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.”
Distinguishing EWA from traditional loans or advances, Paywatch emphasizes that the funds provided are already earned by the employees, fostering financial wellness by granting access to funds when needed most.
With over 300 businesses across Asia already enrolled in Paywatch’s EWA program, including prominent brands such as Pizza Hut, KFC, Outback Steakhouse, Guardian, and Jaya Grocer by Grab, the company has established itself as the go-to solution for fair and accessible financial access. In the Philippines, industry leaders such as Shang Properties, Shangri-la Hotels & Resorts, Wilmar International, and Pick.A.Roo have embraced Paywatch as their EWA partner, further cementing its position as a catalyst for financial empowerment.