Filipino households often live paycheck to paycheck, leading to debt and petsa-de-peligro, or the critical days of budgeting before the next paycheck. Paywatch, Asia’s leading earned-wage access (EWA) service provider, aims to solve these challenges by allowing employees to access their wages before the end of their payroll cycle. This reduces the need for short-term loans to cover day-to-day expenses or emergencies. Paywatch offers easy access to earned salary anytime and anywhere, with no need to file cash advance requests or interest charges. As the largest EWA player in Southeast Asia, Paywatch services over 300 employers and 500,000 employees in Malaysia, South Korea, Indonesia, and 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
Paywatch, a service provider, has been praised for its ability to address employee retention and productivity issues. The company has reported a 67% turnover rate in Southeast Asia, impacting the region’s business landscape. By providing employees with access to their earnings, employers can regain control of their finances, leading to increased motivation and productivity. The service has also seen a significant increase in employee retention.
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.
