Paywatch’s Earned Wage Access (EWA) solution, which was developed in partnership with Hong Leong Bank is the first EWA solution to receive approval for roll-out in Malaysia in the coming quarter.
The approval comes after Paywatch’s financial regulatory approval in Korea, via its partnership with Hana Bank. In both Malaysia and Korea, Paywatch is the first and only EWA solution provider whose solution in partnership with the respective banks is recognised in both markets.
Paywatch’s EWA solution enables employees to withdraw up to 50% of their monthly earnings instantly, with no interest, at a regular ATM withdrawal fee.
In Malaysia, more than half of the population is underbanked and lacks access to conventional financial services such as traditional loans and credit cards. Without proper financial access, many are forced to turn to unsustainable borrowing practices, including borrowing from family and friends or from informal lenders, who charge high-interest rates.
Unlike other EWA solutions, Paywatch deploys its solution in partnership with reputable banks. Through these partnerships, users are ensured fair pricing as well as customer protection when it comes to their availment of this service. For unbanked and underbanked workers, this enables access to financial opportunities in the future and prevents them from a debt spiral.
Employers are thus able to support the financial wellness of their employees by subscribing to Paywatch. “This approval to rollout the service in both countries bodies is great news and brings both countries one step closer to financial inclusion. A stable and healthy financial lifestyle plays a big role in ensuring workers’ happiness and mental health, but achieving it is only possible when workers can deal with unexpected financial burdens,” said Alex Kim, president and co-founder of Paywatch.
About Paywatch:
Paywatch is the only earned wage access solution provider backed by major banks and recognized for its commitment to financial access and ESG. Working with top banks and employers in each of its markets, Paywatch serves as a bridge to help employees get banked, start getting credit the right way and find financial security. Paywatch operates in Malaysia, South Korea and Hong Kong.
