Paywatch Launches in the Philippines, Plans Indonesia Expansion by Year-Endby Fintech News Philippines October 24, 2023
Earned Wage Access (EWA) service provider Paywatch has officially launched in the Philippines, its third market after Malaysia and South Korea. The company will also launch in Indonesia before year-end.
Paywatch is a bank-backed and regulator-approved EWA solution that allows employees to access their earned wages on-demand before payday.
The company is already serving more than 500,000 employees globally across diverse sectors including retail, manufacturing, hospitality, BPO service centers, financial services, and F&B.
Paywatch has grown 1,100% over the last 12 months, processing over US$4 million (PHP 227 million) in monthly wages through its app.
In the Philippines, Paywatch is partnering with multinational and large domestic conglomerates, including Shangri-La Hotels and Wilmar International.
The company has also appointed Rowell Del Fierro, former Country Manager of Mastercard Philippines, as Board Member and Head of Philippines.
“I am honoured to be part of such a significant milestone and look forward to introducing Paywatch’s Earned Wage Access service to the Philippines and to play a part in providing fair financial access to Filipino employees.
With this expansion, my hope is to see companies improve employee financial wellness, promote personal fiscal responsibility, and help safeguard them from unfair lending practices at the times when they need the most support.”
said Rowell Del Fierro, Board Member and Head of Philippines.
“We’re thrilled to grow our presence in Southeast Asia and bring our platform to users in the Philippines. The Philippines is the 2nd largest country in Southeast Asia by population, with a young workforce.
With this expansion, Paywatch will have the opportunity to serve the 47 million employees in the country. This expansion is an important milestone in our journey to provide greater financial inclusion in the region,”
said Alex Kim, President and Co-Founder of Paywatch.