Paywatch, a prominent provider of Earned Wage Access (EWA) solutions, has recently entered the Philippine market, marking its third venture in Asia and second in Southeast Asia. The company, established in 2020 and backed by banks and regulators, is committed to enhancing financial inclusivity and empowering workers across the region.
Excited about the expansion, Alex Kim, president and co-founder of Paywatch, said, “The Philippines, with its large population and youthful workforce, offers a significant opportunity. We’re eager to serve the country’s 47 million employees and advance our mission of fostering financial inclusion.”
Paywatch currently serves over 500,000 employees globally, across diverse sectors such as retail, manufacturing, hospitality, and financial services. Over the past year, the company has experienced remarkable growth, processing more than US$4 million (RM19 million) in monthly wages through its app.
This growth has not only benefited employees but has also led to a 40% reduction in employee turnover rates for businesses, translating into substantial cost savings for employers.
In the Philippines, Paywatch has already partnered with major conglomerates like Shangri-La Hotels and Wilmar International. To spearhead its expansion in the country, Paywatch has appointed Rowell Del Fierro, a seasoned executive with extensive experience in Asia and a former country manager of MasterCard Philippines, as board member and head of Philippines.
Expressing his enthusiasm for the new role, Del Fierro said: “My hope is to see companies improve employee financial wellness, promote personal fiscal responsibility, and help safeguard them from unfair lending practices when they need the most support,” he said.
As part of its strategic plan, Paywatch aims to become the leading EWA service provider in Southeast Asia. The company plans to expand its services to Indonesia later this year, responding to the growing demand from multinational companies seeking international employee support.
Paywatch is recognized by the UN Capital Development Fund and MDEC for its commitment to driving financial inclusion and works closely with companies to disrupt existing norms, offering employees fair financial access without resorting to high-interest short-term loans. Notable clients of Paywatch include PayNet, CP Group, Wilmar Group, QSR Brands Group, Cosway, and Shangri-La Group, among others.