Earned Wage Access (EWA) solution provider Paywatch has expanded its operations into the Philippines, marking a significant move to foster financial inclusion and support the vast workforce in Southeast Asia.
Founded in 2020 and rooted in Malaysia and South Korea, this makes the Philippines the third market for Paywatch, reinforcing its Southeast Asian presence.
Alex Kim, the Co-Founder and President of Paywatch, highlighted that the Philippines, being the second-largest country in Southeast Asia by population, provides an avenue to serve approximately 47 million employees. The recent growth has been exponential for Paywatch, with a 1,100% surge in the past year and processing over USD 4 million in monthly wages.
Employers have also seen the benefits, with a 40% reduction in employee turnover rates after adopting Paywatch’s solution, translating to significant savings on rehiring costs. Renowned entities like Shangri-La Hotels and Wilmar International have already partnered with Paywatch Philippines.
Leading the helm for this expansion is Rowell Del Fierro, appointed as the Board Member and Head of Philippines. Rowell’s vision aligns with providing Filipino employees with fair financial access and protection against predatory lending.
This strategic move is a part of Paywatch’s broader goal to be the leading EWA service provider in Southeast Asia, with Indonesia being their next destination.