Paywatch, the Malaysian earned wage access (EWA) service provider, is entering the Indonesian market through a strategic partnership with KB Bukopin, announced by its parent company, Gobi Partners. Paywatch has already established its footprint in South Korea, Malaysia, and Hong Kong. This expansion introduces Indonesia to its first-ever bank-backed EWA service.
The collaboration seeks to alleviate the financial strain of low-income Indonesians by offering an EWA solution that allows employees to access part of their earned wages in advance, without any interest or fees. The mission is to boost financial inclusion and empower workers, transforming their financial health across Southeast Asia.
Richard Kim, CEO and Co-founder of Paywatch, is optimistic about the company’s expansion given its successful run in Malaysia and South Korea. He emphasized that with KB Bukopin’s support, Paywatch is well-positioned to help Indonesian businesses meet their ESG goals and bolster employee welfare.
The partnership is set to gain credibility and trust, thanks to KB Bukopin’s established infrastructure, as Paywatch ventures into this new market. The company has expressed pride in its commitment to reshape how Indonesian employees access their earnings and in its promotion of financial accessibility across Asia.
According to Paywatch, its EWA solution has reached over 200,000 global employees, improving business retention rates by 75% and saving over IDR 6 billion annually in rehiring costs for SMEs and MNCs.
The company is also looking at expanding into the Philippines, aligning with its dedication to create a sustainable and financially inclusive future for workers in Indonesia and beyond. News based on marketing-interactive.com article