Indonesia Lending

EWA Firm Paywatch Expands to Indonesia With Bank KB Bukopin Partnership

by Fintech News Indonesia June 5, 2023

Earned Wage Access (EWA) service provider Paywatch has expanded its footprint to Indonesia with a partnership with Indonesia’s Bank KB Bukopin. The firm joins the growing EWA landscape in Indonesia with its rivals GajiGesa and Wagely.

Paywatch is one of Pan-Asian venture capital firm Gobi Partners’ portfolio companies. Its EWA solution is licensed and recognised by regulators in its operating markets including Malaysia, South Korea and Hong Kong.

The firm had expanded its operations to Malaysia in December 2022 following a US$9 million in a Pre-Series A funding round led by returning investor Third Prime.

Following these fundraising efforts, Paywatch was looking to grow its product offerings, strengthen its presence in its existing markets while also accelerating expansion efforts into new Southeast Asian markets, including the Philippines.

Founded by Richard Kim and Alex Kim, Paywatch provides employees access to their wages without interest or fees.

Richard Kim

Richard Kim, Founder and CEO of Paywatch said,

“Our initial success in Malaysia and South Korea sets a good foundation for expansion into other markets, particularly in Southeast Asia.”

Tom Lee

Tom Lee, CEO of KB Bukopin said,

“We are thrilled to lead the way in driving financial inclusion and improving overall financial well-being in Indonesia with Paywatch.”