Paywatch Eyes Expansion in Thailand and Vietnam for 2024by Fintech News Indonesia December 18, 2023
Paywatch, an earned wage access (EWA) provider, announced that it has officially expanded its services into Indonesia following its Philippines’ launch in October this year
The firm revealed that it had recently partnered with an unnamed local banking partner to launch its bank-backed EWA service in Indonesia. Since the launch of that partnership, Paywatch said that it has grown within the local manufacturing and financial sectors.
Paywatch now operates across 4 markets including Malaysia and South Korea serving over 300 employers and 500,000 employees and has processed over US$ 4 million a month in earned wage access across all markets this past year. Building on these expansion plans, Paywatch reported a 150% growth rate this year.
In addition to its Southeast Asian expansion plans, Paywatch also announced the integration of Visa’s money transfer solution – Visa Direct – into its platform to simplify and secure the process of transferring money abroad.
On top of that, financial literacy content from Visa is also now available on Paywatch’s app. This was meant to provide customers, primarily frontline workers, with the necessary skills and knowledge to navigate the complexities of personal finance effectively.
According to Paywatch, this partnership has already seen success with over 40% of its active users accessing the content.
“While everyone has been affected by challenging macroeconomic forces, frontline workers are particularly vulnerable to these challenging conditions. By providing them access to earned wages, we’re giving them the ability to better manage their finances – leading to better mental and financial health.
Looking ahead to 2024, we are actively exploring other markets within Asia – in particular Thailand and Vietnam. In addition, we will be looking to deepen our partnerships with leading banks and other financial players,”
said Richard Kim, Co-founder and CEO of Paywatch.