Paywatch and KB Bukopin Partner to Launch Bank-Backed EWA Service
By Digital News Asia June 2, 2023
- The service is has more than 200,000 users globally
- It is the only backed and regulator-approved EWA in Asia
Paywatch partnered with Bank KB Bukopin to launch Asia's first bank-backed EWA service in Indonesia. Paywatch is an Earned Wage Access (EWA) provider. The launch of this service follows the signing of an MoU between the two companies.
Through Paywatch, employees in Indonesia can withdraw a portion of their earned wages early.
Paywatch's EWA is the only backed and regulator-approved EWA solution in Asia that provides employees access to their wages without interest or fees.
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."
Signing up for the service requires no changes to existing HR management or payroll systems and comes at no additional cost.
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."
"We believe that Paywatch's EWA service has the potential to empower the lives and livelihoods of employees across Indonesian businesses," said Robby Mondong, deputy president director at KB Bukopin.
More than 200,000 employees globally have Paywatch's EWA solution, improving retention rates for businesses that leverage Paywatch up to 75% and saving over IDR 6 billion in annual rehiring fees for SMEs and MNCs.