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Paywatch partners with KB Bukopin to expand into Indonesia

Paywatch partners with KB Bukopin to expand into Indonesia

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Malaysian earned wage access (EWA) service provider, Paywatch, has partnered with bank KB Bukopin as it expands into the Indonesian market, according to Paywatch's parent company, Gobi Partners who shared the news on LinkedIn. 

Prior to its expansion, the provider operated in South Korea, Malaysia and Hong Kong. This move will mark Indonesia’s first bank-backed EWA service.

The partnership aims to address the cash flow challenges that low-income Indonesians face, especially since the EWA solution allows employees to access a portion of their wages in advance without interest or fees.

Don't miss: Financial tech company Wise launches in Indonesia with brand new look

"This groundbreaking collaboration aims to promote #financialinclusion and empower employees by providing hassle-free access to their hard-earned wages. Together, this partnership is also dedicated to transforming the financial well-being of workers in #SoutheastAsia," the company's statement said.

CEO and co-founder of Paywatch, Richard Kim shared his confidence in expanding into other markets after the service provider’s success in Malaysia and South Korea. “Our initial success in Malaysia and South Korea sets a good foundation for expansion into other markets, particularly in Southeast Asia. With the backing of a reputable financial institution like KB Bukopin, Paywatch can help businesses in Indonesia fulfil their ESG commitments and support their people," he said.

According to Technode global, Paywatch said that KB Bukopin's infrastructure allows for greater credibility and trust in Paywatch's service as it expands into a new country. "We're proud to be revolutionising the way employees access their earnings in Indonesia and promoting financial inclusion and accessibility across Asia," Paywatch's statement on LinkedIn said. 

Along with Indonesia, Paywatch is also set to expand into the Philippines, according to the company's website.

Deputy president director at KB Bukopin, Robby Mondong said, "We believe that Paywatch's EWA service has the potential to empower the lives and livelihoods of employees across Indonesian businesses. This is a significant step towards building a sustainable digital banking and finance ecosystem that KB Bukopin is committed to achieving."

According to Paywatch, its EWA solution has already surpassed more than 200,000 employees globally, improving retention rates for businesses that leverage Paywatch by up to 75% and saving over IDR 6 billion in annual rehiring fees for SMEs and MNCs. 

Paywatch's commitment to transforming the landscape of a financially inclusive future is set to create a more sustainable and fulfilled workforce, taking care of the financial well-being of employees in Indonesia and beyond.

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