EWA provider targets BPO, IT firms to ease financial stress
MANILA, PHILIPPINES — Paywatch Philippines has urged the private sector to adopt earned wage access (EWA) services. These services would provide employees access to earned wages before payday, reducing financial stress and reliance on loans.
The company has reported engaging in discussions with several prominent business process outsourcing (BPO) and information technology (IT) companies in the Philippines.
“We have so many negotiations with BPO and IT companies,” Paywatch Philippines president Rowell del Fierro said in a briefing on Tuesday.
In an exclusive interview with Outsource Accelerator, del Fierro refused to name the said companies: “I just can’t obviously divulge, but definitely if you list, Google [the top 10]… and SSCs or what we call shared services centers.”
AI-powered solution for workforce management
Paywatch leverages AI technology in its operations, streamlining employee data management and payroll integration.
“We’re able to attract a lot of investors. We’re not directly impacted by AI displacement. In fact, we already use AI on the back-end to process employee files,” del Fierro explained.
Del Fierro emphasized that now is the time for employers to integrate EWA as a standard employee benefit in the midst of high inflation. He also noted that it can be a powerful tool to attract and retain staff.
Data from Paywatch revealed that 66% of users felt less financial stress and increased retention by 78%.
“I hope that the private sector takes an active step in introducing EWA-debt free in their companies… It’s not just financial literacy that’s important but also financial wellness tools.”
Strategic growth and impact of Paywatch
With over 70% active users accessing wages up to four times monthly, Paywatch aims to onboard 100,000 employees this year.
Targeting firms with over 1,000 employees initially, Paywatch has partnered with Shang Properties, Wilmar International, Rustan’s, and Dunkin’ Donuts.
Founded in 2018, Paywatch also provides EWA services to Malaysia, South Korea, Hong Kong, and Indonesia.
