PayNet Collaborates with Paywatch to Roll Out Earned Wage Access Solutionby Fintech News Malaysia October 3, 2023 1 comment
PayNet, Malaysia’s national payments network and financial market utilities provider, has formed a partnership with Paywatch, a bank-backed earned wage access solutions provider, to offer an advanced flexible payroll solution to its workforce.
This collaboration allows PayNet employees to instantly access their earned wages, providing them increased financial flexibility, stability, and autonomy. The move aligns with PayNet’s Environmental, Social and Governance (ESG) strategy to boost employee welfare and foster financial empowerment among its staff.
This partnership will make PayNet the first employer in Malaysia to bear all transaction costs for its employees on the Paywatch platform.
“PayNet forms the backbone of Malaysia’s financial infrastructure, and is one of the cornerstones of the nation’s financial sector. Paywatch is also recognised by the UN Capital Development Fund and MDEC for our commitment to driving financial inclusion, and we are excited to help PayNet’s employees achieve greater financial security through this partnership,”
said Alex Kim, President and Co-Founder of Paywatch.
Notably, Paywatch’s clientele comprises major enterprises and multinational firms, including names like PayNet, CP Group (Lotus’s), Wilmar Group, PPB Group, QSR Brands Group, Cosway, and the publicly-listed Shopper360, among others.