Problems we see:
1: Employees: Workers have cash flow issues between paychecks; if with poor credit, they are unable to get loans from banks & turn to predatory lenders
2. Banks: Cannot provide loans to workers due to default risk & information gap on work performed by employee / loan applicants
3. Employer: Cannot provide employee loans out of pocket, cannot track work performed
We are a B2B service subscribed by employers as an employee benefit. We are not a money lender. Our aim is to provide wage earners access to major banks so that they never have to turn to predatory or informal lenders.
We are partnered with Hong Leong Bank in Malaysia and are also fully launched in South Korea in partnership with Hana Bank (the largest bank there).
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We have also participated in Start-up contest as below:
- 1st Runner up of Hong Leong Bank (HLB) Launchpad 2020
- Winner of APEC-BNM-MDEC-UNCDF Gig Economy Challenge 2020
- Admitted to regulatory sandbox of South Korea (2019)
You may refer to some news coverage below:
1. United Nations / Bank Negara Malaysia. In 2020, PayWatch won a fintech competition hosted by the United Nations, Bank Negara Malaysia and MetLife Foundation.
https://www.uncdf.org/article/6191/improving-the-financial-health-of-gig-workers-with-innovative-financial-solutions
https://www.bnm.gov.my/-/improving-the-financial-health-of-gig-workers-with-innovative-financial-solutions
BNM Video Announcing the competition & winners (we are featured at 3:33 mark): https://www.facebook.com/83552599871/posts/10158739360254872/?vh=e&d=n
2. Hong Leong Bank Press. Press release from Hong Leong Bank on our partnership in Malaysia.
https://www.nst.com.my/lifestyle/bots/2021/02/663017/tech-hong-leong-bank-work-three-start-ups
https://www.businesstoday.com.my/2021/02/04/hong-leong-bank-chooses-3-startups-to-work-on-pilot-projects-addressing-food-security-gig-economy-and-e-waste-management/
