Paywatch Hong Kong Limited

Rethink the Salary System! We provide employees instant access to earned wages, in real time, before paycheck day!

#FinTech

Idea

Validation

Adoption

Growing

Concept and business plan team may be incomplete.

Idea is formed project ready to launch.

Have paying customers adapting to market.

Growing company and users!

Passion

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/

Products

Our Products and Solutions:
Partnered with major banks, PayWatch is a fintech platform that provides employees instant access to earned wages (salary on demand service). If employees have worked even one day, our system allows them to get paid immediately (rather than having to wait a month for their paycheck).

Through the below three steps, we provide employees financial access to the major banks.

- Step 1. (Smart Work Attendance Tracking)

When employees arrive at work, they clock-in and clock-out on our aGPS & QR code-based work attendance tracking system.

- Step 2. (Salary On Demand)

On “Instant Pay”, our users earn cash for every day of work completed, which can be instantly drawn or used on prepaid cards. When Instant Pay is withdrawn, our partner banks provide financing directly to our users based on the work completed to date.

- Step 3. (Easy Repayment on "Salary Custody System")

On payday, employers remit salaries into virtual accounts assigned to each user. The Instant Pay loans are repaid from the virtual accounts and the remaining salary is sent to the users’ salary account. This unique system collateralizes employees’ work performed, which allows major banks to provide low-cost financing directly to our users when Instant Pay is executed. This is a true innovation and the first system of its kind.

Our product is fully launched in South Korea and planning to launch in Malaysia. We are also planning to expand to Hong Kong market.
For more details, please refer to our website: https://www.paywatchglobal.com/

Founders

Alex Kim

President

Team

Kenneth Chow

Chief Financial Controller