KUALA LUMPUR, October 6 – Payments Network Malaysia (PayNet), the country’s national payments network and provider of financial market utilities, has entered into a partnership with Paywatch, Asia’s first and only bank-backed Earned Wage Access (EWA) provider. This collaboration aims to implement an automated and flexible payroll solution for PayNet’s 600 employees. As a result of this partnership, PayNet employees will gain immediate access to their earned wages, providing them with increased financial flexibility, stability, and control.
This initiative is part of PayNet’s commitment to Environmental, Social, and Governance (ESG) efforts, focusing on enhancing employee welfare benefits and ensuring financial empowerment among its workforce. An additional noteworthy commitment by PayNet is its decision to absorb all transaction fees associated with its employees’ use of the Paywatch platform, making it the first employer in Malaysia to take such a step. Azleena Idris, Senior Director (Head), Strategy & ESG at PayNet, expressed excitement about the collaboration, stating, Since the formalization of PayNet Strategy 2023-2027, the emphasis on ESG values has been further strengthened as a core foundation.
We are excited to have Paywatch join our ecosystem of SDG aligned, ESG focused fintechs. Access to earned wages conveniently, securely, and with minimum hassle solves a common pain point of funds shortage just before payday or sudden need for emergency cash. We look forward to unlocking many more potentials with Paywatch as our first collaborator to focus on employee well-being. PayNet has been actively advancing its ESG strategy on multiple fronts. Its efforts include collaborations with fintechs aligned with Sustainable Development Goals (SDGs), support for digitalizable social enterprises and startups, and engagement with female-owned tech startups focused on microfinancing women micro-entrepreneurs.
The organization also supports social enterprises that promote sustainability and empower marginalized communities. In addition, PayNet nurtures payments tech startups through initiatives like the PayNet Fintech Accelerator Programme and the Payhack Hackathon. Regarding sustainability, PayNet has significantly increased its use of green energy, with 76% of its power consumption sourced from renewable sources. The organization also actively contributes to the circular economy by responsibly managing e-waste and supporting social impact programs like PayNet Cambah. Alex Kim, President and Co-Founder of Paywatch, emphasized the alignment between the two entities’ missions, saying, PayNet forms the backbone of Malaysia’s financial infrastructure, and is one of the cornerstones of the nation’s financial sector.
We’re proud to support their efforts to promote financial accessibility as it aligns closely with our own mission of bridging the financial gap among low-income populations. Paywatch specializes in working with large enterprises, conglomerates, and multinational companies, with a client list that includes PayNet, CP Group (Lotus’s), Wilmar Group, PPB Group (including FFM, Massimo Breads), QSR Brands Group (including QSR Trading, KFC, Pizza Hut), Cosway, publicly-listed Shopper360, and more.
