• Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • Investments
    • Ecosystem & Lists
  • Interviews
  • Events
    • ComeUp
    • NextRise
  • Governments
    • KISA
    • KISED
    • KOCCA
    • KOTRA
    • KTO
    • MSS
    • NIPA
    • SBA
    • SFL
  • Programs
    • SGSC Global Bootcamp 2021
    • LAUNCHPAD
    • COMEUP STARS 120
    • K-Startup Grand Challenge
    • TIPS X beSUCCESS Global Project
    • SFL Global Program
    • KTO Global Showcase
  • Investment Opportunities
    • SGSC Demo Day
    • Launchpad France Demoday
    • TIPS Global Demoday
    • Launchpad USA Demoday
    • Launchpad Indonesia Demoday
  • Submit an Article
  • register
  • login
KoreaTechDesk
No Result
View All Result
KoreaTechDesk
No Result
View All Result
Home FinTech

Korean Fintech startup Paywatch’s EWA service garners attention as a financial welfare service for employees  

KoreaTechDesk Writer by KoreaTechDesk Writer
September 26, 2022
in FinTech
1
paywatch

Outback Steakhouse recently established Paywatch EWA service.

0
SHARES
371
VIEWS
Share on FacebookShare on Twitter

ESG management is emerging as one of the essential criteria for corporate evaluation, and payroll advance payment service is attracting attention as part of new ESG management.

‘EWA Service,’ a new payroll service of Korea’s Fintech startup ‘Paywatch,‘ is gaining attention mainly from Korea’s leading F&B companies. The EWA service, a ‘pay advance payment’ service that pays employees first for hours worked is already being used by global companies such as Wal-Mart, McDonald’s, and P&G as an employee welfare policy overseas.

The ‘Paywatch EWA (Earned Wage Access) service’ is a service that pays wages for hours worked before the pay date. Through this, the right to pay is provided to workers in a new way, and companies can practice win-win management, which is one of the effects of reducing the turnover rate, resolving the job shortage and ESG management.

The advantage of the Paywatch EWA service is that workers can handle all the steps directly from the app, including applying for advance payment and transferring it to their account. Companies can deposit money into Paywatch according to the payday as usual.

Now F&B companies in Korea and globally are keen on Paywatch technology. Outback Steakhouse introduced the EWA service in July, while MFG KOREA, which operates Mad for Garlic and TGIF, and GFFG, which operates Downtowner and Cafe Noted, introduced Paywatch’s EWA service in August.

A human resources manager at Outback Steakhouse, which introduced Paywatch’s EWA, said, “Workers, employers, and HR managers are all satisfied with the financial welfare service companies can introduce at no extra cost. There is no need to link; you can use it immediately if you sign up after installing, which is very convenient.”

The EWA service prevents the financially vulnerable from falling into a loan or private finance business by receiving a salary in advance. It also provides a new form of financial welfare that allows regular and part-time workers to receive benefits in advance. Recently, through a partnership with the Easy Well Welfare Mall, companies using Paywatch can also use the Easy Well Welfare Mall.

Hwi-Jun Kim, CEO of Paywatch Korea, said, “I think it is meaningful that Paywatch is being recognized as a new concept financial welfare service among corporate executives who want to internalize ESG management beyond a useful service.”

Paywatch Korea started its official service in Korea in July of last year, and as of August 2022, 68 companies have introduced the Paywatch service. The startup has been selected as the first Korean company in the ‘United Nations Capital Development Fund 2020 Gig Economy Challenge TOP 3’ and recognized for its business feasibility, selected as the ‘2020 Hongneung Bank Launchpad’ TOP 2, 2019 Financial Services Commission innovative financial service and 2020 SK Group’s ‘Social Performance Incentive Program of the Social Value Research Institute.’

Paywatch, which started overseas in Malaysia in June, has partnered with Hongneung Bank to provide services to F&B conglomerate QSR Brands, which owns Pizza Hut and KFC, franchise hypermarket LOTUS, and luxury bakery brand Kenny Hills Bakery.

In the second half of this year, the company plans to register the electronic finance business and increase the withdrawal limit to help more workers with financial health. It aims to partner with more than 100 companies by 2022.

Also Read,

  • ‘2022 Seoul FinTech Lab Global Accelerator Program’ to support Korean startups reach global shores 
  • Korean FinTech startup operating BankSalad enters healthcare data service
  • FinTech startup Quantit & Privé Technologies award-winning robo-advisor RABIT helps crypto investments
  • FinTech startup Dongnae helping renters get premium apartment raises $ 21 million funding
What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
1
On fire
+1
0
Meh
+1
0
Clap
+1
0
Tags: EmployeesEWA serviceF&B companiesFintech startupPayroll ManagementPaywatchSalary in Advance
Previous Post

Collaborative video editing platform ssemble connects everyone for better video making

Next Post

FinTech startup Quantit signs MoU with Nice & Prive for asset management in Korea

Next Post
Quantit

FinTech startup Quantit signs MoU with Nice & Prive for asset management in Korea

0 0 votes
Article Rating
Subscribe
Login
Notify of
Please login to comment
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
trackback
Arie Baisch
2 months ago

Arie Baisch

[…]check below, are some absolutely unrelated websites to ours, even so, they may be most trustworthy sources that we use[…]

0
No Result
View All Result

Follow Us

FREE NEWSLETTER

Ecosystem Partners




PRODUCTS

Most Popular

  • 10 K-Dramas to watch for some ‘money matters’

    0 shares
    Share 0 Tweet 0
  • UNDP-Citi Foundation’s impact startup acceleration programme ‘Citypreneurs 2023’ to promote innovative solutions for urban sustainability

    0 shares
    Share 0 Tweet 0
  • Korean startups fall short on global readiness, finds Open Innovation Trend survey

    0 shares
    Share 0 Tweet 0
  • Top Korean Dating apps that can help you make new connections in South Korea

    1 shares
    Share 0 Tweet 0
  • Digital Healthcare startup CenacleSoft secures investment from Naver Cloud for its EMR platform

    0 shares
    Share 0 Tweet 0
  • AI-smart farm solution startup Croft attracts seed investment from Future Play

    0 shares
    Share 0 Tweet 0
  • Three Restaurant Apps to try out for a fine dining experience in South Korea  

    9 shares
    Share 9 Tweet 0
  • Fabless semiconductor startup Fadu raises pre-IPO funding, becomes this year’s first Korean unicorn

    0 shares
    Share 0 Tweet 0
  • Quantit secures  30 billion won Series A investment from Smilegate Holdings for AI-based FinTech Asset Management Services

    0 shares
    Share 0 Tweet 0
  • Korean startup launching a nose-print identification for dogs, an alternate to the microchip embedding process

    0 shares
    Share 0 Tweet 0
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Copyright © 2023 KoreaTechDesk | About Us | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy Contact: [email protected] DMCA.com Protection Status

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • Investments
    • Ecosystem & Lists
  • Interviews
  • Events
    • ComeUp
    • NextRise
  • Governments
    • KISA
    • KISED
    • KOCCA
    • KTO
    • KOTRA
    • MSS
    • NIPA
    • SBA
    • SFL
  • Programs
    • LAUNCHPAD
    • COMEUP STARS 120
    • K-Startup Grand Challenge
    • TIPS X beSUCCESS Global Project
    • SFL Global Program
    • KTO Global Showcase
  • Investment Opportunities
    • Launchpad France Demoday
    • TIPS Global Demoday
    • Launchpad USA Demoday
    • Launchpad Indonesia Demoday
  • Submit an Article
  • Forums
  • register
  • login

Copyright © 2023 KoreaTechDesk | About Us | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy Contact: [email protected] DMCA.com Protection Status

wpDiscuz
1
0
Would love your thoughts, please comment.x
()
x
| Reply

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback

dgdfgfdgdf

What you think about Koreatechdesk, Share your idea with us!

feedback popup

Invitation submission has been closed

Insert/edit link

Enter the destination URL

Or link to existing content

    No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.