Chinabank запустил сервис досрочного доступа к зарплате в партнерстве с Paywatch

Chinabank taps Paywatch for earned wage access offering CHINA BANKING CORP. (Chinabank) has partnered with financial technology company Paywatch to launch an earned wage access solution as it looks to expand its offerings beyond traditional banking products. Earned Wage Access Plus (EWAP) is a solution that allows employees to access a portion of their earned salaries before payday for their cash needs so that they do not need to tap loans or take on additional debt, Chinabank said in a statement on Monday. Employees can access the solution via a mobile application that allows multiple withdrawals within a payroll period, as long as it is within their available EWAP limit. Proceeds are instantly credited to the employee’s Chinabank Payroll account. “Earned Wage Access Plus is part of our broader commitment to deliver solutions that are responsive to our clients’ evolving needs,” said Domingo P. Dayro, Jr., Chinabank Cash Management Services & Operations Group head. “It reflects how we are rethinking traditional banking services to better support both businesses and their employees. “When employees have better control over their finances, it positively impacts their focus and overall performance. We have seen this translate into measurable improvements in productivity and retention across markets where Paywatch operates,” Paywatch Philippines Country Manager Rowell del Fierro added. Chinabank said the solution aims to help plug a structural gap in the Philippines’ payroll system where payday schedules sometimes don’t align with the timing of employees’ expenses and financial obligations. “This mismatch has historically led to reliance on informal salary advances or short-term borrowing, creating inefficiencies for both employees and employers,” it said. It said EWAP can be offered by companies as a benefit to their employees as they will not need to manually process internal salary advances. “For employees, this helps them cover everyday essentials like food, transportation, and utility bills without waiting or borrowing — putting them in control of their own finances and giving them support for any of their planned or unplanned expenses.” The bank added that rollout of its earned wage access facility aligns with the continued growth of more accessible and real-time financial services like embedded finance and digital-first solutions in the country. Chinabank’s attributable net income rose by 4.3% to P6.78 billion in the first quarter. Its shares rose by five centavos or 0.09% to close at P56.35 each on Monday. — Aaron Michael C. Sy