Pay:Watch, Versa, GetHyred showcase solutions to aid gig workers

KUALA LUMPUR, Nov 2 -- Three solutions for improving the financial health of gig economy workers have been shortlisted under the Financial Innovation Gig Economy Challenge launched by Bank Negara Malaysia (BNM), the Malaysia Digital Economy Corporation (MDEC) and the United Nations Capital Development Fund (UNCDF).

The three finalists -- PAY:WATCH, Versa and GetHyred -- were given the opportunity to showcase their promising solutions at the Asia Pacific Economic Cooperation (APEC) Virtual Finance Ministers’ Meeting on Sept 25, said a joint statement from APEC Malaysia 2020, BNM, MDEC and UNCDF.

The solutions were selected based on the potential to improve employability and financial health among gig workers, through innovative means such as app-based training modules, income smoothing solutions and accessible savings instruments, the statement said.

“Over the course of the programme, the companies were accorded various support to enrich their solutions, including insights on the gig economy in Malaysia, human-centred design tools, access to industry players, and mentoring from respective subject matter experts,” it said.

According to the statement, PAY:WATCH partners with employers and banks to provide workers instant access to earned wages, in real time, before payday.By providing gig workers with access to low-cost financing from major reputable banks, the solution minimises the likelihood of gig workers having to turn to informal lenders. 

“Versa is a digital cash management platform that provides returns on par with fixed deposits but with similar liquidity as a savings account. This helps gig workers get the best out of their idle cash responsibly, while meeting liquidity needs.

“GetHyred is launching a gig marketplace coined as ‘Zasss’ to match young gig workers with income-generating opportunities. Zasss complements a myriad of skill-building platforms established by GetHyred that encourages young gig workers to develop a variety of skills and expertise,” it said.The Financial Innovation Gig Economy Challenge, launched in March this year, was funded by MetLife Foundation through the i3 (Innovate, Implement and Impact) programme.