Paywatch Partners with Media Prima Berhad to Enhance Employee Financial Wellness with Earned Wage Access

Kuala Lumpur, 24 September 2024 – Paywatch is proud to announce a strategic partnership with Media Prima Berhad, Malaysia’s largest and leading integrated media company. Media Prima’s media businesses include prolific and regionally respected news sources like New Strait Times, as well as national television channels TV3, 8TV, ntv7 and TV9, additional news publications Berita Harian and Harian Metro as well as radio, digital media, marketing and other business lines.  This collaboration marks a significant step forward in Paywatch’s mission to deliver innovative Earned Wage Access (EWA) solutions to Malaysian companies. By introducing EWA into Media Prima’s already comprehensive Employee Assistance Programme, the partnership aims to facilitate and support financial wellness within the organization.

The incorporation of Paywatch’s solutions is aligned with Media Prima’s ongoing commitment to enhancing employee benefits, which currently includes mental health assistance as well as festive salary advances.  For young media professionals at Media Prima, Paywatch’s unique EWA services, combined with its new bill payment feature, has proven to be a smarter way to manage their finances.  With instant access to their earned salary on demand, Media Prima’s busy on-the go Gen Z professionals have leveraged the technology to have more capital to make investments or take advantage of time-sensitive deals, as well as manage their bills and expenses more effectively. The incorporation of Paywatch’s solutions is also aligned with Media Prima’s on-going commitment to improve employee benefits, which currently includes mental health assistance through the Naluri app as well as festive salary advances. In addition to EWA services, the partnership will also see Media Prima employees gaining access to smart financial management tools such as the bills payment feature, included within the Paywatch app.

Group Managing Director, Rafiq Razali with Paywatch App

"In an age where financial responsibility and flexibility is more crucial than ever, we are excited to work with Paywatch to put in place EWA for our employees," said Rafiq Razali, Group Managing Director. "By incorporating EWA into our Employee Assistance Programme, we are not only addressing the pressing needs of our employees but also reinforcing our strategy to continuously support our employees in line with a rapidly transforming world. This collaboration now extends our commitment to our employees by providing our employees with the ability to better manage their finances, with the ease of access provided by Paywatch."

Media Prima first rolled out Paywatch’s EWA solutions in December 2023 with a soft launch within its human resources team, followed by a full-scale implementation in March 2024, empowering over 2,000 employees with the financial flexibility of early wage access throughout all of its companies.

"Our partnership with Media Prima is a significant milestone for Paywatch," said Alex Kim, President and Co-founder of Paywatch. “By integrating our Earned Wage Access solutions into a leading media company, we're empowering employees with the financial flexibility that is essential in today’s fast-paced, dynamic environment. Our platform, proven to be a smart financial management tool, is designed to meet the unique needs of media professionals, offering secure and rapid access to earned wages while enhancing their financial management capabilities. This collaboration aligns perfectly with Media Prima's commitment to fostering a forward-thinking, financially savvy workforce, providing tools that support smarter financial decisions in a user-friendly and reliable way."

As Paywatch looks to the future, the company plans to expand its services within Malaysia and other markets, targeting a wide range of industries. Currently, Paywatch is working with several leading brands in the country including Jaya Grocer, Lotus’s and guardian to name a few.

"Our goal is to revolutionize wage access with secure, rapid technology and an intuitive platform," added Kim. "By leading the industry with the lowest fees and a transparent pricing model, Paywatch aim is to help employees avoid costly loans and maintain better financial health. Our commitment to reducing household debt and supporting ESG goals through essential financial management education aligns perfectly with the needs of today’s workforce."

The collaboration between Paywatch and Media Prima marks a key entry for Paywatch, as it continues to expand the bench of industries it currently works with, whilst continuing to drive its vision of a future where financial stability and inclusivity are the norms

In June, Paywatch secured a substantial USD30 million funds in their Series A funding through a strategic mix of equity and credit facilities. This milestone not only bolsters their capacity to pioneer cutting-edge financial solutions but also reinforces their mission to empower employees worldwide with enhanced financial accessibility and security.