Paywatch Recognized as the Only Malaysian Fintech on Forbes Asia’s 100 to Watch List

Kuala Lumpur, August 27, 2024 – Paywatch, a pioneering earned-wage access (EWA) service provider, has been recognized as the sole Malaysian fintech featured on Forbes Asia’s prestigious 100 to Watch 2024 list. This accolade underscores the company’s commitment to innovation and highlights its significant potential for growth in the financial technology sector.

The Forbes Asia 100 to Watch list highlights emerging small companies and startups across the Asia-Pacific region that are capturing investor interest through their innovative solutions. Paywatch’s platform empowers employees to access their earned wages in real time, significantly reducing reliance on high-interest loans and fostering improved financial stability.

In June 2024, Paywatch successfully secured US$30 million (approximately RM141 million) in funding, comprising US$14 million in equity and US$16 million in loans from Third Prime and a consortium of US investors. This funding marks a significant milestone in Paywatch’s journey, enabling further expansion and innovation.

In addition to this recognition, Paywatch was honored as the top Environmental, Social, and Governance (ESG) startup at the 2023 Fintech Frontiers Awards, reflecting the company’s dedication to responsible and sustainable practices.

Founded by brothers Richard and Alex Kim in 2020, Paywatch has processed over US$58 million (approximately RM273 million) in salaries to date, with monthly disbursements nearing US$8 million (around RM37 million). The company anticipates surpassing US$120 million (more than RM518 million) in disbursed salaries by the end of the year. With operations now spanning Malaysia, the Philippines, Indonesia, and South Korea, Paywatch is poised for continued growth and innovation.

Alex Kim, Co-Founder of Paywatch, stated, “On behalf of our team, we are truly honored to be recognized by Forbes Asia in the #Top100toWatch list. This recognition serves as a validation of our team's unwavering dedication to our mission. We take pride in offering earned-wage access in the most sustainable manner possible. Our sincere thanks to Forbes for this acknowledgment.”