Fintech firm PayKey working with PHL banks on wage access technology
ISRAEL-BASED financial technology company PayKey plans to work with local banks to offer technology that would allow employees to access their wages on demand.
PayKey launched its Earned Wage Access program in the Philippines as it plans to link with banks to offer companies the solution. Employees can access payments through a mobile application.
The company said it is in “advanced talks with some leading banks” in the country, and it plans to introduce the program’s mobile app in the local market early next year.
PayKey Asia Pacific Sales Director Liron Gross said the company will announce the names of the banks it is working with at a later date.
“They have some serious corporate accounts in all industries, whether it’s fast-food chains or retail,” she said at a virtual briefing on Thursday.
PayKey General Manager Roy Gabriel said the company sees the Philippines as one of the “focus places” for the solution.
“Together with the bank, we onboard an employer that was approved by the bank. We make sure that the employer has the resiliency to pay the salaries,” he said.
“Our technology gets the data from the payroll system.”
Mr. Gabriel said salary access would help employees that face unanticipated expenses.
“In the Philippines, the generation is getting younger. With the coming of age of digital native generations, such as millennials and Gen Zs, employees now expect everything to happen fast and with just a few clicks,” he said.
Government agencies plan to tighten taxation and regulation of financial technology companies as their business activities surge amid the pandemic, the Department of Finance said last month. — Jenina P. Ibañez
