Earned wage access (EWA) startup Paywatch has entered the Philippines this month while JP Morgan is reportedly targetting unicorns as it considers expanding its commercial banking office in Singapore.
EWA provider Paywatch expands in the Philippines
Malaysian earned wage access (EWA) service provider Paywatch has officially entered the Philippine market this month with plans to launch in Indonesia before the end of this year, according to a company announcement.
The Philippines marks the third market for the startup and its second in Southeast Asia. It already operates in Malaysia and South Korea and plans to further widen its coverage in the region through a planned expansion in Indonesia later this year.
In the Philippines, wages are paid on a fortnightly basis. With Paywatch, wage earners can access their salary anytime. Paywatch Philippines is already serving Shangri-La Hotels and Wilmar International, the largest agrifood business in the world, as clients, per the announcement.
Paywatch considers the Philippines an essential part of its expansion strategy in Southeast Asia.
“With this expansion, Paywatch will have the opportunity to serve the 47 million employees in the country. This expansion is an important milestone in our journey to provide greater financial inclusion in the region,” said Paywatch president and co-founder Alex Kim.
JP Morgan targets unicorns in Singapore expansion
JP Morgan Chase & Co is looking at identifying and doing business with unicorn companies in Singapore as it expands its commercial banking office in the city-state, The Straits Times reported.
The move underscores JP Morgan’s efforts to look beyond the US for new growth opportunities. Doug Petno, CEO of JP Morgan’s commercial banking business, told The Straits Times that half of the world’s unicorns are outside the US, and many are in Asia.
The largest US lender has been beefing up its global presence as it seeks to quadruple the number of commercial clients as it enters new geographies. As of June, the bank serves more than 650 clients and has 2,500 prospects across 26 countries.